This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Economist Intelligence Unit Survey – More Retailers Using Analytics, But Barriers To Effective Use Remain

A new survey by The Economist Intelligence Unit finds that nearly all respondents’ businesses have seen a positive economic return from investment in data analysis for the strategy area. Also, the single biggest barrier to retailers making effective use of data is figuring out what is useful amidst the overload—a problem cited by half of the respondents. These are among some of the major findings of The Data Storm: Retail and the Big Data Revolution, a new report from the Economist Intelligence Unit, commissioned by Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company.

The report, based on a survey of C suite executives from the retail sector in North America and Europe, examines how retailers are reacting to, and how leaders are benefiting from, increasing volumes of data. It examines the role of data in customer experience, the benefits it is delivering in omni-channel commerce and corporate strategy and the regulatory challenges facing retailers, as they accrue greater and greater quantities of information.

Seventy-eight percent of all respondents’ businesses have seen a positive economic return from investment in data analysis for the strategy area. However, only 46 percent are confident that their firm’s analytical abilities are keeping up with data volumes. Tied for the second-biggest barrier to using large volumes of data is concern over whether doing so would really help improve decisions (32 percent). Nevertheless, respondents all say their firms are prioritizing data collection, but still only 36 percent of respondents believe that they have a well-defined policy for analysing the most valuable information.

“This research shows that while retailers realize the value of maximizing their use of big data and analytics, many are still unable to utilize the data they are collecting in full,” said Srini Pallia, Senior Vice President and Global Head, RCTG (Retail, Consumer Goods, Transportation and Government) Business Unit, Wipro. “To get the full value from the data they are collecting, retailers need to explore new avenues to apply data analytics throughout the organization that will improve decision making, efficiency and interaction with customers.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs