Big data is big business. In 2015, Forbes reported that companies spend an average of $7.4 million per year on data-related initiatives, with plans to grow. What eludes them, however, is what to do with all that data.
In fact, when we released Data Chasers Challenge report last year, we uncovered that 1 in 3 companies fail to act on the data they collect. That translates to millions of dollars invested in collecting data that has little, if any, real impact on moving business metrics.
This year, we’ve updated the study to dig a little deeper on why so much data goes unused. Next month, our CEO, Chris Taylor, will join retail thought leaders on stage at Future Stores East in Miami to share what’s changed in the year since the original survey and to discuss how retailers are turning data into action. The panel will tie into the survey and cover how to:
- Define specific metrics for your organization and weed out what’s not essential
- Communicate these metrics clearly to internal stakeholders
- Hold your employees accountable using these KPIs
- Tie each metric to a precise action
We’d love to hear how your company is turning big data into actionable data. Schedule a meeting with our CEO Chris Taylor at Future Stores Miami to start the conversation.