Interviews
Aberdeen survey reports for retail business intelligence
11 Feb '08
3 min read
Aberdeen, a Harte-Hanks Company, surveyed over 200 retail companies during December 2007 to determine the critical Business Intelligence (BI) strategies, capabilities, and technology enablers that Best-in-Class companies (the respondent companies experiencing top performance vs.
Industry Average and Laggard companies) are employing to improve performance. The findings reveal Best-in-Class retailers are almost two times as likely as Industry Average and are 14 times as likely as Laggards to have increased their gross margin over the past year due to their ability to derive actionable insights from their use of business intelligence.
The top pressure motivating all respondents, including Best-in-Class, to focus on business intelligence is the need to respond more rapidly to customer demand. Additionally, the top challenge that 49% of survey respondents encounter is a lack of clean data for analysis. In order to overcome these obstacles, Best-in-Class companies are:
• Twice as likely as all others to have implemented data cleansing tools
• Over 2.2 times as likely as Laggards to obtain real-time updates
• Over 1.5 times as likely as Laggards to use scorecards to measure performance
With reliable real-time information at their fingertips, Best-in-Class retail companies are able to sense changes in customer demand more quickly and improve their customer intelligence. Their ability to utilize business intelligence is reflected in their bottom line performance, as Best-in-Class retail companies with scorecard capabilities are 2.8 times more likely to have increased their GMROI than all other respondents.
Industry Average and Laggard companies) are employing to improve performance. The findings reveal Best-in-Class retailers are almost two times as likely as Industry Average and are 14 times as likely as Laggards to have increased their gross margin over the past year due to their ability to derive actionable insights from their use of business intelligence.
The top pressure motivating all respondents, including Best-in-Class, to focus on business intelligence is the need to respond more rapidly to customer demand. Additionally, the top challenge that 49% of survey respondents encounter is a lack of clean data for analysis. In order to overcome these obstacles, Best-in-Class companies are:
• Twice as likely as all others to have implemented data cleansing tools
• Over 2.2 times as likely as Laggards to obtain real-time updates
• Over 1.5 times as likely as Laggards to use scorecards to measure performance
With reliable real-time information at their fingertips, Best-in-Class retail companies are able to sense changes in customer demand more quickly and improve their customer intelligence. Their ability to utilize business intelligence is reflected in their bottom line performance, as Best-in-Class retail companies with scorecard capabilities are 2.8 times more likely to have increased their GMROI than all other respondents.
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