Digital is upending retail; it’s also providing retailers with the key to unlock real growth. The problem is that companies are having trouble finding the wheat amidst all the chaff. And, in general, it’s an issue on the business side of the equation, not the data. Most companies already have – or can easily get – enough data. What’s missing is a clear vision of what to do with it. When I talk to my clients, I talk about the “art of the possible.” Check out my video interview I did with a colleague of mine about this:
There are two contrasting approaches on this issue. The first is a push-driven approach, which is when a group of technology providers are pushing forward data and models at business leaders. This approach usually involves some conversation around identifying potential and introducing a new idea.
The second approach is pull, where business leaders are asking for specific solutions. In our experience, it's that second approach where you’re going to find much more success. That success is based on the “art of the possible,” i.e. getting that balance right between identifying a useful business problem to solve and the effort required to solve it. We think that's what's going to differentiate the companies that make the most out of data and the models versus companies that sit on the data and aren't able to drive their business to grow.