Own your data. Own your success.
The first step for retailers to take is making the commitment to lean-in and take control of their data.
It is a mission-critical realization that retailers must come to make increasingly better data-enhanced business decisions. This topic was discussed in more depth in the previous blog post “Change or Fail.”
Once the commitment is made, the second step is creating a data strategy and that will be the focus of this article. Specifically, this article is to assist apparel, footwear, and accessories retailers in creating a data strategy for their company. Both the qualitative business objectives and quantitative components will be discussed to empower the technical teams to more effectively support the retail organization’s planning, buying, allocations, sales and operations, marketing and the executive team.
The data strategy document is intended to create clarity and alignment on the path towards the creation and use of a data vault. The thoughts included here are intended as a starting point for retailers to use internal teams or be better prepared when engaging a third-party vendor.