Why aren’t more consumer products & retail organizations tapping into the data goldmine?
Data offers vast and unparalleled opportunities for consumer products & retail organizations. They could turn it into a sizeable competitive advantage: getting closer to consumers, optimizing operations, and launching new products/services rapidly. So why are so few of them tapping into the data goldmine? We wanted to find out.
To understand more about the ability of consumer products & retail organizations to derive value from large and growing volumes of data, the Capgemini Research Institute has launched – The age of insight: How Consumer Products and Retail organizations can accelerate value capture from data. . For this report, we spoke with over 200 consumer products & retail executives in both business and tech-facing roles and conducted extensive secondary research.
We found that only a very small minority of data masters – a mere 16% of consumer products organizations and just 6% of retail organizations – have an edge while everyone else is falling quickly behind. Data masters get to the top thanks to better data management practices and data quality. But they also understand the importance of building data storytelling skills at all levels, creating trust and alignment among IT and business executives on data models and algorithms, and eliminating data silos by implementing enterprise data lakes and migrating data to cloud.
Becoming a data master is no easy feat. It takes the right culture, the right platforms, the right governance, and the right external data ecosystems. Get it right, and the rewards are ripe for the taking – 73% of the CPR data masters derive quantifiable benefits from their data and deliver a 30% higher-than-average operating profit margin.
For more information on becoming a consumer products & retail data master, download the report. Most importantly, be well and focus on the future you want.