Managers who have relied on gut instinct or rules of thumb to make complex decisions now have a powerful alternative. Advanced analytics can improve decision making and unlock significant value. Though the change is daunting, a three-part approach—analysis, modeling, and optimization—can help managers tap the power of advanced analytics.
Big data can explain the who, what, when, where, why, and how of retailing. Which projects are a flash in the pan, and which will fuel growth? We see three opportunities for retailers to generate a significant increase in revenues and profits in the near term.