By no means do I consider us out of this pandemic. There is plenty ahead with unexpected twists and turns; however, now that we are past the initial phase, it is an excellent time to reflect to prepare for what's next.
Retailers are experiencing a 100% increase in online sales, but six to eight percentage points of margin loss. At NAEOS20 Yogesh Kulkarni explained how to anticipate demand, properly place and flow inventory, and manage fulfillment to maximize margins and improve the customer experience.
Powerful insights are almost always perishable. Hence there is a need to have a dynamic system to turn insights to decision tasks instantaneously. Analytics initiatives are, by design, rolled out with this intention. And like any other initiative, this too must be justified with the immediate impact created, and mostly on the financial return. Like every piece of luggage in the airport needs a TSA approval, every corporate initiative needs an ROI stamp. However, estimating the impact of analytics projects is not straightforward, especially, if it’s not measured against the intent with which the projects were initiated.