Doug Stephens (@RetailProphet), Big Data & Analytics Hero this week, is the founder of Retail Prophet, a specialty advisory services company to the retail industry, and one of the world’s leading retail industry futurists.
How have big data and analytics impacted how you do your job today?
Big data and the analytic capabilities that are emerging offer a range of new opportunities in the retail industry. How we identify consumer trends, customize assortments, design stores, react to shifts in consumer preference, measure store performance and work with outside inputs like weather and political shifts are all potential opportunities through big data. It has the potential to completely transform how business in general and retail in particular is done.
How are big data and analytics changing your business strategy?
As an advisor and business speaker, I'm constantly sifting through the deluge of information that is being published around big data and trying to separate the hype from the reality. Additionally, I'm trying to put a clear picture together for audiences that shows them the various levels of big data engagement and commitment. In essence, my role is to bring a perspective to clients on the true promise and potential pitfalls that big data represents to their business and how it integrates with other trends like privacy as a product.
How can big data combined with analytics improve the world we live in in 5 to 10 years?
Big data will help us to better understand our world. How we use that knowledge to improve it will be up to us. My hope is that we can leverage it to find hidden correlations and insights that might never have been humanly possible before.
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