How do we use it to drive performance improvement?
In my last few articles, I have focused on new metrics and processes available to retailers that help them create and energize a far more participatory and collaborative organization. CEOs and store operators alike are intrigued by the concept in theory, but are increasingly curious about execution. How can we simplify data and make it more actionable? Execution is everything!
When you look closely, retailers are overwhelmed by the amount of data they are collecting and unsure how to use it. Often when we start working with a new retailer, we find they are sifting through 150 to 300 reports and looking at a sea of metrics. What is even more concerning is that their field teams have little consistency regarding how they use these reports; they “cut and paste” on a daily basis to get individualized information to stores within their region or district. In addition to being difficult and inconsistent, this approach rarely provides the right information needed to effectively coach their teams and measure store performance in ways that are actionable by store teams. As one CEO told me recently, “we are expecting our field teams to be analysts rather than the executers we need them to be.” This is how big data is backfiring. Rather than saving time and driving the right outcomes, it is time consuming and leads to confusion. [Read more...]