Study: Retailers see data value, many struggle with BI strategy
Walnut Creek, Calif. – Retailers are most likely to use data for planning, but a majority of retailers do not have a long-term enterprise business intelligence (BI) strategy in place that meets their needs. According to a new study from RSR Research, “Retail Analytics Moves to the Frontline,” 57% of retailers think planning and executing more effectively is a top use of data, followed by managing customer relationships (47%) and reporting results of business activities (44%).
However, only 42% of respondents said they have had an enterprise BI strategy in place for more than two years and are satisfied it meets their needs, and 15% are still working on putting one in place. Another 18% have had an enterprise BI strategy for more than two years but are rethinking it, and a combined 13% put it at low, very low or no priority. Twelve percent have had a strategy in place less than two years.
Among all respondents, the top three business challenges to creating interest in expanding the use of BI/analytics are the need to understand the consumer’s path to purchase (55%), consumer expectations for instantaneous information access (49%) and information-empowered consumers being more demanding (47%).
Other interesting findings include that there is no clear leader in method used for reporting analysis.
Popular methods include using reporting functions built into operational systems (22%), extracting data from operational systems into spreadsheets (20%), a dedicated team of analysts using a high-performance BI toolset (17%), enterprise BI platform on top of a data warehouse (17%), built-in BI and analytics capabilities of existing tools (12%), and enterprise reporting tool for operational/financial reporting (11%).
How emerging brands break through
New York — Why do dark horse companies win — and how do they win?
That topic is the focus of a new book by sales strategist and Elevation Forum founder Dan Mack: “Dark Horse: How Challenger Companies Rise to Prominence.”
The best leaders and companies bring more than unique products or services to the market — they consistently tap into the 10 key growth enablers Mack outlines in his book.
Dan Mack’s "Dark Horse" is a documentation of his various experiences as a sales strategist and entrepreneur, having spent 25 years as a leader of two challenger companies.
The book is a summation of five years of research, interviews and consulting discussions with more than 100 emerging companies that, by all accounts, were outmatched by the competition — yet went on to great success.
Ken Martindale, president and COO of Rite Aid, called the book, "a must-read for anyone who is inventing or re-inventing their business."
"Dan truly understands the power of the ‘Dark Horse’ in a business setting,” said Joe Magnacca, president and CEO of Radio Shack. “Believe in the ‘Dark Horse’ — and be the first to see it."
Added Walgreens VP/GMM of beauty and personal care Shannon Curtin: "Dan has uncovered the hidden assets and blueprint that challenger companies utilize to unlock the secrets to game-changing results."
Jos. A. Bank says no to Men’s Wearhouse
The back and forth between Jos. A. Banks and Men’s Wearhouse continues. This time the shoe is on Jos. A. Banks’ foot, as the company’s board of directors officially rejected an unsolicited buyout offer from the Men’s Wearhouse.
Jos. A. Bank called the offer, which expires March 28, 2014, and is worth $57.50 per share, or about $1.6 billion, “inadequate and opportunistic.”
"Our board of directors firmly believes that the Men’s Wearhouse offer is inadequate and significantly undervalues Jos. A. Bank and its near- and long-term potential," said Jos. A. Bank chairman Robert N. Wildrick. "Our board and the company’s management team are committed to acting in the best interests of all of our stockholders, and continuing to deliver value for them. At this time, the company has a well-developed strategy in place to continue to increase revenue, substantially improve margins and deliver enhanced returns to stockholders. The Jos. A. Bank board strongly urges stockholders to reject the offer and not tender their shares."
Men’s Wearhouse has already weighed in on its website, calling for the creation of a special committee to review the offer and begin negotiations.
“We remain committed to this transaction and are prepared to immediately engage in good faith negotiations so we can deliver the compelling value of a combination of our companies to our respective shareholders,” the company said.