This is Harnham’s weekly news digest, the place to come for a quick breakdown of the week’s top news stories from the world of Data & Analytics. APPINVENTIV: HOW BUSINESS INTELLIGENCE BENEFITS THE RETAIL INDUSTRY What role does Business Intelligence (BI) play in the retail industry? The worldwide business intelligence and business analytics software market is expected to reach 17.6 billion dollars in 2024. Appinventiv discusses in detail the role of BI in the retail sector and the countless benefits businesses can take advantage of. As one of the most data driven industries worldwide, retailers can use BI tools to gain insight into everything they need to know, from customer behaviour to day-to-day operations. Here are just a few of the many benefits of using business intelligence in the retail industry:Improves business operationsEnhances customer experienceHelps optimise inventory management Identifies emerging consumer trendsHelps optimise store floor plans Takes marketing to the next level Boosts efficiency in the supply chain BI allows businesses to absorb massive amounts of data which helps to connect with customers and in turn produces better sales outcomes. To read more about this, click here. DATANAMI: DATA SILOS ARE HERE TO STAY. NOW WHAT? Has the pandemic led to the creation of more and more Data Silos? Data silos have existed for a while now, but the pandemic has definitely accelerated the pace of digitisation, increasing the demand for data silos. However, as we continue to see data become more complex and digital initiatives surrounding data grow, managing these silos has become much more difficult than it used to be. From explosive data growth, to the massive generational shift to the cloud, there is an urgent demand for better management of data silos. According to Datanami, data silos are here to stay, and instead of trying to create a new single silo or using data lakes, we should seek out solutions that can optimise, mobilise and manage data across silos so that users can search and extract data from multiple silos. This method will enable data professionals to move files while retaining the essential tags for rapid searching and segmenting. To read more about this, click here. AD EXCHANGER: PROGRAMMATIC WILL LOOK DIFFERENT IN 2022 – HERE ARE SIX TRENDS TO WATCH How is Programmatic set to evolve over the next 12 months? The pandemic created a huge shift in the programmatic advertising landscape, creating both more challenges and more opportunities than ever before. In this piece, Ad Exchanger lists a few key trends shaping the space that marketers should take advantage of. Up-level your transparency requirementsMove (CTV) out of the “emerging” categoryBrace for attribution backlash Prepare for advances in programmatic DOOHRecalibrate expectations around privacy and vanishing IDsCapitalise on industry consolidation As we enter the new year, there’s a huge amount of programmatic potential for marketers to explore. And according to Ad Exchanger, the key is the right strategy – and an open mind. To read more about this, click here. KD NUGGETS: SIX DATA SCIENCE TECHNOLOGIES YOU NEED TO BUILD YOUR SUPPLY CHAIN PIPELINE What areas of Data & Analytics are essential to building a robust supply chain? A supply chain pipeline is a combination of different processes to produce and distribute products and services to customers, and companies are always looking for ways to increase efficiency and effectiveness. Data science can help by making data-driven judgements and decisions. KD Nuggets shares some of the data science technologies needed to build a comprehensive and smooth supply chain pipeline below. Big DataMachine Learning IoTCloud Computing Languages (like JavaScript)Frameworks (like React) These technologies are now essential parts of supply chain networks, and supply chain managers should plan to integrate them as soon as they can to build strong and successful supply chain pipelines. To read more about this, click here. We’ve loved seeing all the news from Data & Analytics in the past week, it’s a market full of exciting and dynamic opportunities. To learn more about our work in this space, get in touch with us at info@harnham.com.
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