In this whitepaper, we will discuss how retailers are often stuck in handling the volume of data and complexity of business, and what methods they can adopt to be more competitive.
While it is almost a religious topic for Retail, and a million opinions going around, retailers are often stuck in some limiting methods based on earlier technical challenges in handling the volume of data and complexity of business, and difficulty in acquiring meaningful influencer data.
Earlier, retailers primarily used POS data along with promotion and price change as influencer factors to determine monthly (or weekly) forecasts based on 2 to 3 years’ data and the last 3 months’ trends. The granularity typically used to be Subcategory- store cluster level as with 1 million plus Stock Keeping Units (SKUs) (especially in Grocery Big Box format), it was daunting to go deeper.
