Retail is Where Analytics Partner With Experience

A couple weeks ago, All Analytics hosted a discussion among A2 bloggers about the relationship between data and humans. The consensus was that as we move through 2017, we will see more organizations trying to strike a balance when it comes to utilizing data and experience in decision making. We've seen anecdotal evidence that more people who are on the analytics team or on a business unit leadership team are moving off some firm positions where they sat a couple years ago. You know those people. There are those data analysts and data scientists who are determined to bump "experience" out of the decision equation. Then there are the business managers who adhere to the "I know best" or "No data, no way" philosophy. In reality, the sane approach to decision making in the business world is to leverage both data and experience. The right mix of the two? Well, "it depends" seems to be the answer. It depends on the company, the issue at hand, the amount of good data available, and probably a dozen other situational factors. That balance between experience and data is being put to work in retail. It's happening not only during this holiday shopping season but over time, as so many familiar retail names disappear and new retail models emerge. What's interesting is that the changes in retail -- not just the death of once-huge names and the growth of Amazon and the evolution of omnichannel marketing -- are highly visible. As consumers we see it every day. Analytics are a driving force in most of the changes, and our guest on All Analytics Radio today knows about the role that analytics play in bringing about change and helping retailers succeed. Britanny Bullard is a Solutions and Analytical Consultant in the Retail and Consumer Packaged Goods Practice at SAS. So, she knows analytics. However, she also started her career in retail and advocates for experience, what she refers to as "style." Experience in retail is about identifying good products and pricepoints, recognizing when a hot product has peaked, and understanding which products and prices are a fit for a given market. Blend that experience with analytics and a retailer can test their intuition with data or use data to uncover new opportunities. If they find the right balance, the retailer has a good chance of achieving success, whether it is carving out a niche with a boutique or holding their own in the big world of Amazon and Walmart. Join us today at 2 pm (Eastern US) when Bullard joins A2 Radio to discuss her new book, Style & Statistics, and she shares advice not only for retailers but thoughts on how non-retailers can learn from the consumer goods market. Register here.