FREMONT, CA: A new version of truth (SVOT) has long been the holy grail of analytics professionals, and it is problematic for retailers to understand the complexities of the habits and desires of their customers through a single lens. Since retail customers are increasingly living and shopping across various channels, a fresh analytics approach is required to take benefit of all that extra information. It is no longer shocking to see statistics on how ubiquitous information has become over the previous century, generating more than 2.5 quintillion bytes of data every day. That implies that SVOT will struggle even with the most optimized technical teams. This challenge will be amplified as the quantity of data accessible to distributors rises.
Technical officials can adopt Multiple Versions of Reality (MVOT)–after all, despite the most courageous control attempts, MVOT will happen to serve right. This easy act of recognition for organizations can be liberating and productive. It can also generate a much-needed collaborative culture, which is the real response to this challenge. Once MVOT is understood and accepted, rulers can then concentrate on approaches for information democratization to make the most of their analytics programs. The objective should be to move from SVOT to MVOT based on a self-regulating culture of cooperation. Eventually, the subject matter expertise needed to think about data critically is within the company lines, and this approach enables distributors to leverage that understanding to boost their analytics programs' overall ROI.
The value added by agility and long-term scalability opens the need for a more connected and dynamic approach that is all the way feasible in the retail sector or any customer-centric sector. By applying for a cooperative MVOT-focused analytics program, distributors can make better use of their knowledge, decrease time-to-insight and adapt better to new techniques.