Build Your Data Strategy to Improve Your Product Mix
Identify value-driven data strategy use cases to transform your product mix.
- Keeping up with competitor pressure in retail will grow more complicated as technology evolves and is able to synthesize data and return valuable insights at faster rate.
- Your organization lacks a cohesive strategy to optimize data assets that can inform product mix decision, leaving the data ecosystem fragmented and unable to capitalize on AI solutions for effective decision-making.
- Your organization needs to develop a clear data roadmap that focuses on using data to generate insights that enable optimal product mix insights that drive customer-focused strategic and product decision-making.
Our Advice
Critical Insight
A product mix data strategy needs to be focused on how data will be used to achieve the corporate mission and not just loosely linked to it. Retailers must ensure the data strategy drives a better product mix and aligns with and supports the organization's objectives through a business-focused strategy.
Impact and Result
- Focus on business outcomes. Implement technical data capabilities that can directly support and enable the achievement of a robust product mix strategy.
- Simplify communication for executive buy-in. Develop a clear, high-level strategy that resonates with the C-suite by aligning data initiatives with corporate objectives, making it easier to gain executive sponsorship and funding.
- Separate strategy from execution. Avoid conflating strategy with detailed operational plans; instead, focus on defining a clear direction and priorities first, allowing time for thorough assessments and roadmaps to follow later.
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