What’s holding the industry back — and how to move ahead.
, the 25 top-performing retailers — most of whom are digital leaders — were 83% more profitable than laggards and took home more than 90% of the sector’s gains in market capitalization. Although you cannot prove a negative, it does seem likely that laggards are leaving a lot of money on the table. In grocery retail, for instance,that implementing advanced analytics would add 2% to grocers’ earnings — a potential windfall for a tough, low-margin business.
Most executives, particularly those in mid-sized businesses or from emerging economies, told us they face a critical lack of employees with the right skills to design and use analytics tools. What they need most are employees who can bridge functional gaps — translators, that is, between analytics and the business. In the Netherlands alone, thousands of econometricians and data scientists are needed, but only a few hundred are coming on the market each year.
Second, ask what processes can be improved with better analytics using existing data. How can you improve the analytics used to analyze that data? How can you make them more forward-looking and more advanced in the methods employed? Structurally, we observed firms on the analytics frontier to complement this experimental culture with a winning organizational design. Many utilized a hub-and-spoke structure in which some expertise is embedded within particular business functions and some is located in a center of excellence dedicated to analytics. This organizational design achieves many benefits.
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