A recent article by Retail TouchPoints highlights the growing problem of 'nearly usable' data in the retail industry, where data is collected but not fully actionable, leading to hidden costs that erode profitability.
The article notes that many retailers invest heavily in data collection but fail to ensure the data is clean, integrated, and ready for analysis. This 'nearly usable' state results in wasted resources, delayed decisions, and missed revenue opportunities, as employees spend excessive time cleaning and reconciling data rather than acting on insights.
To address this, the piece suggests that retailers prioritize data governance, invest in automated data quality tools, and adopt standardized formats like GS1 standards for product identification. By moving from 'nearly usable' to fully actionable data, retailers can unlock significant value and improve operational efficiency.