How Data Literacy Affects Retail Businesses
By James Hickman, Managing Director
South Africa Qlik Master Reseller
As innovation, emerging technology and constant mobility continues to breed increasingly savvy and demanding consumers, the customer experience becomes absolutely paramount. According to Forbes Magazine, research shows that “75% of companies said their top objective for the year was improving customer experience”.
To achieve this, retailers must focus on data literacy, to empower them to adapt to the changing demands of the customer. This also means new behavioural attributes are required of the CEO; who should also be data literate.
Although millions of retailers have successfully survived in the “brick-and-mortar” era, they must now embrace digital transformation, becoming omni-present retailers, to survive.
Leading the Modern Retail Organisation
Paul Winsor, Qlik Director of Retail & Services Market Development, confirms that CEOs and executives of the past will require different behavioural attributes and skills to take on the future. He confirms that a recent report produced by Retail Week wrote in detail about ‘The DNA of the new retail CEO’.
“In the article it describes, ‘this new style of CEO requires a much broader skillset and diverse leadership profile. The modern, new type of retail chief executive profile will need to be much more adaptive, innovative, able to think outside the box and open to change. They need to be highly data literate and tech-savvy as all decisions will be anchored around data and analytics.”
Why Data Literacy?
Winsor confirms that data literacy is as important today as reading and writing. The problem is, we’re facing a major skills gap. “That’s why we’re on a mission to help people and organisations understand, analyse and use data with confidence,” confirms Winsor.
The retail industry is innovating at a high pace, with emerging technologies like Artificial Intelligence (AI), Machine Learning, Augmented Intelligence, Virtual Reality and Robotics taking centre stage. Although this is a positive shift, remembering to ensure human intuition (by being able to read, write and argue with data) is just as important.
Qlik’s Data Literacy Programme
To help the world fill these gaps, Qlik has launched its own Data Literacy Programme.
- Bring data literacy to everyone
- Empower people to make confident data-driven decisions
- Enable the development of skills needed to gain an edge in the era of data
With the sheer volume and velocity of data available in the world today, most organisations (from all industries) have developed a need to use that data better. The only way this can be achieved, is by developing real data literacy.