As The Great Recession Lingers, Retailers Need BI/AA To Cope

There is an excellent article on the “Great Recession” or “Small Depression” that still is affecting economies around the world today, including the U.S on Wikipedia, available here.  Despite what some politicians say, it is not over and governments worldwide, especially the U.S., are accumulating massive amounts of debt to ease some of the pain, debt that likely can never be repaid.

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What do retailers do in such an economic environment?  One thing they need to do is use business intelligence and advanced analytics (BI/AA) methods to determine what is working and what isn’t in their particular industries or niches.  The overall picture remains relatively grim with many Americans; nearly half by some estimates; still without permanent, reliable and sufficient work.

 

In such an environment, retailers need to know their niche intimately, what products still are selling and which are hopeless and how to make the best of the situation as it is.  Denying the situation, as a lot of politicians do, won’t make payroll or expenses for a business, BI/AA is a tool that came along at the right time.  Retailers should use it, being brutally honest in the inputs, to get realistic answers for the future.  Otherwise, they’re just wandering around in the dark, or as it once was called, a prolonged “economic malaise”.  Those that use the right tools will survive.  Those that don’t will become part of history.

–Warren B. Causey

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