Does not look like British retail is ready to move forward

Retail businesses in Britain may be badly prepared for the future, according to a new report. The FileMaker Insight Awareness Report found that insight into risk management and strategic business planning featured lower in retailers’ priorities – twenty-three percent and twenty-two percent respectively – than for instance customer service and sales and marketing – sixty-five percent and sixty-two percent respectively.

The study focused on 100 retailers. One of the key findings was that retail businesses have much better access to information than 5 years ago, according to eighty-three percent of respondents. Sixty-five percent said that it was easy to get information relating to their key performance indicators (KPIs), however only fifty percent said that it was easy to translate that information into action.

Less than half said that insights help with their decision-making and that those insights were connected with their business strategy. Few were able to translate those insights into strategy. Exactly half said that they just did not have the time or that other priorities got in the way and a third lacked the necessary staff and/or skills set. A quarter felt they had too much information, so that much of it was not used effectively.

Maybe it really is a case of information overload for our retailers.