Most food retailers have already begun to collect and leverage enormous quantities of “big data” – which can be used to drive valuable insight about the choices a retailer’s particular customers make and how that retailer can optimize its own idiosyncratic assortment.
However, the challenge in harnessing this data is that it necessitates trade-offs between simplicity and value. At the furthest end of the spectrum, the complexity of computing solutions can result in insights emerging from a “black-box,” which will not be clearly understood and be mistrusted.
Retailers must instead emphasize solutions that balance the art and science of working with big data, incorporating tools and processes that ensure the insights are actionable.
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