Numeric Big Data Analytics for Successful Decision Making: A Case Study from the Retail Industry in Canada
Nov 22, 2022
This paper proposes that the successful analysis of big data in the retail industry is the key to successful business practice, and is an essential ingredient for successful decision making in many industries. In this paper, we present a case analysis of the use of numeric big data analytics to discover the decline in profits while sales figures are rising during promotion weeks at a Toronto-based retail chain store. We also discuss why big data analytics should be seen as a key practice in the retail industry due to the massive amounts of data that is generated in a daily basis, especially, in the retail food industry. The paper sheds light on the ability of analysts to transform the massive amounts of data into information and knowledge to discover hidden problems and make wise management decisions. If properly analyzed, big data can produce the needed information to uncover internal strengths and weaknesses, and external opportunities and threats, and to make data-informed management decisions.