Unlocking the Value of Tomorrow’s Retail

Executive Summary

The retail trends of tomorrow are unlocked by capability that is built today. In today’s age of information, retailers and suppliers will thrive or fail by how well they are able to harness information and respond to the increasing industry changes.

80% of CEOs across Australia believe that acting with agility is the new currency of business. In the future, when agility is achieved through capabilities such as automation and Blockchain, the value of quality information and data will be transformative. In the unseen fibres of business today, value is created through information and Master Data. Master Data is the foundation on which businesses create meaningful information and it serves as the language between stakeholders, turning supply chains into value chains.

Master Data, which defines the attributes of an organisation’s products, customers and suppliers, is and always has been a core component of business operations, providing essential information, and serving as an enabler of efficiency across many aspects of business, often in the shadows of business operations. The shifting landscape of the retail industry, primarily driven by changes in consumer expectations, has amplified the role Master Data plays and the value it can unlock. Despite the clear benefits and rising need for quality, aligned Master Data, many organisations remain unfocused on their Master Data Management (MDM) practicesand maintain only a tactical approach. Businesses that neglect their Master Data will realise only after it’s too late, that quality data is no longer a competitive advantage, but an expectation.

We have explored how businesses are evolving their Master Data practices to enable their strategic objectives, and why establishing robust MDM practices is an essential step in unlocking the value in the future of retail. We uncovered why so many businesses ignore their Master Data and we implore the industry to ask themselves the same; why is such a fundamental capability as Master Data left as an afterthought?