The CEO of A4E shared valuable data analytics insights in front of the audience of Retail in Detail conference. Mr. Hadjitchonev emphasized the value of data and how it can be converted into retail business benefits.
A4E`s CEO made retailers familiar with big data and what exactly this term is covering. Because the ‘big’ in big data doesn’t mean size but an approach in data usage. It is widely known that if a business has data big enough to be impossible to be processed by humans is a big data. Hence, big data isn’t matter of size but a function.
Mr. Hadjitchonev shared insights with retailers on fraud prevention and emphasized the fact that quite often behind frauds there are completely different questions. Just like if a restaurant shift team is spending more products on the same production amount. It might be because of fraud which should be addressed but it might be caused by different recipes used by the chefs. And the business question here is why there is a product quality fluctuation.
Regarding small and medium enterprises and their data analytics usage, the CEO of A4E told the audience that this is a must have because almost all of the analytics benefits are already available in suitable scale for SME. Hristo Hadjitchonev broadly explained that decision making in SME might be the crucial difference between scaling big and big failure. Unlocking data insights is a key to successful business.
Because nobody knows a business better than its owner and its data.