Making the most of smart technology can give retailers new insights that drive performance. Some 24 percent of retailers recently listed smart technologies as one of their top IT initiatives. The diversity and volume of device-generated data streams in the retail ecosystem will continue to grow as the total universe of intelligent or smart systems rises from 3.5 billion units in 2013 to more than 5 billion units by 2017. (See Worldwide Intelligent Systems 2013–2017 Forecast: The Rise of Intelligent Systems, IDC #241359, July 2013.)

Retail companies are looking at integrated business intelligence (IBI) implementations to manage this growth. Just what is IBI? IBI represents a systematic capability for the generation, transmission, capture, and analysis of smart technology data and the delivery of analytic insight. It consumes data generated by fixed and mobile devices connected to the Internet of Things (IoT) and is sometimes complemented by business process transactional data. IBI can bring descriptive, predictive, and prescriptive business intelligence to bear on operational decision-making.

We expect that retailers will incorporate smart devices in their plans for modernization and innovation investments. These devices will likely include such smart technologies as M2M, sensors, RFID, GPS, and other wireline and wireless IoT devices.

A recent IDC Retail Insights Analyst Connection, Leveraging Integrated Business Intelligence in Retail Environments, outlines the current and future trajectory of IBI applications in retail.  I think you will find the data both useful and interesting and encourage you to read the full report below.

What game-changing insights do you expect to see from IBI implementations in retail?

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IBI is a systematic capability comprising hardware and software assets for the generation, transmission, capture, and analysis of smart technology data and the delivery of analytic insight. It consumes data generated by fixed and mobile devices connected to the Internet of Things...