Bruce facilitated a discussion on how retailers are leveraging cutting-edge data and experimentation to drive value
WASHINGTON, D.C. – Applied Predictive Technologies (APT), a Mastercard company, announced today that CEO and 2017 National Retail Federation (NRF) Disruptor Anthony Bruce moderated a panel at Retail’s BIG Show 2018. The session addressed how leading retailers are reducing the risk of innovation and driving value.
The session included speakers Bruce, Luke Rauch, Senior Director of U.S. Insights at Walgreens, and Scott Glaser, SVP & CFO at Lane Bryant.
“Today, we are here to talk about Test & Learn, which is a relatively simple concept,” Bruce said in his remarks opening the session. “Before investing in any big idea, we must try it first, and find out not just how it works, but how can we maximize impact.”
“There are always opportunities to make changes and test those changes to reveal insights we can scale and deploy more broadly,” Rauch said. “We are always asking ourselves: will this idea work? And as we actually test, measure, and deploy a new program, are there ways we can improve it? Measuring the impact of business initiatives using Test & Learn is now a part of our DNA at Walgreens.”
“My question to anybody in our industry who is not testing would be: why not?” said Glaser. “As a CFO, it has to be a top priority. And the simple reason is because knowing is way better than guessing. Great analytics and a good testing process apply to all areas of the business.”
At Retail’s BIG Show, APT also released its annual State of Business Experimentation report for retailers, which explores how organizations are leveraging business experimentation to evaluate the impact of new ideas, and reveals that 44% of ideas tested are not worth the investment.
APT, a Mastercard company, is a leading analytics software company that enables organizations to rapidly and precisely measure cause-and-effect relationships between business initiatives and outcomes to generate economic value. Our intuitive and proprietary Test & Learn® software utilizes sophisticated algorithms to analyze large amounts of data, enabling business leaders to conduct experiments and allowing them to make optimal decisions and implement business initiatives at scale. APT also offers products that support decision-making for specific business needs, including transaction analysis, space planning, promotion design, category management and location selection.