Fashion industry leaders need more data intelligence

DataScientistJobDescriptionsSo many companies talk about how they are becoming more and more data driven. While I think that’s a good thing, I also think it could also be a very dangerous thing.

Being driven by something is much different than being intelligent about something. A person or company that is data intelligent is very different than a person or company that is data driven. Being driven means you are propelled by something. It’s not enough to say we use data to propel us forward. Using the right data with the wrong conclusion can be as detrimental as using the wrong data, or no data, at anytime.

Being intelligent, on the other hand, means you have a high mental capacity for something. It’s a process brought about by good judgement and sound thought. Driven is compulsion whereas intelligence is skill. Let’s work to make sure the fashion industry becomes data intelligent.

 

Know your customer.

Understand who your customer is and what they want from you. If you’re a brand and sell your products to other retailers, you need to know what their customers bought of your products. It’s completely irrelevant what you sold to the retailer. Likewise forward bookings, or orders from your retail partners, are useless. Just because you sold it to them, doesn’t mean you’ll sell it to me. If you want to build a brand that customers love, look only at what they’ve bought from you. If they didn’t buy it, they didn’t want it. That could be a function of the right product at the wrong time, or the wrong product at anytime. Your job is to figure out what your customers wanted and then make sure they can get more LIKE it at the right time in the future.

Consultants vs. Advisors

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There seems to be a negative connotation with consultants in the fashion industry.  Many fashion brands seems to think that they’ve got everything figured out just fine.  Truth is that’s probably a good sign that they don’t.

Thinking you have everything figured out is sort of like talking about an economic bubble. As a rule of thumb, if no one is talking about a bubble, then there’s likely a bubble.  On the other hand, if a lot of people are talking about a bubble, then there probably isn’t.  Like many things in life if you’re aware of something, then you’re likely being proactive and thereby preventing that thing from doing you more harm than necessary.

One of the largest challenges any business has is becoming inward-thinking and internally biased.  Teams get stuck thinking about what they “need to do” as opposed to “what can be done”.  This is why an outside view is often beneficial at times–to gain fresh perspective from an objective party that hasn’t been sucked into the inward-thinking that happens at even the best of companies.  There’s a lot of politics involved in what and how employees are motivated to think and to act.  An outside perspective is a good way to make sure you see all the options available to helping your business and teams succeed.

A strong consultant or advisor is someone or some group that has expertise a company may not have access to or needs to rethink.  Consultants typically come into companies to fix problems that are already broken.  An advisor, on the other hand, is typically an ongoing advocate to help prevent bad things from happening in the first place.  One is reactive. The other is proactive.  It is often the case that a proven consultant becomes a trusted advisor.

Innovative businesses and people always seek broad perspective.  If we only relied upon the insight and knowledge of our direct circle of friends and colleagues,  we’d miss the opportunity to learn and grow from new ideas and perspectives.  Worse yet, because we would never have gained that knowledge, we’d not be able to teach and give that knowledge to others.