Last week we were invited to participate in a panel discussion on “Big Data to the Rescue: Managing the disruptive forces of the fashion industry” as part of the London Fashion Business School’s annual SUMMIT event. Discussion was couched in the Fashion Advisory Council’s findings from their recent research publication.
In the face of unprecedented technological evolution, players within the fashion industry have needed to “move with the times” or risk being left behind. Customers are demanding faster fashion as well as ever greater supply chain transparency. This has placed pressure on businesses to be more agile, responsive and even further “ahead of the curve”
The question of how big data can be fully optimised within these organisations is growing increasingly relevant and could be the key to future business success while also tackling the key industry issues of sustainability and discount pricing.
The key insights raised in the discussion covered; knowledge, changing roles and leadership. In the research presented, big data was considered to be one of the lowest threats to the industry, with respondents commenting that it actually presented an opportunity to businesses.
It is clear that big data has a role to play in the future of fashion, what exactly this role entails is up for grabs.