Business optimization is at the forefront of every conversation as organizations continuously strive to make a positive business impact and realize growth. In retail, new optimization efforts utilize data to overcome challenges across different segments of the business. These efforts are opening up brand new opportunities to increase value with new innovative ways to optimize business outcomes.
Across the many facets of retail, optimizing business practices can lead to valuable growth. Within merchandising, improved transactions can help drive cross-sales. The ability to predict future trends can be enhanced through amending existing internal and external trends. Customer retention techniques, such as tracking sentiment, can be optimized to enable the best customer outcomes. In fact, applying new strategies, smarter management, and a host of other enhancement approaches enables business goals across multiple retail departments can not only be met but exceeded.
The key fact is that every business has an exponential amount of data that is continually growing—data has now become the most valuable strategic asset. Reaping the rewards and seizing the wealth of opportunities that data brings, is priority. However, overwhelming amounts of data from disparate sources bring its challenges. Businesses are constantly seeking out new innovative ways to correlate all their data with the latest intelligence processes and tools.
From data on audience segmentation to chain optimization, data is siloed. It is a double-edged sword—data must drive decisions but with so many sources, 60% to 73% of data escapes predictive analysis. Not only that, data is often is presented without any real decisive action to improve results.
Reaping the rewards and seizing the wealth of opportunities that data brings, is priority.
Turning overwhelming data into actionable opportunities
To solve for the influx of data, today’s marketplace has been flooded with multiple new tools and services to help you leverage and manage the many signals/overwhelming amount of information. However, often these tools can be tedious, time-consuming, and expensive. From managing new infrastructure to overseeing databases, these serve as distractions, slowing down your workforce instead of enabling faster access to deeper and more actionable insights. As a result, retailers are missing out on invaluable retail revenue opportunities. The real hurdle has been the inability to simply assess and analyze all the data that organizations already have. Until now.
Purpose-built analytics tools to drive decision-making
Combining and utilizing data from multiple sources comes with its own set of limitations that data science teams cannot overcome alone—manual decision-making cannot deal with the abundance of data. Extending data access with technology alone doesn’t solve the challenge of extracting valuable insights. What is required is modern analytics, that can handle diverse data types, and wide-ranging use cases, resulting in actionable insights. That’s where Artificial Intelligence (AI) comes into play. Powered with an AI engine, millions of decision scenarios create a retail world where decision-making becomes faster, simpler, and more efficient.
To ensure impactful data-driven decisions, AI necessitates access to all your retail data—areas, systems, sources, and applications—by those who need it, when they need it. Now is the time to harness the power of information to become a data-driven, intelligent retail business. So, how does this work?
How decision intelligence is breathing new life into retail
Once structured and unstructured data sources are fully integrated into the one system, it’s time for decision intelligence to play its part. Across a wide span of data sources, new relationships, connections, and insights are identified through an AI engine, like Cerebra. Performance is in real-time—data immediately creates relevant, actionable insights to improve and ensure a faster, smarter decision-making process. From boosting product performance, getting ahead of trends, or driving higher marketing ROI, amongst others, every part of retail business can reap the rewards decision intelligence brings.
User-friendly data on display
Instead of traditional business intelligence tools that create complex analytical experiences due to exhorbitant amounts of data and confusing charts, users can bypass all these complexities and get straight to actionable insights specific to their retail needs. By using these new capabilities, organizations are driving new outcomes not previously possible. The solutions are geared towards actions that generate guaranteed impact such as product insight, which displays behavioral alerts from the customer base that signal future growth opportunities.
Every retail organization can benefit from bypassing data complexity and accessing immediate, indispensable insights to enable decision intelligence.
Staying apace with digital transformation in retail
As shoppers’ expectations grow across online and mobile, and retail experiences constantly evolve, the competitive pressure to not just keep up but to stand out with innovative customer experiences, is endless. This shopping evolution brings an abundance of new opportunities for retailers. Whether it’s online, mobile, or in-store, retailers can maximize personalization experiences, and enable faster fulfillment options. New online innovative retail experiences such as unified omnichannel, not only delight customers but provide additional customer data, enabling retail businesses to continuously improve the customer experience. These new data interactions and touchpoints provide valuable new consumer insights, which in turn, can create exponential growth. This is only the tip of the iceberg as the full impact of digital transformation in retail experiences unfolds and new innovation is applied.
Now imagine this
- A proprietary decision engine that becomes the single source of truth to evaluate the performance growth trajectory of every retail product in real-time, enabling supply chain optimization to address the needs of marketers and merchandisers.
- Behavioral alerts to improve engagement with the customer base and drive customer acquisition.
Imagine no more. Discover how leading retail organizations are benefiting from Decision Intelligence—adding organizational scale without complexity, accelerating actions, compressing the cost of retail data operations, improving pricing strategy with actionable insights, to name but a few.
Every retail organization can benefit from bypassing data complexity and accessing immediate, indispensable insights to enable decision intelligence. It has firmly arrived and is making invaluable headway in the retail business world—creating delightful customer experiences, supporting business optimization, driving revenue growth, and enabling sustainability. Equipped with decision intelligence, retail organizations can successfully achieve their desired business outcomes—in fact, the best decision you can make for your retail business is to access the power of decision intelligence.