RBTE 2017, as ever, offered inspiration, innovation, new ideas and solutions for the retail industry. The event showcased retailers from across the spectrum from pure play etailers, to multi-channel retailers, each with unique and distinct needs. What unified them was their reliance on data to help increase their business efficiency.
Data was seen as an enabler.
We learnt that more and more retailers are leveraging prescriptive analytics and machine learning capabilities to become as efficient and effective as possible. Retail giant Asda and Profitect offered insights into the unique potential of prescriptive intelligence to create a self-sustaining system of identifying profit increasing opportunities and flagging them appropriately in real-time. The two discussed how to identify patterns in data to combat shrink, report proliferation, and create actions for employees at various levels that yield immediate results.
Use data to grow your Retail Business
Retailers are moving ahead of the curve of data maturity.
BI solutions are no longer novel for the large enterprises who can afford to invest hundreds of thousands of dollars upfront. Retail technology solutions are transforming from CAPEX to OPEX, which allows retailers to gain rapid ROI on their investment and achieve their goal of business efficiency. RBTE indicated a shift in the retail business model towards SaaS models.
Amongst the numerous Retail Business Technologies on offer, data was at the heart of it all– whether it was to improve payment systems, point-of-sale, workforce management etc. data was being used to help retailers simplify the complexity behind their operations.
RBTE showcased a fundamental shift in retailer’s perspective towards data.
What is ground breaking is how retailers use data to make decisions. Even the end users of data such as the business users have moved beyond being given data through visually attractive charts and reports. They are becoming data pioneers and driving the conversations asking for UX-driven ways to use data to model business scenarios.
What was also interesting is that many retail business technology products were no longer reserved for the IT department within retail. A lot of the products including Pi Retail are aimed at the actual business leaders, requiring no training, and allowing them to implement the data insights and transform their business.
To learn more about how Pi Retail are applying data integration, machine learning and predictive/prescriptive analysis to drive actionable insights, click here: https://www.p-i.net/retail-solution