Like many other industries, the retail world has undergone a number of major changes thanks to the rise of big data and predictive analytics. With improved access to both data and the powerful insights that follow, merchants can improve, enhance and expand operations in ways that weren’t nearly as practical just a decade ago.
Part of a successful strategy with predictive analytics is taking the right approach to implementing business intelligence software. Everything from gaining the approval of company leaders to making sure staff understand the analysis provided is critical to realizing the largest possible benefit.
“Predictive analytics can transform the way a merchant does business.”
Making the best decisions about predictive analytics
Software like the IBM Cognos suite of solutions goes a long way toward keeping retailers informed about everything from current inventory and stocking levels to performance forecasts for the coming weeks, months and years. With so many merchants operating in a variety of different markets and regions, both digital and physical, complete visibility of a business is a critical element of success.
Big data and analytics specialist Bernard Marr said predictive analytics is providing retailers with more diverse and powerful advantages as its use continues to grow throughout the industry. With much of the early work of figuring out where analytics fits into the retail business model already completed, companies implementing this solution are in a stronger position.
For the most part, the hypothetical guide to using predictive analytics in general terms has already been written and is widely understood. It’s no longer an issue of trying to integrate analytics into a specific element of operations or workflow. The major concern for retailers is determining where predictive analytics will provide the most benefit. Implementing a new solution into areas of high need first both proves the usefulness of the software and addresses the most pressing concerns at the earliest time possible.
Aviana offers retailers a powerful combination when it comes to predictive analytics – experience and expertise working with a wide range of businesses in the industry. We understand the many potential benefits to be had by retailers and how to steer implementation projects so they’re efficient and provide the most useful results. Predictive analytics can transform the way a merchant does business, from making specific changes to individual elements of operation to larger, broader improvements that stretch across an entire business. To learn more, visit our dedicated page for the retail industry.