Predictive analytics isn't a concept limited to any one industry or market. However, the benefits it provides to the retail world are especially notable. Customer engagement and efficient, effective analysis of shopper data are both cornerstones of successful operations, and predictive analytics can offer benefits in both areas, along with many others. With business intelligence software a priority – along with the selection of an effective platform, like the IBM Cognos suite of products – retailers can improve everything from inventory management to the development and execution of sales and similar offers.
Data and analysis provide more context and value for retailers
"With predictive analytics in place, businesses can better understand customers."
Efforts to analyze information related to customer behavior and preference, along with operational data, are tried-and-true methods in the retail world. Predictive analytics takes these processes an important step further by using the power of automated analytics to draw conclusions that are difficult or extremely time-consuming for employees to discover without assistance.
The growing volume of data businesses have about their customers is valuable, but only when effectively harnessed. Without the proper tools, this data only has a limited ability to bring about positive change. With a reliable solution in place, businesses can better understand customer data. Companies can also engage in more accurate and useful forecasting, allowing parts of the organization to prepare for likely scenarios before they happen – one of the biggest advantages of predictive analytics.
Finding the right partner
Aviana has helped a variety of retailers implement predictive analytics across many different operational and marketing contexts, ensuring each of our clients has a system that provides the best possible results for their specific needs. To learn more about our work in the retail industry, visit our dedicated industry page and take a look at case studies of our work with major retailers like Patagonia.