- Slides: 9
Retail © 2012 Ideal Analytics Limited.
Retail outlets – Producers of ever changing data ØRetail business outlets transact products between buyers and end customers. ØDirect producers, end customers, intermediate vendors, small wholesalers all share the same market space for transaction. ØInventory, quality control, price negotiations, price and quantity management of offerings, discounting rules, special offers, vendor payments, payments to public authorities are all part of Retail business. ØRetail business spaces also deal with supply chain and distribution network. ØBUT the set of products in this industry keep on changing at the atomic level. ØData keep on generating incessantly in many possible formats, nature and in various categorizations. ØVery judicious grouping of products and their management is the key to success. 2 © 2012 Ideal Analytics Limited.
Retail outlets - Best scope for consumer behaviour study ØConsumer behaviour, their pattern, frequency, preference of buying with respect to different income groups, cultural groups and other seasonal variations can be observed through the data. ØOne very important and innovative study is the market-basket analysis[MBA] where each package bought by a customer is studied to find out the products that generally have an association value. ØThis helps to order, stock and packet connected or associated products together. ØAdditionally ANOVA analysis hints at outlier products within a group and/or single products as outstanding in generating sales revenue/profit generation/brand equity upliftment. 3 © 2012 Ideal Analytics Limited.
Retail - Data analysis, the key to business decision making Every transaction generates many datasets simultaneously with Ø Identity set of the transactors Ø Sets of products transacted Ø Price availability matrix of products Ø Next consignment possible pricing data Ø Stock movement after each transaction calculated automatically Ø Inventory space requirement and supply chain network picture for products Ø Revenue-matrix and Profit-matrix of products in groups and categories Ø Contribution of each product in groups in terms of profit maximization Ø Employee productivity in sales Ø Apportioning of infrastructure costs on each product. Ø Price variation of each product with comparative figures of previous and similar periods/seasons 4 © 2012 Ideal Analytics Limited.
Retail - Business Intelligence as a solution ØBusiness intelligence provides the analysis exercise and presents it in dashboards with changing scenario to the decision makers ØVarious ways of vision and angles helps comprehend the holistic picture of the business. ØAtomic level drilled down information with corresponding rolled up aggregate measures and average information helps in taking appropriate recouping measures. ØMathematical science comes in to help human intuition and create business opportunities. ØPictorial depiction of data that is moving helps in comprehending the trend that in turn assists in forecasting for future operation. 5 © 2012 Ideal Analytics Limited.
Business Intelligence needed redefinition ØTools that help BI are OLAP based Business Analytics ØThey are heavy, expensive, highly complex and requires stringent training ØIndustry needed fast, hassle free, self-serving, on-demand, fast changing structure with minimal or no models involved and yet offering all the good points of Business Intelligence ØSecurity and currency of data came to be in question – if time is money then fast results and instant formulation should be the key ØPresentation should be as attractive and lucid and even better than the usual 6 © 2012 Ideal Analytics Limited.
Ideal-analytics: the IDEAL solution ØYears of research, conceiving and design brought together all the positive points ØAdvanced Mathematical manipulations geared towards fastest response and huge calculations without burdening the end-analyst was achieved. ØSecurity was made even more stringent and yet very easy to install to provide information on privilege-to-know basis. ØHandling of different and apparently unrelated sets of data without compromising the currency of the data is achieved through directly dealing with the transaction data base and eliminating the need of any intermediate work data store. ØPresentation is improved by the latest of animation technology that would reflect the latest change in the data as soon as they occur. ØAll dashboards are very competitive in terms of presentation ØFreedom is the empowerment to the business analysts, they do not need to depend on technology professionals 7 © 2012 Ideal Analytics Limited.
Data Analytics applied to Retail Applying analytics on transactional data enables quick decision making thereby generating good returns Consumers and Vendors Return on Investment Business Users Transactional Data Generated Reduce Costs Revenue Increase 8 © 2012 Ideal Analytics Limited. Quick Decisions
Thank you © 2012 Ideal Analytics Limited.