Retail businesses can use analytics to flourish despite economic crisis

Retail businesses rarely see the kind of economic stress that is facing them in their markets today. The economic crisis has forced consumers to be very selective about buying. The most successful retailers will be those who are adept at data optimization using advanced, database-driven analytics.

Companies have uniquely valuable information assets which, when examined and leveraged through detailed analysis, can contribute dramatically to positive performance.

So, specifically, on what type of analytics should retailers focus? Bill Franks offers ten tips on programs that can engage the shopper. Learn which relationships to fight for, which to grow and which, if any, may be futile.

In the article, he highlights the benefits of mobile marketing, pricing optimization analytics, forecasting, demand chain management, and shelf-space planning among other ideas. He emphasizes the importance of an enterprise-wide approach to data management. Now more than ever, retailers must see the whole profit picture! Technology has made big strides in data warehousing capabilities; but most organization’s ability to manage, analyze and apply data has not kept pace.

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Bill Franks is Managing Partner of the Retail Advanced Business Analytics Practice for the Americas region at Teradata Corporation. Bill has extensive background helping clients derive value through the use of data analysis and modeling.

Indus Insights is a specialized consulting firm that assists organization in leveraging analytics to drive business performance. They use state-of-the-art mathematical and statistical techniques to unlock game-changing insights hidden in data; and then translate these insights into actionable strategies.