1010data helps retailers turn data into profits

04 Nov '08

4 min read

With retail industry sales slipping and economic uncertainties driving more fear of spending, retailers must find ways to attract and keep customers. Forward-thinking retailers can use sophisticated technology solutions to analyze three key factors in their businesses that could spell the difference between success and failure, according to 1010data, a provider of ad hoc analytics for business intelligence (BI).

September 2008 sales figures that were recently released by the National Retail Federation (NRF), the trade association that represents more than 1.6 million U.S. retail establishments, paint a dire picture for retailers heading into the holiday shopping season. Federation Chief Economist Rosalind Wells cited “incredible challenges” for retailers heading into the last quarter of the year.

Retailers such as Dollar General, A&P and Drug Fair are making innovative use of BI technology from 1010data, which helps them analyze unlimited amounts of data and make better, more informed business decisions that benefit the bottom line – better positioning them to withstand the current economic climate.

Smarter Merchandising: Retailers know that finding the best possible mix of merchandise on the floor and in inventory is difficult to determine and tough to achieve. Using 1010data, retailers can quickly and accurately understand demand, assess the performance of promotions and pricing actions and enable better vendor collaboration, thus driving business profitability and ensuring that customers have what they want when they want it.

Better Customer Understanding: 1010data helps retailers gain insight from very large datasets in seconds, helping them better understand and predict customer behaviors, customer programs, marketing campaign management, click-stream analysis, customer segmentation and much more.

Sales and Operations Planning (S&OP) Improvements: 1010data solutions are architected to provide critical, company-wide insights in real time, giving retailers the information they need to make immediate decisions that can impact the company and its profitability, including operational efficiencies, staffing optimization and loss prevention.

“As always, we find that winning in retail is not an accident. The best performers are opportunists, leveraging information and technologies to grab an advantage in a hypercompetitive marketplace,” according to Brian Kilcourse and Paula Rosenblum, managing partners, RSR Research.1

Understanding the unique needs of retailers, 1010data's hybrid BI solution combines a powerful back-end database with a flexible front-end tool, enabling fast, reliable queries of detailed data. Delivered as a cost-effective Software-as-a-Service (SaaS), 1010data lets retailers store their source transactional data online and quickly and easily combine it with outside data sources to provide unprecedented real-time analysis. Implemented in less than six weeks, 1010data's fully managed solution gives retailers immediate insight for better business decisions and immediate ROI.

More Information Technology News - United States Of America...