Smaller issues, that happen frequently throughout the retail value chain can contribute to significant margin and sales leakage. These issues typically go undetected in reports using aggregated data, and opportunities for significant profit improvement are missed. By mining all the data at the most granular level and analyzing from the bottom-up, retailers can understand “big data in small bytesTM.”
The application tracks and monitors opportunities and the execution of best practices using workflow and task management--communicating and tracking that the right actions were completed by the right person at the right time, increasing the overall accountability among associates.
The application stores a comprehensive set of policies, checklists, and best practices that are used for guidance when a user receives an opportunity. These best practices, automatically attached to the opportunity, become the possible actions that a person can take to resolve or leverage the insight he received. The focused, actionable guidance also assigns financial value to opportunities sent so users can prioritize their responses while the added accountability minimizes threats even at the lowest levels.
The application intelligently mines data for benchmarks, conditions, trends, frequencies, and correlations to provide descriptive insights. Unlike traditional anomalies and exceptions, which can create false positives, descriptive insights eliminate the “guesswork” from traditional reporting. Descriptive insights improve the ability to understand the opportunity and take the correct action.
“Push” vs. “Pull” Analytics
Descriptive insights identify opportunities and “push” the correct action to the right person. There is no need to spend hours on “pulling” data from multiple systems, correlating it, and generating reports. Instead of trying to figure out what to look for when querying a database, uncover insights in your data that you don’t even know are occurring and get to the insights much faster.
The application automatically analyzes operational data using predefined analytical scenarios that quickly provide targeted insights to the right person. This process converts the old work process of using manual queries against data sets to hunt for meaningful information to a proactive, action focused process redirecting labor to value producing actionable data.