As retailers seek to enhance products and services, using cloud solutions and data analytics has become imperative.
FREMONT, CA: The global pandemic's economic repercussions have not yet fully unfolded, and businesses are bracing themselves for effect. However, as activities slowly resume, the retail industry will play a vital role in initiating economic recovery. To thrive in the modern economic climate, retailers realize they need to use the power of data and cloud technology. Retailers produce enormous amounts of data. Aggregated from various channels, like online and mobile transactions, data exchanges, social media, and the Internet-of-Things, the retail sector's data resource is waiting to be tapped.
Analyzing vast volumes of data on customers, product trends, and supply chains create insights that can lead to better decision-making and enhanced customer experience. However, data analysis can be complex with legacy systems and data silos. Poor data management can affect the implementation of analytics solutions, data security and prevent real-time data sharing. To overcome these challenges, retailers turn to cloud technologies to break down hindrances to the easy flow of data, realize analytics potentials and unlock data-driven insights.
With advanced analytics and data modeling, organizations make better predictions about when specific items will be in demand and make faster and better supply chain decisions. Cloud technologies' potential to ingest immense volumes of granular, semi-structured and fragmented data from every stage of the supply chain is vital for predictive analytics. With real-time visibility into supply networks, retailers can lower the supply chain's inefficiencies and forecast item availability. With on-demand concurrency, retailers can perform a host of models in parallel without performance degradation problems.
Structured and semi-structured data from various sources and channels are consolidated into a centralized repository, allowing both universal and granular business and customer views. This makes data modeling easier and predictive analytics that can make data-driven decisions. Through cloud and data analytics, retailers have an in-depth view of their data to fuel performance and efficiency. With these solutions' help, retailers can make data-powered decisions about pricing, marketing communications, which will help enhance customer experience, deliver value and achieve business objectives.