Actionable Analytics to Transform Retail Store Operations

Posted On: December 24, 2020

The retail industry has been continuously growing, not just in size and scope in the market but also in its drive into the smarter side of service provision, and this seems to be facing a constant need of not only improving its performance in terms of top-notch customer experience, on time restocking and overall efficient functioning of the store but also protecting its premises and assets. Today, every fast-growing retail chain has employed actionable analytics to stay at the top of their game.

Actionable Analytics: What is the hype all about?

When it comes to the internet of things, the process begins with data collection from hardware peripherals, the very basis or initial apparatus of which includes cameras and sensors installed throughout the store. The selected network (in accordance with industrial standards) provides data to the gateway. From that point, all information is transferred to the cloud ecosystem where it not only gets stored but also gets analyzed to find patterns and algorithms for enhanced performance. Lastly, this analyzed information is then used to produce insights, generating conclusions that can benefit business and enhance performance. The appropriate maintenance of operations requires automated data management and immediate reaction before an emergency occurs. To meet these requirements, real-time analysis is carried out automatic tasks are assigned to field technicians, and task completion is reported back to the ecosystem.

Data

Analytics

Insights

How actionable analytics has transformed the retail industry

While the cameras and sensors are responsible for recording and collecting information and big data, it remains worthless until analytics are applied to it. This IoT analytical ecosystem allows retailers to raise productivity, improve customer experience, reduce costs, and increase sales.

It is with the utility of Actionable analytics that retailers are able to discover which devices generate issues, reveal patterns and trends; report and analyse anomalies, drill down into the information within the user dashboards to see all details of a given service, raise alarms and notify customers to improve business and operational results, and enhance customer experience.

Better customer experience

The system can help in gathering and processing data from networks, IoT devices, applications, and data sources in real-time and combine it with historical data to see which services are being used by the customers and what is their go to product in the store, and at the same time use that information to measure the value of the business.

Improved supply chain management

Automated checkout

Smarter Inventory Management

Implementing smart inventory management systems based on RFID tags, store shelf sensors, beacons, digital price tags, and video monitoring coupled with image analysis can enhance procurement planning at every level of the supply chain. When the product starts to run out, the system can automatically reorder the necessary items based on IoT data analytics.

Improved Security

The smart cameras and sensors can also analyse the data without sending it to the cloud, and deploy instant commands via the actuators. None of these tasks are even remotely possible without the analysis of the data. The incapability of the same will result in a large pool of information, but no true understanding of it.

The analytics provide retailers with statistics, percentages in terms of the traffic the store may get in particular months, what products people buy more often, how long it takes for the restocking of shelves and what the common challenges that customers might face in the store are. The IoT ecosystems have paved the way for higher and better-quality experience for both the customers and employees alike. The actionable analytics help employees by saving their time and effort in trying to dissect and divide big data, and let’s not forget their absence of expertise in the same. Thus, for the accurate decipherment of all the data collected by smart devices, the analytics component of this ecosystem proves to be obnoxiously crucial.

Originally published at https://igzy.com on December 24, 2020.

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