SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Digital Transformation in Retail Business

Given the power of the consumers, their demands and the most extreme competitions in the market every business is fighting to survive. Recently the businesses have invested mostly in digital transformation. Since data play a very important role, retail businesses are using the following trends to analyze those data. Firstly, retailers are considering data from in-store technologies and analyzing them to measure their effect on consumer's decisions and thus providing the products demanded more by customers.  Secondly, by location analytics, geo-targeted push notifications are sent out to customers and products are arranged more effectively in the stores.  Thirdly, with the help of explanatory analytics and predictive analytics more demanded products are stocked up. And lastly, cross-platform analytics helps retailers understand the customer's demands and provide effective support to them. Therefore, we can say that data analytics are an essential part of growth. Read more at: http://www.datasciencecentral.com/profiles/blogs/top-data-analytics-trends-for-reatilers-of-2017

 

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Location Analytics: The Next Big Thing

Location analysis is a very important part of Big Data classification in automobile segment. Big data analysis is used in every stage of production and marketing of automobile industry.
Product Design – Data is collected from customers who would help them to make newer improved models.
Supply Chain – With the help of Big data analysis manufacturers can now analyze different suppliers based on various aspects and reach a decision.
Marketing – Helps in identification of the right kind of customers.
Aftermarket – Helps In improving logistic and sourcing processes.
Financing – It enhances the understanding regarding the market of each model.
Read more at: http://www.smartdatacollective.com/anandsmartdata/325598/big-data-automobiles-use-cases-today-and-opportunities-future

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Retail Analytics: Various tools

Retailers are using analytical tools in order to drive sales. Organizations use tools such as pricing and assortment optimization, location analytics, and customer-driven marketing. Still, many retailers are puzzled to prioritize their analytical approaches. Some companies are astounded by the large number of options they have, while others find it difficult to manage data provided by various point-of-sale systems, websites and other internal transaction processes. Another reason is a lack of skilled analysts which hampers progress. Thomas H. Davenport (Distinguished Professor of Information Technology and Management at Babson College in Massachusetts), writes in his article about the strategies and approaches organizations must follow while choosing their analytical tools. To know more, follow: http://www.teradatamagazine.com/v09n04/Viewpoints/The-potential-of-retail-analytics/

 

 

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Improving Retail performance with Locational Analytics

Traditionally business have relied on graphs and charts to analyse crucial information. But these basic visualizations have a propensity to miss two of the most important aspects of a retailer’s data — where things are located and what is happening around them. Imagine being able to better understand where customers live, what they buy, what they do and why they do. Location analytics is a game changer. It helps organisations see where data is, not just what it is. Location analytics brings together dynamic, interactive mapping; sophisticated spatial analytics; and rich, complementary data to enhance the overall picture of business operations. Best of all, it is available from within already-established analytics software, so there is no need to say goodbye to familiar business tools or workflows.

The combined solution joins key business intelligence (BI) data with spatial location, resulting in improved store performance driven by better marketing decisions. It covers all stores operated by the group to guide expansion and development strategy, optimize direct marketing actions such as distribution of weekly circulars, monitor store performance, and gain a better understanding of the sales territory. Moreover, it helps in viewing and analysing data, including traditional retail information such as trade and mailing areas, competition analysis, customer locations, and advertising hoardings. Geographic data used includes Bing Maps, Nokia data, and aerial and satellite images. A BI map service’s bi-directional link provides a unique and dynamic integration solution between the mapping and BI systems.

The geo-marketing application is used for many strategic activities such as guiding expansion and development strategy of the company and optimizing direct-marketing actions including distributing weekly circulars store performance can be monitored and a better understanding of territories can be provided. All this information feeds one database and can be shared across the enterprise. Location analytics is enabling a refined and deeper understanding of how to improve marketing and other store-level operations. It enriches data for a more intimate understanding of customer relationships, behavior, and need. See more at: http://blogs.hbr.org/2014/03/how-location-analytics-will-transform-retail/

 

 

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Pitney Bowes launches new Location Intelligence platform

Pitney Bowes Inc., provider of technology solutions for all size firms that help them to connect with customers to build loyalty and grow revenue, announced the launch of the Spectrum® Spatial platform. It’s a platform built on MapInfo technology that delivers advanced location intelligence that enable businesses to centrally manage and deliver location data. Companies can apply this technology across departments and applications to address diverse business challenges.

To read more, visit the following link: http://www.marketwatch.com/story/pitney-bowes-launches-new-location-intelligence-platform-to-connect-the-dots-between-data-and-geography-2014-05-08

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Global Location Analytics software & applications market

Location analytics adoption rate is growing rapidly. It's fueled by various trends like: Exposure of geo-coding technology, increasing focus on regulatory requirements, market intelligence and competitive intelligence. Over 80% of all data contains a location component. Location intelligence is easily attained through utilizing Geographic Information System (GIS). Location Analytics helps to visualize & explore relationships within this data and uses the result in decision-making. Location analytics firms are focusing on packaged solutions that can be integrated into other solutions such as workforce management solutions and analytics software.

To read more, visit the following link:http://www.digitaljournal.com/pr/1905902 

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Usefulness of location analytics market

Mark Smith, CEO and chief research officer of Ventana Research, talks about how Location Analytics market is emerging to provide better business insights. With the help of this technology, companies can save time and money, decrease business risks and increase competitive advantage.

For more information follow

 http://www.directionsmag.com/articles/new-generation-of-location-analytics/311467

 

 

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