As the flood of customer information continues to pour in through an ever increasing number of digital touch points, big data use cases for sales and marketing have grown exponentially. The growth of predictive analytics has, in turn, also been driven by customer-focused use cases. Companies are attempting to understand the underlying correlation / causation in those data lakes and turn that information into better targeting, promotions and demand forecasts.
Enterprise consultants are uniquely positioned to maximize the benefits derived from advanced analytics, provided they act swiftly. The nature of new, complex, advanced analytics requirements places consulting firms at an advantage over traditional software companies. Consulting firms, understanding their advantaged position, are rapidly adopting predictive and prescriptive analytics, due to the following:
International Data Corporation (IDC) recently released the report titled “Innovative Business Analytics Companies Under $100M to Watch.” The report features vendors that are innovating around three key trends in the business analytics market. These trends are: Collaborative Decision Management, Cloud-based Analytics, and Mobile Analytics.
I am lucky because I work with some really smart people. One of those really smart guys recently said to me that “All problems are search problems”. He went on to point out how Google has taken this approach and has been wildly successful (check out Google’s current stock price). When you enter anything into a Google search box, you will get some kind of result. You may be shopping, looking to answer what movie won the 1957 best picture Oscar (The Bridge on the River Kwai) or trying to find how to get somewhere. Google is going to search its database and get you an answer.
The US retail industry is in turmoil. Manufacturers are facing increasing commodities prices, ever resilient competition, uncertainties in financial markets and customer behavior. The retailers, both brick-and-mortar and online, are viciously fighting for customers’ dollars and cents. Customers are worried about economic downturn and try to sniff out deals and save, and they have many options to do so.
Co-authorship: Renat Stewart and Nathan Goldstein
As with any emerging business technology, early adopters of Trade Promotion Optimization (TPO) solutions are under significant pressure to validate their decision and to prove the return on their technology investments in a very short period of time.