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In 2023, retailers will be able to leverage next-generation business intelligence and augmented analytics in a number of ways to improve their operations and drive growth. The current generation of BI tools and platforms has already had a major impact on the way businesses operate. However, the next generation of BI is expected to be even more powerful and transformative.

Here are eight key areas where retailers should consider deploying next-generation BI to drive major business impact and further insulate in times of uncertainty:

1. PERSONALIZED MARKETING AND CUSTOMER EXPERIENCE

Augmented analytics can help retailers analyze customer data and create personalized marketing campaigns and shopping experiences. For example, a retailer could use augmented analytics to identify customers who are likely to respond to a particular type of promotion, and then target those customers with personalized marketing messages.

2. INVENTORY MANAGEMENT AND SUPPLY CHAIN OPTIMIZATION

Next-generation business intelligence can help retailers optimize their inventory management and supply chain operations. For example, a retailer could use BI to analyze sales data and forecast demand for particular products, helping them avoid overstocking or running out of popular items.

3. FRAUD DETECTION AND PREVENTION

BI and augmented analytics can also be used to identify and prevent fraudulent activity. For example, a retailer could use these technologies to analyze customer behavior and identify patterns that may indicate fraudulent activity, such as unusually large purchases or suspicious payment methods.

4. PRICE OPTIMIZATION

BI and augmented analytics can also help retailers optimize their pricing strategies. For example, a retailer could use these technologies to analyze sales data and identify the optimal price for a particular product, taking into account factors such as competition, demand, and margin.

5. INTEGRATION WITH OTHER TECHNOLOGIES

Next-generation BI is also expected to be more closely integrated with other technologies, such as the Internet of Things and blockchain. This will allow retailers to take a more holistic approach to data analysis, gaining insights from a wide range of sources.

6. REAL-TIME ANALYSIS

Another key trend in next-generation BI is the ability to analyze data in real time. This will allow organizations to make timely, informed decisions based on the most up-to-date information available.

7. ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

One of the major trends in next-generation BI is the use of artificial intelligence and machine learning to analyze and interpret data. With these technologies, BI systems will be able to automatically detect patterns and trends in large datasets, providing insights that would be impossible for humans to uncover on their own.

8. ENHANCED COLLABORATION AND ACCESSIBILITY

Finally, next-generation BI is expected to be more collaborative and accessible than ever before. With advanced visualization and collaboration tools, teams will be able to work together more seamlessly, sharing insights and making decisions in real time.

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Better Integration Frameworks

Integration frameworks allow data from multiple sources and networks to be pulled into planning solutions much more easily. Logility’s Karin Bursa, an executive vice president, points out that “many companies have multiple ERP systems.” She sees faster integration with better certainty and master data management, as a key differentiator for Logility. The master data logic understands the range of data that is appropriate for a particular field and can track and highlight when inappropriate data gets entered. Logility’s solution also uses net change logic. In other words, their system only looks at data elements that have been updated or changed. This makes same day or inter-day data updates more efficient.

Robust Role-based Views

This is not a new area of investment; it has been going on for several years. Many suppliers have invested in easier to use interfaces, particularly excel style interfaces. These interfaces have workflows that allow planners to tackle the most important planning problems in order of importance. Demand planners may want to view forecasts in units by week at ship to locations. Financial planners may want to see monthly views of revenues by business unit. Many suppliers offer integrated business planning (IBP) modules, sometimes called supply chain control towers or cockpits, that allow for a variety of views by the wide variety of actors in a corporation involved in balancing supply with demand in ways that maximize the company’s strategic objectives. Those objectives might differ by product or customer and can include things like profit maximization, achieving revenue targets, gaining market share, and other things as well.

Bigger, Better Solves

There are always new problems to solve. Omnichannel is the best current example of that. Manhattan Associate’s Scott Fenwick, director of product strategy, points out that when a new flow is supported, like order online but pick-up-in store, inventory allocation decisions need to change. But picking up that shift in the demand signal can be difficult. They are using machine learning to help solve this true demand problem.

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Supply Chain Institute

Creating Value Across Supply and Demand Chain by Innovative use of BI, in Operational and Tactical Management of Balanced KPI, and Risk

Tag Archives: integration

How retailers can leverage next-generation business intelligence and augmented analytics in 2023