Business Intelligence has been around for years, however, in light of the recent pandemic, many retail businesses are still struggling to understand dramatic changes to customer behavior. It has never been more important to depend upon and understand Business Intelligence, it’s evolution, and most importantly – what it can do in today’s environment to help businesses succeed.
This was the focus of our recent webinar on Business Intelligence 3.0 – AI and the future of Business Analytics. Our CEO and Founder, Prem Kiran, discussed the evolution of BI and how it is instrumental today in helping decision-makers identify untapped opportunities, make the right decisions fast, and significantly increase revenue.
Here are a few key takeaways from the webinar:
1. Consumer trends are changing faster than ever
Today, the consumer commerce market is evolving rapidly in the wake of the COVID-19 pandemic. Consumer behavior shifts are a lot more profound, and we are witnessing the emergence and rapid growth of many eCommerce business models.
In store visits are increasingly moving online. Existing online eCommerce models are rapidly evolving with extreme focus on inventory management with changing demands
2. The cost of a bad or late decision is much higher today
Businesses that are failing to adapt to today’s change are running out of time and money to sustain themselves. With offline consumer commerce businesses moving online, they need to actively compete with incumbent eCommerce giants who have dominated the category for years and cracked the code on the 4 Ps (pricing, promotion, product, placement) and AARRR (acquisition, activation, revenue, retention, repetition).
One wrong decision could cost your business millions of dollars in the face of changing government regulations and more options emerging for customers now and later.
3. Limited tools and resources choke the decision-making process
Given the scale at which retail enterprises operate, it is impossible to empower every decision-maker with data on hand given the costs and availability. Fast decisions are often instinctual, given lengthy approval processes and dependencies on analysts who aggregate, segregate and then analyze this data. By the time the primary decision-maker gets access to that data, it’s already old. The more data a decision needs, the longer the process.
By the time you are ready to decide, you already wish you had fresher data. But since that means additional time and cost, you make the decision anyway. Business Intelligence technology now exists to help you access, analyze and utilize your data in seconds, with a seamless Google-like experience.
4. Make fast data-driven decisions with your Intelligent Decisioning Agent
The next natural questions would be – What about training costs? Are we reinventing the wheel here?
Enter your intelligent decisioning agent, a human-like artificial intelligence automated assistant, which is a feature of modern business intelligence systems.
In simple terms, your intelligent decisioning agent allows you to get the most out of your BI Platform. With all your data seamlessly integrated, it helps you with data you need in seconds – with a Google-like experience. Think of what Tony Stark (Ironman’s alter ego from the recent Marvel superhero movies) has with Jarvis!
5. Don’t just survive. WIN the retail battle with Business Intelligence 3.0
With Business Intelligence 3.0, every person who is a decision-maker can always have instant insights without a dependency on data analysts – in a real-time fashion. As opposed to looking in the rearview mirror while making decisions, it allows a decision-maker to look ahead.
While a traditional consumer commerce business takes pricing decisions only 2 or 3 times a year, leading eCommerce companies can do it more frequently – be it a matter of days or hours. With data, insights and recommendations in seconds, you can take smart decisions fast and quickly adapt to changing consumer behavior without worrying about dependence on analysts and increasing costs.
It is as easy as a Google Search to leave your competition behind.
Here’s a question for you
Is your data accessible by ALL decision-makers across all departments and functions in a democratic fashion? Can it be utilized and analyzed in seconds?
If your answer is no, then it is imperative to introduce your team to the capabilities and potential of AI-driven Analytics Platforms from the Business Intelligence 3.0 era.
What we have shared are just some of the highlights, given the webinar was loaded with in-depth information, examples, and case studies. This informative webinar is available on-demand.
You can watch it here.
Hypersonix is leveraging AI Automation to help retail businesses with real-time insights & recommendations on what happened, why it happened and what they can do about it.