It is no surprise that retail is an ever-changing and dynamic environment. With the economic and competitive landscape reshaping itself before our very eyes, retailers find themselves challenged to meet the customized demands of their customers, while still clinging to some sense of efficiency and scalability (and, profitability)- not an easy task by any means.
Companies need to be flexible and reactive so they can quickly respond to increasingly sophisticated customer demands. Businesses must be able to change their business models so they can collect real-time business information and drive the efficiency of their day-to-day operations.
Several critical challenges confront today’s retailer: price sensitivity, demand forecasting and inventory management, customer driven up-sell and cross-sell, multi-channel marketing, and fraud detection and loss prevention; just to name a few. Ergenomics believes in the use of enterprise wide analytics to create one common view of the enterprise which enables everyone across the organization to approach the business with the same set of numbers and data.
Our analytics approach starts with improving your customer knowledge. Retailing today is about making the process of getting the right products to the right customer at the right price at the right time a scientific, predictable routine. The days of “stack it high and watch it fly” are gone. This means making your organization as efficient and effective as possible.
As they say, “retailing is detailing,” and the devil is in the detail. That is where the Ergenomics’ Blueprint of Enterprise Analytics allows us to sift through massive amounts of data quickly and precisely to help you identify and predict selling opportunities. We leverage tools like SAS and SAP to help our PhD economists assess your customer information and help build you a Customer Performance Dashboard along with other reports to help you leverage the power of customer data. Our approach to retail analytics is robust and straightforward. Ergenomics deploys expertise (technological, analytical, and business line) that can hone in on opportunities with an organization to maximize their customer portfolio. All areas of concern can be addressed and optimized through our disciplined and rigorous execution.
Business Process > Data Analytics > Assess > Build > Optimize > Support > Train > Deliver
Understanding the current customer’s buying pattern, price sensitivity, interdependence of product lines to each other, and each SKU’s true and absolute profit contribution not only produces immediate results, but can be modeled forward to gain efficiencies in future operational and marketing decisions.
In part 2, we’ll address the topic of price sensitivity.
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© ERGENOMICS 2009