Every once in a while we all experience something in our lives that puts things into focus. Something that helps us rebalance our priorities and reassess our world. A flood, a fire, an accident, a death, a near miss or some other unexpected calamity. For me right now, it is the Four Mile Canyon fire burning just west of our home in Colorado.
[Continue reading…]Competitive Advantage Opportunities in Retail
September 10, 2010 By Leave a Comment
Predictive analytics focused initiatives face a few obstacles. Many companies do not have a lot of experience in handling analytics projects which presents some unique opportunities for all involved (management, business line, vendors, etc). Often a key learning is to understand that analytics projects have a strong research and development component to them. Most organizations [...]
[Continue reading…]Retail Analytics: Fraud Detection and Loss Prevention
September 7, 2010 By Leave a Comment
Fraud and losses are every retailer’s biggest frustration. On a national average, fraud and losses account for 1.5% of lost revenues, but for many retailers the cost is even higher. Whether it is employee theft, customer theft, damaged goods, inventory and stock inaccuracies or a myriad of other things, the overall impact continues to be a [...]
[Continue reading…]Retail Analytics: Customer Driven Multi-Channel Marketing and Up-Sell and Cross-Sell Opportunities
August 28, 2010 By Leave a Comment
Acquiring new customers is expensive for any retail business. Most of us are familiar with the Bain study that says it is five to seven times more expensive to acquire a new customer than it is to sell more to an existing customer. So if you are spending $1M on a mass promotion to generate [...]
[Continue reading…]Retail Analytics Part 3: Demand Forecasting and Inventory Management
August 20, 2010 By Leave a Comment
Retail Analytics Part 3: Demand Forecasting and Inventory Management Some of the most successful retailers are using analytics for reducing stock outs at retail locations. Retailers are starting to understand how analytics can be leveraged to provide several quantifiable benefits: reduced stock outs, reduced inventory levels, optimized delivery schedules, and more efficient ordering process. Inventory [...]
[Continue reading…]Transformation – One Pound at a Time
August 17, 2010 By Leave a Comment
You know the old saying, “The way you eat an elephant is one bite at a time”. Well, the same is true of how you transform anything. The same recipe applies. You want to change your behavior, your children’s behavior, a bad habit, the results of your personal performance, your department, your company, etc. You change [...]
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