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"IBM/NRF 09'"
INTERVIEW WITH DON MCHONE
TITLE: Putting Customer Data to Work – 2:44
Retail performance analytics is a set of solutions that allow a retailer to look inside the organization and outside the organization and understand through insights how the company's reacting to their customers, to their vendors, to their products.
It reaches into their supply chain. It takes, in effect the experience of the customer and how they interact with the company.
It affects operational effectiveness by controlling the amount of expenditures in your supply chain so that you understand the customer segments, how they're buying at your particular stores, what are they buying at your stores, what stores do they buy at?
And by analyzing your information and-- the data that you have about your customers and products, you can effectively do that. It allows you to look at your stores. Are they set right? Are they assorted right? Are you taking advantage of high-turn areas for your most profitable items? This could only be done by going in and historically looking at the data and pushing that out into forward looking indicators that you can react to.
From a performance management standpoint, is your organization looking at the same information across the organization, horizontally across your enterprise
We've had-- companies that have-- actually been meeting plan-- one guy says they're meeting plan and the other guy says they're not. And this is because they're looking at the same data but at different times.
So through the insight in retail performance analytics and performance management, this allows you to share that information at the same temporal time across the organization.
Rather than a back office type of function now, business intelligence and performance management has come to the front line. It's required, to make the retailers smarter and react to their customers, their products, and their vendors, more effectively and rapidly--Insights into those particular areas are very important in this competitive environment.
It allows them to be more effective outward facing to their customers and inward facing to their organization.
It's one thing to be able to provide analysis of your information. It's entirely another thing to incorporate those into the day-to-day activities of people dealing with your customers or buying from your vendors or sorting products.
And I think that retail performance analytics is an excellent way to start into doing that