Retailers are constantly analyzing the shopping experience to help consumers, generating extensive amounts of data in the process, but many have not translated this data into actionable intelligence. The key to big data is taking action from the information. Retailers need to make the transition from data repository to business solution. The focus should be on how the data can help improve their business and better serve their customers. The difference is how they leverage the information.
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The Emerging Next Generation AP Professional
At this year’s RILA Asset Protection conference I witnessed how the loss prevention / asset protection department has begun to recognize the need to expand beyond the traditional role of alarms, locks, and metal detectors. More importantly, the role of the next generation asset protection professional is emerging as a hybrid that can bring together various departments, including operations and merchandising. With a recognized understanding of adding value beyond traditional LP services, next generation AP professionals are leveraging existing and emerging technologies to bring added value to the company, and increase the return on existing investments.
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Profitability As A By-Product
As we approach the RILA Asset Protection conference, I often think about some of the conversations I have with people in retail. In particular, was a response I received back from a retailer when I asked “what are you doing to protect your profit margins”. Their response was not unexpected, but it did prompt me to give some serious thought to the answer, “all of our projects are to improve profit margin.”
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Tell me something I don’t know! – PART I: Known Known
As a retailer, you have many choices about which software vendor to choose. For users, one of the biggest demands we see in the market is having the software inform you of something you don’t already know about your business. You don’t need another reporting tool giving you another report with the same numbers. You want something different. Something that fills in the missing pieces of the puzzle.
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The Fine Line Between BI and BS – Part 3: Actionable Intelligence
The first and second editions of this blog mini-series discussed common concerns about today’s business intelligence solutions for retailers. In this final edition, we will focus on the area of the profit amplification solution where the most value is derived from: taking action.
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