When asked recently if we really felt that the cloud could help retailers realize the potential of advanced analytics, we were able to answer without hesitation that it will be a game changer.
Why? Effective retail analytics require a level of flexibility that is difficult to achieve in a fixed environment. environment. You need extensible computational capabilities with flexible customer and product attributions. Often more than one analytic approach is needed. Sometimes aggregations and analyses need to be computed on-the-fly. Other times you will need extensive statistical routines to determine the drivers of demand. Other situations call for data discovery tools that use large amounts of disaggregated information.
There is no "one size fits all". Even worse, software and hardware requirements often bring large upfront costs and delays. SaaS solutions and cloud computing enable you to test the analytic waters while searching for the valuable knowledge nuggets of truth.
What this means for business is that it is now possible to answer questions that seemed impossible in the past. More importantly, as you begin to pursue new ideas and news ways of viewing your information, you can quickly determine if it is worthwhile in investing energy on certain questions without having to buy new hardware and software. The cloud brings agility.
Consumption patterns for consumers have changed rapidly over the past years. “Gluten free” didn’t exist a few short years ago. Now you can construct, or potentially even find, the next “gluten free” on the fly as your knowledge increases. Cloud computing’s flexibility and scalability doesn’t make you stop at what you already know. It lets you increase your knowledge base and find answers even if a week ago you didn't know that the question was relevant. Cloud Based Retail Analytics get you ahead of the game and makes you smarter in ways that you might never have even imagined.
Category: Advanced Analytics