The Road Ahead (Play to Win)
Recently, I provided examples of how our clients benefited from having a data intelligence solution that includes demand, product and supply data. In this post, we turn to the future. Looking into our crystal ball, we’re able to see that those who invest in data intelligence tools today are playing to win. By that we mean they are investing in technology solutions now to better drive the future of their business.
The retailers using these solutions today will be able to see and be on top of market demands in the future, will have a clearer picture of trends that are driving new products and features, and will be able to jump on opportunities like the LG Bluetooth headset example (mentioned in part 3 of this blog series) where it took three years, for other retailers to realize the opportunity for this product.
The retailer of the future will have better product insights, too, as today’s consumers will only become more empowered. Decisions to carry new products or add features to an existing product are going to be completely customer reliant. There is no reason now to introduce a new product or add features to an existing product without these insights.
As far as the supply chain is concerned, the retailer of the future will have better insights into the market so they can deliver products to market faster.
There are several successful examples of leveraging data and analytics that blend consumer demand signals and transactional information to drive better decisions.
Progressive retailers are investing to “play to win” where demand intelligence will be continuous, multi-data source and omnichannel, product intelligence will be more reliant on consumer signals, and supply intelligence will be richer. That being said, the most important piece is investing to couple these together and encourage the most cohesive and dynamic next best action…
Mihir Kittur is a Co-founder and Chief Innovation Officer at Ugam. He oversees sales, marketing and innovation and works with leading retailers and brands with insights and analytics solutions around their category decisions to improve business performance.