What is Insight-Driven Retailing?
By David Dorf-Oracle on Mar 30, 2009
Simply put, "insight-driven" refers to using information to drive execution in an intelligent manner. To accomplish this, there are three key ingredients. First, a retailer must be able to convert its vast amounts of data into actionable information and decisions. This was traditionally the domain of data warehouses, but today business intelligence is much more pervasive. Included in this area is proactive alerting through vehicles like business activity monitoring.
Second, sophisticated retailers know that science and statistics can make good decisions even even better. Once a basic plan has been defined, it can be optimzied based on forecasts and historical trends. Price, space, and replenishment optimizations are examples of processes that can squeeze out additional margin points.
Lastly there must be a seamless hand-off from planning systems to execution systems, so little time is lost. Once business processes have been properly defined, the transition between different applications fade, and users may focus on their day-to-day tasks without regard to artificial boundaries.
Starting with slide 14 in the presentation below, Paul explains Oracle's approach to enabling retailers to be more successful through insight-driven retailing.
And now you know where this blog got its name!