Oracle Retail Insights Cloud Service Suite Delivers Descriptive, Prescriptive and Predictive Analytics to the Retail Enterprise
Oracle Retail has combined three cloud services into a new Oracle Retail Insights Cloud Service Suite. By combining existing science and insight cloud services, Oracle can provide a spectrum of analytics that align to key performance indicators for the retail community. These metrics render in a beautiful user experience with dashboards organized by persona and organizational responsibilities in Oracle Retail Home to encourage more strategic decisions that drive growth and operational efficiency. Oracle Retail customers including Gap Inc., Lojas Renner and Al Nahdi have already experienced the benefits of Oracle Retail Insights and Science solutions and continue to inform their strategic decisions with in-depth insights and science-enabled analytics.
"The Advanced and Predictive Analytics software market, which in 2017 reached $3.1 billion worldwide, is expected to grow at a five-year CAGR of 9.4%. Sophisticated analytical techniques are being embedded into more and more applications," said Chandana Gopal, Research Manager, Analytics and Information Management, IDC. "Forward-looking analytics is going to become much more mainstream, as enterprises are able to harness more and more data from a variety of sources."
“We are working with several retailers who are anxious to adopt cloud to bridge the gap between operations and innovations,” said Jeff Warren, Vice President, Oracle Retail. “To capitalize on the surge of unstructured and structured data in retail, we have applied advanced techniques for analyzing retail data from multiple perspectives into a single cloud services suite that integrates with retail-rich applications and cloud services. With these tools we can deliver analysis on what happened (descriptive), what is going to happen (predictive) and what a retailer should do about it going forward (prescriptive).”
The Trifecta: A Powerful Adaptive Intelligence Suite for the Entire Retail Enterprise
With the new Oracle Retail Insights Cloud Service Suite retail organizations can experience benefits including:
- Enhanced User Experience and Relevance: The cloud suite leverages Oracle Retail Home to provide a single and modern access point to the data. The user experience streamlines and simplifies access to data and applications to provide relevant and actionable information based on roles and responsibilities. The federated user interfaces support integrated insights-to-action loops.
- Speed to Value: With one rapidly-deployed cloud service, the solution represents the application of Oracle's analytical core to modern retailing: a comprehensive big data warehouse founded on industry best practices and the scalability, reliability, and economy of a complete Oracle analytic tech stack in the Oracle Cloud.
- Better Understanding of Customer Context: Gain a better understanding of who your customers are, how they behave and why, so you can make the more intelligent product and promotion decisions. Leverage complete visibility into what motivates customers at each stage of their journey and how they are interacting with your brand across all touchpoints.
- Uncover Merchandising Intelligence: Identify actionable merchandising opportunities across touchpoints, including backorder and returns, top/bottom seller, demand/fulfillment and price and promotion analysis.
- Inspire Customer Loyalty: Leverage a highly visual, intuitive, end-to-end workflow to define and execute local market assortments, improve conversion of traffic into sales, and increase customer satisfaction.
- Leverage Artificial Intelligence and Machine Learning: Retail business users can conduct advanced analyses to understand better and optimize affinity, store clustering, customer segmentation, consumer decision trees, demand transference, and attribute extraction.
- Unleash the Power of Flexibility and Ad Hoc Reporting: Business analysts and data science teams can leverage innovation workbench for additional ad hoc analysis.
- Leverage Common Foundational Data Architecture: The suite can exploit the logical value of the data generated by Oracle Retail's comprehensive application footprint, and surfaces properly-filtered and secured descriptive, predictive and prescriptive analytics to whomever, however, whenever and wherever desired.
- Drive Retail Investment: Optimize assortments to available space to maximize planogram performance, return-on-space, sales, revenue, and profits, while improving customer satisfaction with the optimal variety for each store.
- Improve Gross Margin: Drive optimal recommendations for promotions, markdowns, and targeted offers that maximize profits and sell through leveraging prescriptive analytics.
See Retail Science in Action