Retailers have often grown with several different repositories or databases for different purposes, which now makes them lack a unified view of their stock, preventing them to take further steps into Omnichannel and advanced forecasting solutions.
The solution is not to scrape every database and start from scratch. The solution is to have a smart unification layer on top of it that can match, in a simple and fast matter, all the information you already have from your current data repositories (Magento, SAP, Oracle, IBM or others).
Having this layer allows the retailer to join all their data in a standard way, so that they can have (i) a common unified view of their data, then (ii) a business intelligence (BI) tool acting on it, and then (iii) be able to
- apply advanced forecasting algorithms on top of it;
- do customer segmentations;
- predict which customers are likely to churn in the short and medium term so that you can act upon it quickly before it is too late; and,
- reduce out of stock problems you might have, either because you don’t really know how much real stock you have across your warehouses, stores and ecommerce, or by predicting the real stock you need to have for each product in each location (store, ecommerce or warehouse).
Moreover, the power of advanced forecasting (which is now at the reach of any retailer) can even automatically suggest how much product you should buy, taking in account stock restrictions, minimum order quantities and other limitations, saving your team from value wasting and time consuming number crunching.
But all of this is a result of a proper stock unification, which does not require a long and expensive project; only a proper tool and a partner to help you achieve this in a fast and swift matter – a couple of weeks should be more than enough for this!
How Inovretail can help
Inovretail does predictive analytics for Retail, by applying its’ machine learning expertise in helping retailers achieve much better forecasts, resulting in value added targeted and mass promotions, stock predictions, customer segmentations and churn predictors, and retailers do this by using Inovretail’s self-service tools, always supported by its’ team of data geniuses. And, to deliver all of this, Inovretail has created a database unification layer, where we connect all of the client’s databases (Magento, SAP, Oracle, IBM, and many others) and deliver this as a part of the whole service, as a first step in the process of delivering a better data-driven business.