Business Intelligence • 06.06.2018

Innovation management: Don’t just collect data. Use it

Developing new services with BI analytics

It is widely known that the use of business intelligence (BI) supports process optimization and strategic decision-making. But BI can also be used to promote innovation processes.

The pressure to innovate is intensifying, even in the retail sector

The market features a wide variety of premium products with increasingly shorter product life cycles and a high level of international competition among suppliers. What’s more, the pace of technological progress is accelerating, shaping customer expectations and buying behavior.

David Claßen, Principal Consultant, Oraylis GmbH
David Claßen, Principal Consultant, Oraylis GmbH:
Source: David Claßen

"Those who don’t stand out from the crowd of competitors with innovative approaches or at least keep pace will be left behind in the long run. Only those who are continuously improving and evolving will retain their customers and attract new customers, as the case may be,” cautions David Claßen, Principal Consultant of Oraylis GmbH.

A company’s future direction and expansion of product mix and services does not have to be a guessing game. With the help of intelligent and target-oriented analysis, assessment and data visualization, businesses can determine the type of strategic adjustments and alignments that are beneficial for their setting.

Thanks to digital technologies, there is often no shortage of data from websites and online stores, as well as brick-and-mortar settings. A BI application makes it easier to collect this data, combine it in one system and then process and output data and turn it into valuable insights. "These findings in turn build the foundation for innovations – whether that’s in the form of process optimization, personalized customer experiences or even brand-new services."

Data-driven creativity

The Vita Mojo restaurant chain offers its customers a very personalized experience. Customers use an app to order. They can choose the ingredients and provide personal information such as taste preferences, personal fitness goals, and even their DNA information. Based on this information, meals can then be fully customized to meet the needs of each guest.

Overview of several shirts in different styles; copyright: Screenshot Stylumia;...
Source: Stylumia

Having said that, being innovative doesn’t mean you have to develop a brand-new business model. New or improved products and services, as well as changing the way you interact with customers or communicate your brand, are other examples of renewal and reinvention.

At the RBTE, the Indian fashion tech platform Stylumia presented an application, where one clothing manufacturer studied successful products from market leaders. The manufacturer then extracted the most common attributes from these best-selling products and combined them in a new design. The new collection sold very well.

BI applications are not just perfectly suited to analyze the status quo, they can also help to detect trends. This type of information helps to run more successful marketing campaigns, manage the flow of goods and inventory or anticipate emerging customer expectations.

In another example, Inovretail from Portugal showed how the fashion retail company Sonae Fashion Division was able to make predictions about future developments by using statistical data and the help of predictive analytics. This made it easier to schedule and use the sales force and estimate costs more accurately.

Promoting a culture of innovation in companies

A strong retail trend seeks to include social media data in BI analytics. According to a Lünendonk market observation of the German market pertaining to BI from 2017, more than 70 percent of retail companies already utilize this trend and the percentage is growing. Businesses can learn a lot about the interests and habits of customers by examining their social media interactions. These analyses can be used to personalize the customer approach, services and offers for example.

Given these options, David Claßen of Oraylis emphasizes that "a company that wants to use data to achieve success through innovation also needs a data-driven culture." Claßen adds that employees are only able to use the available tools for data-driven development if they can fully access this data.

Author: Julia Pott, iXtenso - Magazine for Retailers

related articles:

popular articles:

Thumbnail-Photo: Electric vehicles for safe on-the-go food distribution during pandemic...
28.08.2020   #food retail #delivery

Electric vehicles for safe on-the-go food distribution during pandemic

Gallery E vehicles solve food service challenges at universities and corporate campuses this fall

Gallery, the leading innovator of mobile carts for food, beverage and retail businesses, has announced a unique partnership with AYRO, Inc. and Club Car to launch a new line of electric vehicles to help bring food, beverage, and retail merchandising ...

Thumbnail-Photo: World’s first convenience store retrofitted with AI technology...
14.08.2020   #video surveillance #video cameras

World’s first convenience store retrofitted with AI technology

Standard Cognition to provide Circle K with autonomous checkout

Standard (“Standard Cognition”) announced that Alimentation Couche-Tard, a company that operates close to 14,500 convenience stores worldwide, including under the global brand Circle K, has selected Standard to pilot touchless, ...

Thumbnail-Photo: SPAR grocery store embraces new technologies...
23.09.2020   #digitization #app

SPAR grocery store embraces new technologies

The store has implemented Delfi Technologies' cloud solution and mobile app to manage the store's electronic price tags

This year, the co-operative association Tikøb could celebrate its 100th anniversary. Today, the SPAR grocery store in Tikøb is one of the stores in the chain that is at the forefront when it comes to implementing new technology. Most ...

Thumbnail-Photo: SALTO Systems invests in Austrian company Gantner...
21.10.2020   #security #access control

SALTO Systems invests in Austrian company Gantner

SALTO wants to strengthen its Access Control solutions portfolio, and welcomes new shareholders.

SALTO is a leading manufacturer in electronic access control solutions. The company has trusted customers in Education (Princeton University, University of Oxford), Hospitality (Hilton, Meliá Hotels and Resorts), Healthcare (Cleveland ...

Thumbnail-Photo: Offline stores sales in US department stores decline by 75% in Q2 2020...
25.09.2020   #e-commerce #brick and mortar retail

Offline stores sales in US department stores decline by 75% in Q2 2020

... as e-commerce is set to grow by 20% in 2020

According to the research data analyzed and published by StockApps.com, US department stores reported a 75% drop in sales during Q2 2020. The report estimated a decline of 60% for the whole year, while predicting a 20% increase in e-commerce for the ...

Thumbnail-Photo: IKI selects Reflexis Systems intelligent workforce management to...
13.10.2020   #personnel management #workforce deployment

IKI selects Reflexis Systems intelligent workforce management to optimize labour efficiency

Lithuanian retailer will work with StrongPoint to deploy Reflexis solutions in 228 stores and across 5,000 employees

Reflexis Systems (now part of Zebra Technologies), the leading provider of intelligent workforce management and execution solutions for multi-site businesses in retail, food service, hospitality and banking, today announced that IKI, one of ...

Thumbnail-Photo: APG Cash Management Solutions partners with Cashspeed...
19.11.2020   #cash management #cash drawers

APG Cash Management Solutions partners with Cashspeed

Helping retailers reduce the cost of managing cash at the point of sale

APG Cash Management (APG), a fast-growing global manufacturer of cash management solutions, announced today its partnership with French software firm, Cashspeed, which focuses on cash management and payments systems software. Now certified as a ...

Thumbnail-Photo: New approach to print solutions
26.11.2020   #printers #POS printers

New approach to print solutions

Citizen presents five ideas on how printers can support sales during the pandemic

It’s been clear for a long while now: confronted with the Corona pandemic, retailers need to resolve bottlenecks such as the point of sale in their retail outlets in order to ensure the safety of their employees and customers. For many ...

Thumbnail-Photo: Shopping experience thanks to electronic shelf labels...
10.11.2020   #customer satisfaction #brick and mortar retail

Shopping experience thanks to electronic shelf labels

A unique customer experience at new danish gaming store

At the end of August 2020, Denmark's new gaming universe Games N 'Gadgets opened its doors to gamers and game-loving people in the center of Horsens city. Games N 'Gadgets offers everything within gaming, gadgets and computer ...

Thumbnail-Photo: Leading Danish co-op upgrades with electronic shelf labels...
26.11.2020   #electronic shelf labels (ESL) #price labelling

Leading Danish co-op upgrades with electronic shelf labels

Large association strengthens its business

Transformation and growth have always been a driving force for Brian Johansen, who has been with Coop since he started as a service assistant in Brugsen, already as a 12-year-old. Since then, he has worked his way up. Today, he still appreciates ...

Supplier

Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
Adasys GmbH – a Poindus Company
Adasys GmbH – a Poindus Company
Max-Planck-Straße 10
70806 Kornwestheim
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Citizen Systems Europe GmbH
Citizen Systems Europe GmbH
Otto-Hirsch-Brücken 17
70329 Stuttgart
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven