The Blog

The Ultimate Cheat Sheet On Restaurant Analytics

Looking into the crystal ball of the future, a restaurateur could be wondering if there would ever be a time when she could track the brainwaves of her potential customers, know his weekend plans, and embed an offer that he could be interested in. Science fiction always exists. But cut to today, and we are on our way there.

Technologies like IBM’s Watson creating new recipes or restaurant analytics driving efficiency are all signals of where the industry is heading.

Today’s hospitality industry can prove to be a boon and a bane. While the opportunities with an open, data-powered economy, using tech like data analytics for restaurants are limitless, you could well be another statistic among what industry monitors prove 40% of restaurants close within a period of three years of starting.

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How Industrial IoT is Bound to Shake Manufacturing?

The global aviation and energy conglomerate, General Electric, predicts an era where the value of data will be worth far more than the products the data is used for. Because the data that is captured from the manufacturing, distribution and retail stages of the whole business process is analyzed, regurgitated and becomes the fuel for further insight application. As much as you see the consumer side of IoT being highlighted today, it makes natural sense that Industrial IoT becomes more mainstream, to be able to provide the new oil that will fuel further transformation.

An IDC report predicts that by the end of 2017, 60% of manufacturers across the world will use analytics in some form or shape, through Manufacturing IoT devices like sensors. If that’s surprising, then you must know why IoT in manufacturing is surely going to break the status quo:

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Why We Love Industrial IoT (And You Should, Too!)

Kevin Ashton coined the term ‘Internet of Things’ when he was working with Proctor & Gamble way back in 1999. However, 18 years later, only 13% of people know about it, when those very “things” are benefiting them in ways they cannot comprehend.

Industrial IoT is a mix of digital objects like sensors and intelligent assistants, connected to internet enabled systems used to optimize the functioning of various industries, their business models, and the human-machine relationship. It is gaining widespread adoption, estimated to grow at 37% y-o-y till 2021. This is playing a pivotal part in improving our industrial economy.

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10 Signs You Should Invest In Big Data Analytics For Retail

Back in 2013, when Paul Daugherty, CTO at Accenture categorically stated that every business is a digital business, it was a historical statement. Businesses who ignored it did it at their peril and would have to wrap their heads around that reality pretty soon.

Today, in the retail domain, big data analytics for retail has upended the industry for the better, and the race to the top will go to businesses that think digital-first.

The Big Data market is expected to touch $92.2B in 2026, from $18.3B back in 2014. For retailers, it’s now or never. If you notice even one of the below signs in your business, you do not want to have second thoughts to realize it is high time to invest in big data analytics:

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5 Reasons Why Everyone Is Talking About Ecommerce Analytics

In an age of razor thin attention spans and low customer loyalty, data is the new oil. Ecommerce companies are leveraging this valuable, yet largely untapped resource to deliver customized deals that grab users attention and lead to purchases.

Major players like Amazon and Alibaba are recognized for leading the way, using tools like ecommerce analytics to derive valuable customer and web insights.

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5 Key Restaurant Analytics to Make Your Business More Profitable

Isn’t ‘eating-out’ the de-facto thing to do on the weekend? After a hectic work week, filled with the routine home or office café food, I’d jump at the chance to check out that untested menu item at the nearby restaurant.

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How Retail Analytics Solutions Increase In-store Conversions?

In a highly competitive market, what drives retail business is in store conversion, i.e. number of store visitors vs. no of people who left with a purchase.

With consumers becoming highly agile in their buying patterns and moving seamlessly between in-store and online, information and insights are becoming key to understand business critical factors such as inventory, supply chain, demand for products, consumer behavior, etc.  

Due to the lack of business insights, retail businesses are failing to make informed decisions. According to some sources, more than 35% of top 5000 retail companies are failing to do so.

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5 Indications Why Every Business Needs to Invest In Retail Analytics Solutions

According to PWC in their 2017 edition of Total Retail Survey, there are some interesting developments happening in the retail consumer space. 35% users in the survey said that – mobile will become a key purchasing tool for them, social networks provide inspiration for purchases and 47% own or intend to own a wearable device. This means that the retail buying is clearly moving to mobile, omnichannel is a reality, and wearables would soon be a part of this customer buying journey.

From the business operations perspective, again PwC has some very important revelations. 68% of the global CEOs gave the view that data and analytics technology is generating the greatest RoI. In the retail industry, in particular, CEOs are looking for growth in complex times and digital trust is growing as retail transactions are becoming automated, data driven and virtual.

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How to Leverage Retail Analytics to Crush Your Business Goals

In some cases, science fiction turns into reality. One day I was in Walmart, where the screen on each section of product categories greeted me with my name, and the pricing was just suited for the budget it knew I would spend for that visit. Then, the distant song became louder, and my alarm woke me up. Fantasy dreaming, you think? Future retail store gazers are now looking to bring such concepts to reality, using a mix of advanced, always-on retail analytics and next best action systems.

Analytics in e-commerce is glorified, and you can choose from myriad examples to exemplify its success. But the online journey always has an offline impact. Read that again. Therefore, we cannot discount the advantages the offline retail world holds. But now, the offline world is disrupted. If you are in retail and are seeing shifting winds rocking your boat, our retail analysis insights will guide you to reach the other shore safely:

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7 Reasons Why Retail Analytics Solutions Are Important

Multinational retailers can no longer rest on their legacy. A revolution is underway in retail, and the new-age customer really doesn’t care if you are a Target or the next-street retailer. That’s because they want relevance. Like the unique life-choices they make, they expect retailers to use their data through retail analytics solutions & customer journey dashboards, to offer products already on their purchase list.

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