An fast emerging area of business analytics is Pattern Based Analytics (PBA). This has been launched due to the very large amounts of data and need for analytics that can reveal meaningful patterns that businesses can act on. A typical reaction to the large amount of data is “If I had seen this coming sooner, I could have acted faster, decreased my risk and enhanced my opportunities for growth. Pattern Based Analytics typically requires focus on a business areas, e.g. Sales, Marketing, Finance, etc. The key to Pattern Based Analytics is automatically revealing intelligence that is hidden in the data/information.
By John Maller
|
Posted in Uncategorized
|
Also tagged business analytics, cross sell, customer buying pattern analytics, merchandising, multichannel ecommerce, pattern based analytics, product affinity, retail, suggestive selling, unstructured data, upsell
|
Companies today spend tons of money trying to get more customers. Very few companies have a finger on the pulse of the buying patterns and trends of their current customers. What is the point of getting more customers if you cannot serve the one that you already have? Is it just busy work? Or is it because with thousands of SKUs, they do not know how to keep up with customer buying patterns?
February 16, 2010 – 10:04 am
Emcien offers pattern-based analytics that easily takes sales data in any form to reveal customer buying patterns and trends. The technology has completely eliminated the need for data models, structures, mapping, etc. Emcien’s pattern based analytics technology was created explicitly to overcome the ‘old heavy weight model of technology’. Pour your sales data in, and watch the customer buying patterns. “Like Google analytics for sales data”, our customers told us.
February 4, 2010 – 4:05 pm
Just read a great article by Amanda Ferrante based on an interview of Leslie Hand, Research Director at IDC Retail Insights for Retail Touchpoints. The interview focused on providing new strategies to optimize the value of IT in 2010, as IDC Retail Insights unveiled its Top 10 Predictions for the retail industry. The IDC report explored [...]
By John Maller
|
Posted in Uncategorized
|
Also tagged adjust price, analytics, business analytics, consumer spending, cross sell, demand intelligence, fast implementation, IDC, margin, multichannel ecommerce, product affinity, retail, retailers, sell through, suggestive selling, upsell
|
February 2, 2010 – 7:55 am
As you investigate analytics for your business, here are a few best practices:
- The analytics need to be focused by business function.
- The analytics needs to answer the question “What do I do with this result” and “what is the business value”.
- The analytics should make your job easier, and the recommendations should want you coming back to it over and over again.
By John Maller
|
Posted in Uncategorized
|
Also tagged affinity, analytics, business analytics, cross sell, merchandising, multichannel ecommerce, patterns, product affinity, retail, suggestive selling, upsell
|
January 25, 2010 – 11:48 am
Gartner has launched a new focus area called “Pattern Based Strategy”, based on the need of businesses to capitalize on large amounts of data and the new rules for business process adaptation.
Here is a great verbatim quote from the Gartner web page.
The depth of the recent recession blindsided most businesses. As the economy starts [...]
By John Maller
|
Posted in Uncategorized
|
Also tagged analytics, cross sell, customer buying patterns, demand driven, demand shaping, marketing analytics, merchandising, multichannel ecommerce, online marketing analytics, POS data, product affinity, retail, sales history, suggestive selling, up-selling, upsell
|
December 28, 2009 – 6:17 pm
The sales receipt is a neatly itemized list of purchases. Every purchase comes with a specific need, and hence the sales receipt is the true voice of the customer. As demand patterns change, the sales receipt data can reveal tremendous intelligence on what customers are buying, the changing trends and what the future purchases [...]
By John Maller
|
Posted in Uncategorized
|
Also tagged analytics, channels, cross sell, crosselling, customer buying patterns, margin, merchandising, product affinity, profit, retail, sales receipts, shopper, suggestive selling, up-selling, upsell
|
October 15, 2009 – 6:37 pm
Buying patterns are real, and they manifest themselves in how customers buy combinations of options. With the computing power we have available today we can detect and capture them. These patterns can then be used to design “house specials”, forecast future sales, and guide customers to what we want to sell them.
By John Maller
|
Posted in Uncategorized
|
Also tagged analytics, business analytics, choice combinations, crosselling, customer fulfillment, customers, online marketing analytics, patterns, POS data, product affinity, product choices, profit, sales, sales analytics, upsell
|
September 30, 2009 – 10:03 am
Emcien’s mission is to find the actionable intelligence that is hidden in the sales history of configurable products. We call this SKU intelligence. Many companies, however, save their sales history in a way that keeps any patterns hidden forever. I call this self-encryption. Many of these worst practices began as a way of saving space at a time when storage space was expensive.
September 22, 2009 – 5:29 pm
Knowing who is buying what, where and why is “True Demand Intelligence”.
By John Maller
|
Posted in Uncategorized
|
Also tagged analytics, attributes, attribution, choice combinations, crosselling, demand sensing, Intelligence, patterns, POS data, predictive analytics, product choices, sales, SKU, up-selling, variety
|
