NEW YORK — 1010data has released its new machine learning, AI-powered Retail Analytics Suite. With this release, the firm continues its commitment to develop new solutions, driven by data science, that provide retail companies with optimized views of performance and proactive response capabilities. A major enhancement is the build out of highly visual interfaces that drive broader adoption beyond traditional power users and into the hands of business strategists.
Amid a year of major change including global expansion, 1010data’s strategic innovation agenda further advances the company’s investment in and focus upon value-based, industry solutions. Along with its Retail Analytics Suite, additional examples include its Market Intelligence leadership, seen in expanded offerings such as its recent Instacart Seller Reports.
Inna Kuznetsova, CEO of 1010data, commented: “1010data’s steady pursuit of innovation through data analytics helps our retail customers react to fast-moving market dynamics. Our solutions empower businesses to respond with speed and efficiency to improve both their supply chain and sales. The new Retail Analytics Suite offers a faster path to strategic and actionable insights around our customers’ store performance. Designed in a user-friendly manner, specifically for business users, it is powered by the strength, granularity and speed of 1010data’s platform.”
The underlying foundation of the Retail Analytics Suite is the 1010data Insights Platform, which brings a strong, successful history of powering major retailers’ enterprise analytics and hundreds of trading partner collaborations. Focused upon rapid, successful time-to-value, the platform is powered by five key pillars: unified data, data lineage, data quality, embedded analytics, and collaboration.
Jonah Ellin, chief product officer of 1010data, shared: “Our unique approach with the Retail Analytics Suite creates 360-degree feedback demonstrating how a retailer’s merchandising plan engaged customers, and where its execution most impacted results. Monitoring in near-real time provides the opportunity for retailers to course correct to meet customer needs by better executing the plan. This ensures that the most accurate data is being supplied to the models and AI is driving confident decisions to meet customer needs, inspiring loyalty and propelling results.”
The Retail Analytics Suite informs decisions on four key business areas: sales performance, store execution, inventory management, and promotional effectiveness. Leveraging the firm’s extensive data analytics experience, 1010data’s modular, interconnected suite provides retail companies with the following stairstep capabilities:
• Intuitive, Interactive Dashboarding that reaches many people throughout the organization; this easy-to-use format democratizes the data for business units’ use
• Exception Management and Proactive Notification identifying plan deviations—for example, if sales levels or inventory levels are falling under a certain threshold, receiving immediate notification that there is a problem; this allows for addressing problems in real time, rather than reacting after the fact
• Advanced, Aligned Decision-Making, machine learning and AI prescribe actions in planning and execution, forecasting the results and empowering users to act
This release builds upon an ongoing early adoption program with select customers focused upon identifying specific areas of performance enhancement and operational improvement. Continuing its trajectory of growth and innovation, the company plans to release additional modules of the Retail Analytics Suite moving forward.
To find out more about the 1010data Retail Analytics Suite, please contact [email protected].