28 Sep Gartner on Predictive Analytics
Gartner’s “Emerging Technologies Hype Cycle” for 2012 outlines expectations of new technology throughout a timeline. From the initial emergence, and peaks of inflated expectation all the way to what Gartner refers to as the Plateau of Productivity at which point the technology has been tested and refined.
According to Gartner’s chart predictive analytics has proven itself further than all the emerging technologies on the list. It has passed through inflated hype, disillusionment, and period of enlightenment, to the point where it is ready to be accepted by mainstream users. Today predictive analytics has become an umbrella term for a number of technologies in different areas of science and business development. Yet, this isn’t a brand new term for us. In fact, Retalon started to offer Predictive Analytics solutions to retailers since 2002.
The transition to Predictive Analytics is not a luxury. This is a vitally important step for every business that wants to remain competitive on the market in the years ahead. Without Predictive Analytics many retailers today have to utilize a number of logically disjoint systems. The fact that several systems share the same database or technology platform doesn’t make them one solution. While each system generates its own action plan, based on past records, neither take into account the results predicted by another system.
Having, for example, one system for inventory management and another one for price management leave the end user in the situation of choice of which of the two solutions to employ. Often, the resulting action is made manually, based on inputs of both systems, which is often labor consuming, subjective and not necessary optimal.
Retalon’s Business Specific Predictive Analytics (BSPA) is based on the following 3 principles:
- It is built specifically for retail
(so the users can only use retail jargon to operate the system)
- It automatically accounts for all influencing components of the retail business
(so the users don’t need to use mathematics or statistics)
- It combines users’ Qualitative input (or Experts Opinion) with the system’s Quantitative input.
It means that Retalon solutions are built on sophisticated and comprehensive analytics that looks forward providing retailers with the true ability to understand their processes as a whole and have the right tools to make good decisions from the single source of truth.
Here’s how Retalon’s Predictive Analytics Works!
We’ve witnessed first-hand the doubt, and uncertainty of retailers to adapt to this new technology. It took us an entire decade to educate, and persuade retailers to adopt our vision, and those early adapter customers that saw the value in our systems early on certainly reap the benefits of our solutions today.
Take a close look at the comprehensive solution that Retalon has got to offer. Our solutions are flexible, simple to use, and take into account a wide range of factors including your business-specific rules.
Retail + Predictive Analytics = a Match Made in Heaven
Learn more about Predictive Analytics for Retail.