Digital Transformation, where manual processes are automated, brings with it vast benefits in data collection, enabling organizations to make intelligent decisions to achieve improved and better services or products. Companies can then employ varying levels of data analytics to gain insight and foresight.
The Digital Model
Customers are now more sophisticated in their search for products and services. Technology has ensured that information can be obtained almost instantaneously. Going digital ensures that this need is catered for. It also ensures data is collected. Only then can this data be discerned, and an impact made predictively and then prescriptively.
Descriptive analytics is the starting point and accounts for most of all business analytics today. For instance, when the business and processes team can quickly pick up that certain customers buy specific products at the start of the month. Or the profiles of customers that make purchases when a new product is introduced. This efficiency comes from an organised information system. Data assembly that took weeks in the past can be done in a day.
Predictive analytics uses statistical algorithms and machine learning techniques to recognize the likelihood of future events based on historical data. Prescriptive analytics anticipates what and when an outcome might happen and also why it will take place.
Humanizing the Shopfront
Looked at as a whole, the benefits derived from Data Analytics are proactively anticipating customer needs, mitigating risk and fraud as real-time threat detection and automated alerts can be triggered when there are unusual statistical and network responses. The product management team will be able to recognize trends that are key to growth when effective data collation is in place and recommend changes accordingly. When customer experiences are personalized based on their stored profiles, their future shopping experiences can also be optimized.
Business visibility of products is vital. Customers who access the web store must be able to find what they want quickly. An adequate system should learn and capture the search behaviours of customers intuitively. The dashboard should enable searches by brand name, product type, and SKU numbers and concurrently learn the words that customers use to facilitate future searches of the same or similar product.
Companies who wish to start their Digital Transformation journey to convert their manual processes to digital solutions can contact us at sales@zooloo.asia. We would be happy to hear from you.
Explore more
- Learn more about our “Digital Backbones”
- Learn more from our eBook series on Digital Transformation for Wholesale Trade
