All eyes are on analytics. More and more organizations are either investing or planning to invest in analytics in the near future. A large part of the process involves providing relevant tools to help those involved in the organization to become more data-minded and analytical.
While many traditional information systems are unable to manipulate their stored data, improved Decision Management Systems are already using the information they have to act in an analytical manner on behalf of the company and their users. These newer systems act analytically in how they handle limited resources to be at their most efficient and effective, how they target fraud and manage risk, and how they retain customers.
How Decision Management Systems Show Analytics In The Retail Industry
Retail stores constantly face the challenge of retaining customer loyalty and increasing market share to ensure their growth. The products, services, staff and even in-store designs are decided on based on what the company believes will enhance customer relationships and increase profits and revenue.
Customer loyalty programs and other promotions are reliable ways to strengthen a brand’s value and boost customer experiences. Decision Management Systems are capable of deciding what would be a valuable promotion or offer based on a customer’s personal buying behavior. This creates a highly personalized experience that the customer values, but at the same time, it is also completely integrated with existing programs.
These systems make it easier to understand customers’ purchasing patterns and they are also able to use learned insights to develop better offers and promotions. Targeted promotions are now less complicated to develop, and they require less steps in order to deploy them. Decision Management Systems then take promotional tools that the organization already uses, such as coupons and other incentives, and determine the best choice for each specific customer.
When a customer makes a purchase and scans his loyalty card during checkout, the system analyzes the ideal incentive and delivers it directly to the point of sale terminal. After a coupon is printed, the promotion is given and the customer’s account is updated in real time. These innovations make it easier to maintain and build customer relationships, while gaining more valuable customer insights as well.