What is TransactiveAnalytics?
TransactiveAnalytics is a structured process for Retailers to deliver operational efficiencies from their BI Solution. It learns from the mistakes of the past, and automates the process of reacting appropriately, whenever a similar situation occurs again in the future.
It is a blend of Reactive, Predictive and Prescriptive Analytics, that results in a Transaction.
TransactiveAnalytics is best explained with an example [See the Explainer Video alongside…]
Why does a Retailer need TransactiveAnalytics?
Have you wondered what to do, when you discover a business exception while reading through a Report? How to prevent it from recurring again?
When analyzing data of last month, haven’t you wished, that you had detected the exception earlier, so that you could have resolved it then?
Why do you receive tens of emails with Excel reports every morning, each running 500 rows down, and 25 columns wide?
Retailers lead chaotic lives, with hundreds of exception conditions occurring every regular day of operation! Most of the times, Ignorance is Bliss – not knowing of a problem that occurred is at times better than knowing it and struggling to find a solution.
TransactiveAnalytics is the one cure to all such questions that you may have asked yourself some time or the other!
How do we enable TransactiveAnalytics?
TransactiveAnalytics is not about Technology, it is a feat of Process Engineering, with a good measure of Retail Consulting thrown in.
BIRetail’s trademarked TransactiveAnalytics recognizes that success from Retail Analytics matures as one progresses on the journey of:
………………………….Data -> Inference -> Intelligence -> Action
- Comprehensive Dashboards and exhaustive Reports deliver DATA.
- INFERENCE is about asking the right questions of this data to transform it into insights.
- Setting business rules from this Inference, to enable alerts for future “exception conditions”, this is INTELLIGENCE.
- Automating Workflows to be triggered off these alerts eventually leads to ACTION.
We handhold Retailers to create a structured processes that does the following:
- Prompts business anomalies from past data
- Allows users to analyse “root cause” conditions from such past anomalies
- Creates alert prescriptions for predicted exceptions, using configurable business rules
- Recommends Quantitative Transactions to fix predicted exception
- Automate smart “If-Then-Else” workflows to carry out transactions against each exception
- Customize Reverse Integrations back into the ERP / PoS Systems