Oracle Retail has released a new tool to help retailers analyse the vast amount of data they are required to deal with across various platforms on a daily basis.
The Oracle Retail Merchandising Analytics application can be used by companies to monitor sales levels, store performance, stock levels and efficiency of promotions and markdowns, allowing them to manage logistics and other parts of their business holistically.
Sarah Taylor, a senior director at Oracle Retail, told Retail Gazette that a tool such as this moves away from silo-based analytics and allows retailers to better understand their operational problems and act accordingly as soon as a situation arises.
“This product can trigger workflow by ordering more stock if sales are ahead of plans,” she explained.
“If necessary, the analytics package could also kick off a promotion if an item is not selling as well as expected.”
The new tool is the first module of Oracle Retail’s Merchandising Analytics portfolio, and focuses on inventory and price, as well as linking supply chain, stores and marketing.
Reports are delivered to mobile devices and desktops in a variety of formats, allowing retail managers the opportunity to quickly make decisions based on real-time data.
Oracle plans to expand the Oracle Retail Analytics family of next generation business intelligence applications in due course, and is continually working with retailers to ensure products are created to meet their increasingly technical demands.
Taylor added: “Multichannel retail is becoming more and more important to the industry.
“Retailers must run their businesses holistically wherever possible, and analysing data is an enormous challenge for all of them.”
Whilst many companies in the industry are developing strategies to expand overseas, develop their e-commerce platforms and modernise their stores, the Oracle boss cautioned that the actions of consumers will dictate what retailers must do in order to stay successful.
“The reality is that consumers are driving technological investment in retail,” she argued.
“People are used to having what they want when they want it, and retailers need to deliver on their promises.
“Technology is becoming an integral part of retailers’ everyday operations.”