To operate in a fast-paced, competitive environment, retailers need to put their data to work. However, most business analysts are analyzing a fraction of their data to make informed business decisions.
In fact, Forrester explains that “most companies estimate they’re analyzing a mere 12% of the data they have…missing out on [the remaining 88% of hidden] data-driven insights…” Platfora’s Big Data Discovery solution enables retailers to master their supply line, optimize pricing, and boost revenue.
The Way Companies Access and Interact with Data has Changed
With the advent of Hadoop, retailers no longer need to have disparate data sources in the backend, but instead a single place to leverage structured and unstructured data – referred to as a “data lake.” But without Platfora, companies still need specialized resources to write code (ex. Hive) to go against the data that resides in Hadoop. They also require a desktop visualization tool to make sense of the data and this whole process usually takes 3-6 months. Platfora disrupts this process by removing all of these resources needed in the middleware. We integrate directly with the big data lake because we are natively built on Hadoop and we allow companies to gain insight into their organization’s data in minutes, not months.
What this Means for the Retailer: Case Study and Demo
Retailers today need a holistic view of their data to develop better interactions with their customers. Our customer analytics video tells the data discovery story of Cox Automotive, a leading provider of products and services to dealers in the automotive industry.
With Platfora, Cox Automotive could see in real-time, the drop off in its site traffic for a particular vehicle that was newly launched and promoted in the Super Bowl ads. For a company with 40 million monthly unique web visitors and over 2,000 owned dealer websites, this was a critical issue that Cox Automotive worked to resolve. Using Platfora to note this irregular traffic behavior, Cox Automotive was able to step back and analyze why this was happening. The company realized that it lacked the inventory for this new vehicle in Autotrader which explained for the dip in web traffic for this car. Without Platfora, Cox Automotive would have had to structure the data to anticipate that certain behavior in traffic to report on it. But Platfora allowed the company to pick-up on this unexpected trend and in real-time ask the “why” question to derive valuable insights.
There is a real benefit from using a self-service Data Discovery solution for business analysts to extract insights from data without needing to know complex coding. By spending more time on data exploration and less on data preparation, retailers can execute on the insights from its customer analytics to gain a competitive advantage and Platfora makes this possible.
See our Customer Analytics solution brief and interactive demo which reveal how retailers can create interactive dashboards and visualizations, incorporate geospatial analysis for targeted segmentation, and leverage custom field names for better data preparation as they embark on their data discovery journey.