When data produces answers: With the Digital Sales Assistant, retailers can find out faster what their customers actually want. Companies from a wide range of sectors are acquiring new insights for their own business thanks to the new data analysis tool from Telekom.
No matter if it’s convenience, leisurely browsing, or bargain-hunting on Black Friday and Cyber Monday – bricks and mortar retailers are up against tough competition from their online counterparts. However, there is still a sold basis for financial success on the high street. The revenue of the top 3 bricks and mortar retailers in Germany is still higher than that of all online retailers (EUR 56 billion). Despite the fact that e-commerce now has market share of just over 10 percent, bricks and mortar businesses are still the mainstay of the retail sector. At least that’s the outcome of “Stationärer Einzelhandel Deutschland 2019” [Bricks and mortar retail in Germany 2019], an analysis conducted by the EHI Retail Institute. However, this does not mean businesses can rest on their laurels, as many companies are squandering opportunities to win customers in this very segment because they lack a 360-degree view of potential clients. Time and again, key information is being overlooked. Often, sales teams are reactive rather than proactive. The digitalization of sales processes can help supply tailor-made solutions for target groups, increasing customer satisfaction.
Recommended action from systematic data analysis
The Digital Sales Assistant, which analyzes data automatically from all relevant sources such as ERP (enterprise resource planning), CRM (customer relationship management), IoT sensors, social media, and public data, uses the data to create specific recommendations for action. It offers systematic data analysis that helps to make the point of sale more intelligent. For example, it can tell you the best place on a shelf and give temporary margin recommendations for seasonal goods. Standardized analysis modules combine multiple data sources to generate insights that can be used fast. This gives retailers a clearer understanding of market and customer requirements, which improves sales. For example, retailers can launch offers for specific target groups at the perfect time. In addition, with the Digital Sales Assistant demand can be predicted more accurately, logistics chains improved, and sales boosted. Prices and margins can also be optimized.
Data is the backbone of success and innovation
With immediate effect, Telekom is integrating technological analysis bases from Teradata into its own IT solution portfolio for the Digital Sales Assistant. The target clients of Telekom’s business analytics solution are primarily companies in industry, production, retail, and real estate. While the Sales Assistant takes care of the technology behind data analysis, business owners can concentrate on translating the insights gained from the data into new products and strategies. Ultimately, data is to the digital transformation what SMEs are to the German economy: Namely, the backbone we need to work efficiently and successfully.
Breaking up data silos
By now, most companies have realized what the far-reaching consequences of poor data management are. While they have spent time investing in agile IT, they have simultaneously created a growing number of independent data silos. And data silos mean bad data management. With every data silo, there is a greater risk that data will be impossible to analyze comprehensively and employees will be unable to access the right data and might even end up working with the wrong data. That’s why it’s more important now than ever before to break up isolated solutions, integrate data from the most diverse sources, and bring that data together. With its Digital Sales Assistant, Telekom is helping SMEs to gain simple, affordable access to data analyses, which were formerly mostly the reserve of large companies.