In today’s world of technology savvy consumers and big data, retailers must find an efficient way to merge business intelligence, forecasting and customer insight into usable information that creates results. We recently worked with a top 100 consumer electronics retailer on an installation of our iKIS™ solution which resulted in improved forecast accuracy from 16.9 percent to 98.2 percent with return on investment realized in the first 60 days.
Unlike legacy systems in the market that have simply upgraded to a web interface, our software is built to work online, keep data secure, analyze the huge amounts of customer data at high speeds and translate the analysis into consumer insight – demand forecast.
Why Does Forecast Accuracy Matter?
Several studies (Gartner, Dr Mentzer, others) consistently show that forecast accuracy delivers a 15% shareholder value increase. The problem is many legacy software apps just do not deliver good forecast accuracy. Using a recent example lets look at the problem and the opportunity as many companies have the same issues and opportunity.