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Janet Dorenkott

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Analytics as a Service - Opening the Gateway to Insights

Posted by Janet Dorenkott

Jul 21, 2016 1:30:00 PM

Analytics as a Service - Opening the Gateway to Insights

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It's no secret that data scientists and analysts are in demand. For the thousands of companies looking to hire a data scientist the line of requests is growing faster than the new ride at any amusement park.  A quick search on LinkedIn or Monster returns thousands of job postings seeking highly skilled data scientists across enterprises worldwide.  After being labeled "the sexiest job of the 21st century" by Thomas H. Davenport and D.J. Patil in their Harvard Business Review article 2012, all eyes are focused on this highly coveted position. Unfortunately, there are not nearly enough trained experts to go around, and the talent gap widens.

Over the past two years the disparity between supply and demand has exploded as Big Data becomes mainstream technology and everybody is scrambling to figure out how to use it to their advantage.  In 2012 Gartner estimated the talent shortage to be 100,000+ people through 2020.  That number continues to expand as most companies are now aware that data-driven decision making is critical to success.  

How did we get here? The economics of Big Data is what's making it so enticing.  According to industry experts, the cost for Big Data is typically 20 to 50 times cheaper than traditional data warehousing technology. With open source software like Hadoop, Apache Spark and SAP Hana the low cost of gathering and storing data continues to feed the frenzy for data providers, while the ability to analyze and benefit from it continues to elude even the most seasoned organizations.  A recent Data Science report by CrowdFlower revealed: 

  • 83% of data scientists polled feel that there is shortage of data scientists today
  • 60% said they spent most of their time cleaning and organizing data
  • And still, 4 out of 5 data scientists feel really positive about their current gig

Relational Solutions Inc., a Mindtree Company and leader in Analytics, Business Intelligence, and Data Integration has seen it firsthand.  Our customers are grappling with ROI, Trade Spend Optimization, Out-of-Stock, and Replenishment issues.  Much of this in an effort to keep up with the changing landscape of today's omni-channel consumers.  The need to better understand what is influencing shopper behavior is forcing analytics to the forefront. As a result, the market is seeing a severe shortage of data scientists and business analysts in the areas of sales, marketing, supply chain and financial analytics. 

Mindtree has recognized the need in this area and in the past year, since the Relational Solutions acquisition in 2015, we have put together a program to address this need. Cleveland is now Mindtree's COE, Center of Excellence, for analytics. We have hired more people, doubled the size of our office and to help fill the talent gap we are now taking our service offerings to the next level with Analytics as a Service

In addition to offering the integration services and report set up that we have offered for over 20 years, we will now be offering analytics as a service that not only gives insights, but also provides predictive outcomes and prescriptive recommendations. Analytics will be provided across all industries. For consumer goods manufacturers we will offer several levels of analytical services including predictive and prescriptive analytics.

If you are one of the many still waiting in line for the next available data scientist, we would like to offer you a gateway to insights. Our data experts, tools and best practices are in place to deliver the intelligence you are looking for.  Chat with our team today.

Requst a Consulatation,

Topics: Business Intelligence, POSmart, enterprise DSR

Today's Consumers Are Shopping from the Beach!

Posted by Janet Dorenkott

Jun 9, 2016 8:00:00 AM

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Today's consumers can be shopping online, returning product at a store, filing a complaint from their home or researching products from a boat! The omnichannel is alive and well and manufacturers have to accommodate these realities.

Companies need to not only sell their product, but they need to attract, inform, convert and delight their customers! Addressing the Omnichannel dilemma should be a top priority for CPG manufacturers. The omnichannel brings with it, a wide array of new challenges. 

The omnichannel is not just the "channel" a customer makes their purchase through. It is the full consumer experience, whether digital or in person. Too many people confuse Multi-channel with OmniChannel and therefore ignore new challenges. This happens for several reasons.

High level management at any company will typically be from an older generation. Many have very little experience or understanding in the impact of social media or digital buying. Some might use Facebook or have a LinkedIn account. But they often make light of how influential social media can be. Aside from seeing their own kids on these sites, they don't really understand how millennials and generation X consumers are using sites like Amazon or coupons, or social media or blogs. That might sound harsh, but I can say that because I see it first hand.  Just the other day on CNBC I heard an analyst who was amazed by people who could have possibly guessed the impact of Google, Amazon, Uber and other sites three years ago. I, on the other hand, am amazed that an analyst would not have seen this coming ten years ago.

The omnichannel experience for an end customer, begins with research, analytics and product awareness. The path to purchase starts with a search online. It can be my idea or something my friend mentioned in a post. It can be a personalized suggestion that pops up based on prior searches or it can be an idea they just saw on Pinterest. Alternatively, the path to purchase might be more traditional. Maybe I had a specific problem to solve. Maybe I ran out of my favorite shampoo or maybe my friend told me about a new product they are using. Regardless of how a consumer heard about the product, the next step is typically research. This could be a simple Google search or even a trip to the store. Research today can mean scanning a bar code at your local retailer to see where they can find the product cheaper or asking a friend, checking blogs or going on opinion sites.

Even for inexpensive products these days, consumers often solicit the opinions of their friends. They will research themselves on sites like Angies list and Yelp, and they will ask their friends on social sites. They will determine where the best price is and identify what device site or other outlet they prefer to use for purchase. Finally, they will actually make the purchase. This can be a fast process or it can take some time.

Today's purchase goes beyond the receipt. Today, you must not only deliver, but make sure you delight your customer. Because if you don't, your customers dissatisfaction will be seen by your followers immediately and could go viral over night.

Some prospects are lost during this process. They may purchase competitive products or get distracted with completely different items that take your share of their wallet. Even those who ultimately purchase your product may not be satisfied. They could be your best champion or your worst enemy depending on how active they are on social media and how they feel about their buying experience and the product itself.

The omnichannel poses dilemma’s for every entity involved and at every stage of the process.

Retailers’ often struggle with internal competition between brick and mortar, retail teams, and their own e-commerce teams. Brick and mortar sales teams tend to be older, with many years of experience. They think this experience means they know better. When it comes to retailer reporting, they generally do. But they have historically dismissed the importance and impact of social media and digital purchases. It's getting harder and harder for them to deny the impact today.

Those companies who lagged in implementing a digital strategy are hurting in sales and on the stock market today. E-commerce, digital and social media teams tend to be younger, more trendy and grew up with the internet and social media. They tend to have an attitude and they think that they know better. When it comes to digital and social media, they typically do. The two groups often clash and have little respect for the other teams' knowledge.

Consumers face the frustrations associated with these growing pains. Non-responsive websites, pop-ups, shopping carts that don’t perform, coupons that don’t take, multiple searches to find the best price and frustrating return processes will all send your potential customer elsewhere. Additionally, they are frustrated with in-store purchases where there are unfriendly personnel or poor reception that won't allow them to download coupons or scan QR codes. Ultimately, these frustrations all turn into distrust of the manufacturer, the retailer, your website and/or the e-tailer they are purchasing from.

Manufacturers also toil with a phenomenon referred to as “coupon stacking.” Customers use discounts from multiple sources, thereby eroding profits. Manufacturers need to address this by partnering with companies that know how to integrate data and identify and stem, common culprits. They also need to identify and correct common processes and errors that allow for this profit erosion. 

Manufacturers and retailers also need to be aware of negative sentiment that targets their product or brand. Managing that process and controlling consumer sentiment is not something that can be ignored. It needs to be addressed regardless of how they purchased the product. 

Manufacturers must tackle the continuing issues they are saddled with related to the omnichannel by integrating the necessary data sources, identackling the problems withtifying impact and  knowledge. This requires involving industry experts who have experience both in traditional retail as well as digital. Identifying industry experts like Mindtree, who have expertise in both digital and traditional sales can take a fresh look at your existing architecture, review your current processes and provide you with a roadmap to solve issues associated with the omnichannel today and long-term. 

 Requst a Consulatation,

Topics: Omni-channel, Omnichannel, Omnichannel retail,

Resources - Video - Maximizing Trade Spend ROI & JBPS

Posted by Janet Dorenkott

Dec 30, 2014 2:36:00 PM

STI Webinar

Maximizing Trade Spend ROI & JBPS

Post Promotion Analytics are key to identifying which promotions are working for both the manufacture and retailer.  Automating the data integration gives data scientists the time to understand what is driving the success and/or failure of promotions across all channels. Eliminating poorly performing tactics will improve ROI and Joint Business Planning Sessions.

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Topics: Videos

Resources - Video - TradeSmart Maximizing Trade Spend ROI

Posted by Janet Dorenkott

Dec 30, 2014 1:23:00 PM

TradeSmart Maximizing Trade Spend ROI

TradeSmart Maximizing Trade Spend ROI

Taking your Trade Spend from Average to Epic. What is the current state of your data repository and what is the ideal state? Case Studies on maximizing Trade Spend ROI.

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Topics: Videos

Resources - Video - winning with post

Posted by Janet Dorenkott

May 16, 2014 4:38:00 PM

winning with post

Post Event Analytics

Today, promotion analytics is difficult. Users spend countless hours pulling together data from spreadsheets to try and understand the effectiveness of their promotional events.

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Topics: Videos

Resources - Video - RS Experts

Posted by Janet Dorenkott

May 16, 2014 4:36:00 PM

rs experts

Experts in Data Warehousing, Business Intelligence and Demand Signals

Janet Dorenkott explains Relational Solutions background in data warehousing, business intelligence and demand signal repositories.

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Topics: Videos

Resources - Video - Post promotion

Posted by Janet Dorenkott

May 16, 2014 4:35:00 PM

post promotion

Post Promotion Event Analytics, TPO

Rob York explains BlueSky Post Promotion Event Analytics and how it's used for analyzing trade spend.

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Topics: Videos

Resources - Video - Post promotion analytics

Posted by Janet Dorenkott

May 16, 2014 4:33:00 PM

post promotion analytics

Post Event Analytics

Trade Promotion Optimization. Learn how to determine your promotion effectiveness.

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Topics: Videos

Resources - Video - POSmart ent dsr

Posted by Janet Dorenkott

May 16, 2014 4:32:00 PM

pos dsr

POSmart Enterprise Demand Signal Repository

Dale Wilson, Hosted Data Center Specialist discusses big data and what it consists of.

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Topics: Videos

Resources - Video - pos enterprise

Posted by Janet Dorenkott

May 16, 2014 4:28:00 PM

pos enterprise demand

POSmart Enterprise

POSmart Enterprise Demand Signal Repository offers a holistic and enterprise view of sales.

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Topics: Videos