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Consumers drive the Information Management and Analytics (IM&A) hub for retail

Nadhan on ‎08-13-2013 01:40 PM

Big Data has had industry-wide impact across enterprises in various industries including Insurance, Transportation, Energy and Communications Media and Entertainment. The Retail industry is no exception. Customers are more demanding in the connected world driven by the new style of IT. Enterprises in the retail industry need to combat these forces effectively using the Big Data at their disposal. They must gravitate towards a “hub” to realize business benefits by applying the right analytical techniques on the resident data within. What is interesting is that the same consumers retail enterprises look to serve are also the primary data source for this Information Management and Analytics (IM&A) hub — if they deploy it right.


Consumers Info Hub.png

The article Deploying the retail information and analytics hub in the Consumer Industry edition of  Industry Edge discusses how this can be done. An IM&A hub manages business intelligence and analytical information, and delivers the product and operational insights needed to drive actionable intelligence and retail growth. A typical IM&A hub has the following tiers:


1. Data Tier, which incorporates both the traditional Enterprise Data Warehouse and the Enterprise Consumer Warehouse to support consumer interactions driven by the New Style of IT.


2. Data Analytics Tier, which servers to classify, segment, analyze and report insights from the wide range of data sources available in the data tier.


3. Delivery Tier, which ensures a reliable flow of timely, intelligent, customer-centric content to a broad range of retail end users. In the retail industry, the delivery approach is most effective if it can smoothly process information across web, mobile, social media, kiosks and POS systems.




While there are nuances specific to Retail from an information management standpoint, these tiers have a striking similarity to the layers driven by predictive analytics to enable systemic automation across the enterprise. Automation applied across these layers will drive the timely generation of actionable insight.


“Most consumer companies today aren’t taking full advantage of the Big Data at their disposal,” writes HP Blogger Grant Byington in his post on Staying in the game with Big Data in Consumer Industries. According to Byington, research shows that most businesses currently tap just 20 percent of available information. Retail enterprises looking to stay competitive in the future must ask themselves the following questions:


a. Are you comprehensively capturing all the Big Data at your disposal?


b. Are you taking advantage of the ecosystems of engagement with your customer?


c. Are you effectively applying the right set of analytical techniques on this data to realize your most valuable asset – information?


d. Are you leveraging this information to predict what your customers would want in the future?


e. Are you taking right actions on insight thus gained to serve your customer’s needs?


An Information Management and Analytics hub suggests an effective approach to answering these questions. What are the approaches that have worked for you? Have you considered applying this approach to your enterprise? Please let me know.


Connect with Nadhan on: Twitter, Facebook, Linkedin and Journey Blog.





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on ‎09-03-2013 04:51 AM

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