Fusionex, a multi award-winning, leading software solutions provider specializing in Big Data Analytics (BDA), the Internet of Things (IoT), Artificial Intelligence, and Deep Learning, has won a multi-year contract with a large retail chain in Asia to help mine data, make better business decisions, and improve productivity and profitability.
The client, who owns and operates almost 500 stores spread out across various regions and locations, also has plans to expand to around another 100 locations in the coming year. The Fusionex Big Data Analytics solution, GIANT 2017, will be rolled out for them to consolidate information from disparate data sources, allowing them to monitor statistics such as sales and expenses.
Fusionex GIANT 2017, which will assist with tapping into huge volumes of diverse, dispersed information, will also be utilizing highly flexible cloud-based technology which is in aligned with the client’s expansionary strategy. Able to scale up easily, the client may opt to increase their data cloud storage as and when the amounts of data being collected increases with the opening of new branches. Increasing storage on the cloud can be done easily, quickly, and affordably compared to the purchasing of on-premise hardware.
Highly intelligent and user-friendly, GIANT 2017 was developed such that it can be used by non-technical users in the client’s organization to unearth trends and patterns within data. For example, the performance of every single store can be analyzed with regards to location, customer footfall, or historical trends. Questions such as whether a store’s location is in the right place and whether opening earlier or later in the day has an effect on sales can be answered through the mining of data.
Analysis of the products sold in each store can also be made, such as stock keeping lists, product pricing, product categories and more. Distinctions can also be made because while certain fast-moving items record greater sales, they might not account for a high percentage of the store’s overall profits. Strategies based on product movements can also be made where if a certain item is deemed to be a high-seller, similar products from different brands can be brought in to provide more variety for customers as well as spur potential increase in revenue.
Ensuring that a store is well-stocked in a timely manner can also be carried out with unerring accuracy through inventory analysis capabilities where the platform can monitor quantities of a multitude of products, each unit’s expiry date, and keep track of turnover rates – all to ascertain the optimum level of products to keep on shelves to satisfy demand for a predetermined length of time.
Ivan Teh, Fusionex Managing Director and Chief Executive Officer, commented: “This contract win demonstrates the growing acceptance of Big Data Analytics, for as businesses grow and data sizes increase, reliance on technology is not only prudent but necessary. The Fusionex team is ready to work alongside the client to positively impact the client’s business processes, market share, and bottom-line.”