TEG Business Solutions, a retail analytics firm, has announced its partnership with the IMAGES Retail Intelligence Services (IRIS) through an exclusive joint venture. IRIS-TEG will target the Indian retail market by offering business intelligence and analytics solutions using transactional data, already being generated by the sales process.
TEG’s international experience of working with Fortune 500 companies in retail and consumer goods and coupled with the domain expertise of IRIS in Indian retail, IRIS-TEG will provide thought leadership on how to leverage enterprise data as a weapon for competitive advantage.
In a recent interview, Arvind Nagpal, founder and CEO, TEG Business Solutions said, "We believe the Indian retail revolution is near to its second inflexion point. Successful retailers, franchisees and multinational brands will leverage analytics based solutions to help them manage the 3Vs of retail, variability, visibility and velocity in the value chain. Managing the variability in demand and supply imbalance is a perpetual challenge for retailers. Overstock is as much of a challenge as stockouts. Misreading customer demand pattern can be a costly affair. Poor Visibility and predictability into the supply chain is one of the primary reasons retailers maintain buffer stock. The third V relates to the Velocity with which goods and services can move through the value chain."
Vivek Kumar, managing director of IRIS Retail states that there is a lot of transactional data generated by retailers today in form of various reports which leverages less than five per cent of the value of the data. Use of analytics can help retailers take critical decisions like assortment planning, cross promotions, demand forecasting etc based on decision sciences and facts. "In the last six months, we have worked closely with the TEG team to customise the solutions of evolved markets for Indian retail," he remarks.
One of the biggest strengths is the availability of a hassle-free hosted analytics platform, this enables the management team to have a 24/7 access to a breadth of analytic outputs, dashboards and key performance indicators without any capex in hardware, software or maintaining a high level analytics team in-house. This service is thus dramatically able to lower the retailers costs while leveraging on information already being generated for better business management.
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— IndiaRetailing Bureau
