Whether in private life or at work, data is playing an increasingly important part. Retailers also want to benefit from the data trove, strengthen customer loyalty and make processes more efficient. This brings one question into focus: How can large amounts of data be systematically managed and used ? Only when this subsidiary objective has been achieved that valuable information can be gained and trends can be identified. Artificial intelligence has been making a name for itself as a reliable trailblazer for a few years now. Some even go further and claim that AI is revolutionizing the field of big data.
AI and data analytics
The future is here. Today, humans and machines are already generating constantly growing volumes of data in a wide variety of formats. From weather information to data on purchasing behavior in online stores to health facts – the range is almost infinite. To obtain real added value from it, a further step is needed: data must be converted into information in order to provide the necessary answers
How can customers be convinced to buy? What is the quality of individual business processes? And how can cash management in retail be optimized? Retailers will find the solutions in modern data analytics applications using AI. This is because AI algorithms analyze large volumes of data quickly and effectively – based on patterns and correlations. This requires three essential steps: data must be acquired, optimized and structured, as well as analyzed and processed efficiently.
Artificial intelligence in retail
Once all steps have been completed, the combination of AI and data analytics brings many advantages:
- – Respond quickly to changes – through data in real time
- – Automation of tasks and economizing human resources
- – Predict future trends and events
- – Analyze historical data for decision making
- – Competitive advantage through efficiency, accuracy, and data-driven decision making
A frequently stated benefit for retailers: Comprehensive information can be used to improve the customer experience and to strengthen customer loyalty. But AI also helps to optimize processes. This makes things easier. AI can also bring relief when it comes to cash handling. After all, increasing cost pressure and the complexity of cash processing require solutions.
They get around these obstacles with Big Data analytics and AI integration. They compile the most important information, such as the processing times of cash by employees, the malfunction frequency of smart safes, or the time spent by service providers on site, and provide necessary answers to questions. This automatically generates new KPIs (Key Performance Indicators) that provide information about potential weaknesses and make a significant contribution to greater efficiency in processes.
At the same time, AI analysis simplifies the identification of anomalies and the various so-called bottlenecks. Thanks to the data and its transformation into information, nothing stands in the way of continuous monitoring of retail processes, such as the clearing of cash differences or manual process steps, including time indications.
- – Identification of shortfalls: Analyzing transaction data makes it possible to identify irregularities or incorrect amounts. In this way, retailers counteract fraud or human error.
- – Counterfeit avoidance: By analyzing patterns, retailers can take preventive measures. This helps prevent the acceptance of counterfeit money.
- – Change inventory optimization: Looking at sales data and customer flows helps make predictions about change stocks. Expensive overstocks can thus be avoided.
Overall, this offers the opportunity to reduce bottlenecks and waiting times at the point of sale as well as to improve the customer experience. In addition, employee resources can be conserved, training times can be minimized, and the complexity of processes can be reduced. In order to benefit from this, one condition must be fulfilled: correct data must be available. Obtaining this data is often a major challenge, difficult to overcome without integrating a variety of systems such as POS software and partners.
AI and Cash Management: ICC as an Interface
Our ICC platform plays an important role in the field of analysis and control in cash management. It operates as an information provider as well as a central data source for retailers. This is because retail, financial and cash-in-transit companies, as players in the cash cycle, are automatically connected to the software. The large number of data points leads to a wealth of information – from potential risks and processing times to quality and reliability in individual processes.
The advantages are clear: The simple integration of service providers through multiplexing of interfaces means that new data sources can be quickly accessed. The software can monitor data flows automatically. As a result, retailers gain information promptly – often even in real time. The ICC platform itself thus becomes a comprehensive and valuable data source, whose integration into internal BI systems is made possible with ease by standardized interfaces. Overall, this provides maximum flexibility for the company’s internal controlling and data analytics departments – focusing on internal processes and genuine customer understanding.
All functions of our ICC platform and the ICC app as mobile equivalent can be found right here.
CTA: Are you ready for the Big Data future? Then we look forward to hearing from you!