In the retail industry, trends and customer demands can change in an instant. To stay profitable, retailers need to be sure that they are stocking relevant items and offering the right promotions, but in the past it would often take too long to analyze the large volumes of data that are necessary to get these insights.
Not so any longer. At the annual NRF Convention & EXPO, SAP announced a new analytic application for the retail industry, the SAP BusinessObjects Sales Analysis for Retail analytic application powered by the SAP HANA platform. This application will provide retailers with prebuilt data models, key performance indicators, role-specific dashboards, and reports to get a complete understanding of the various factors affecting buying behavior. And with the in-memory computing capability of SAP HANA, retailers can conduct interactive analysis in near real-time. For example, retailers can immediately check the effectiveness of a promotion and adjust it if necessary. The application is planned to be available to customers globally in Q2 2012.
To read the press release in full, click here.