Enhanced Decision-Making Through AI and Machine Learning with Oracle Retail's Foundation and Insights Solutions
Oracle Retail expands its retail solutions portfolio with the introduction of the Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service. These new offerings aim to empower brands with advanced data analytics capabilities, offering end-to-end insights-to-action workflows.
The Oracle Retail AI Foundation Cloud Service serves as a standalone foundation for analytics, complementing Oracle Retail Analytics and Planning Cloud Services. It consolidates data from various retail applications, including planning, buying, moving, and selling, enabling retailers to leverage the analytical value of such data. The Oracle Retail Insights Cloud Service, in tandem with the AI Foundation, consolidates data and surfaces over 20,000 retail-specific measures, metrics, and key performance indicators.
"Many retailers struggle to monetize the vast amounts of data they generate," said Mike Webster, senior vice president and general manager of Oracle Retail. He added that the new cloud services will provide clear, actionable insights, improving strategic decision-making, accelerating data analytics strategies, and driving down total cost of operation.
Oracle Retail AI Foundation Cloud Service streamlines data consolidation functions with its packaged, yet highly-configurable and extensible AI features. Integrated with the AI Foundation, Oracle Retail Insights Cloud Service offers real-time analytics in easy-to-read dashboards, informing various retail decisions including merchandising, planning, supply chain, marketing, and commerce.
These new services aim to provide a single source of truth by uniting all an organization's data into a single platform and a central data warehouse. This addresses the common challenge retail organizations face in making sense of data spread across multiple siloed platforms.
The Oracle Retail AI Foundation Cloud Service improves forecast accuracy, promotional performance, assortment fit, inventory productivity, customer-centricity, use of space, and the ability to rapidly innovate using data science. Key features of the service include Affinity Analysis, Customer Segmentation, Store Clustering, Customer Decision Trees, Demand Transference, Attribute Extraction and Binning, Profile Science, and Strategic Forecasting.
In addition, the Oracle Retail Insights Cloud Service offers holistic retail analysis across various areas such as customer, consumer, loyalty, orders, deals, gift cards, margin, inventory, markdowns, cost, profit, plan, pricing, promotion, returns, sales, stock counts, stock ledger, store traffic, supplier, tender, and more. Integration with Oracle Analytics and Oracle Retail Home enables functional, unified analytics across all lines of business.
For a closer look at these services, interested parties can request a demo.
- In the business realm, the ongoing issue of monetizing massive amounts of data generated by retailers can be tackled effectively through the utilization of advanced AI technologies, such as Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service, which offer clear, actionable insights and drive down total cost of operation.
- Given that many retail organizations suffer from data spread across multiple siloed platforms, the Oracle Retail AI Foundation Cloud Service serves as a game-changer by uniting all an organization's data into a single, central platform, thus offering a single source of truth.
- To gain a competitive edge and revolutionize their decision-making processes in various domains like merchandising, planning, supply chain, marketing, and commerce, retailers may find value in integrating the data-and-cloud-computing capabilities of technology like Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service, and capitalizing on the wealth of insight stemming from sectors like science, AI, space, and technology.
