Oracle Retail is expanding its portfolio of retail solutions to include Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service to provide brands with enhanced data analytics enabling end-to-end insights-to-action workflows.
Oracle Retail AI Foundation Cloud Service serves as a standalone foundation for analytics as well as the Oracle Retail Analytics and Planning Cloud Services, consolidating the massive volumes of data generated by retail applications across planning, buying, moving and selling and exploiting the analytical value of that data for retailers. Oracle Retail Insights Cloud Service pairs with Oracle Retail AI Foundation Cloud Service to consolidate data, and surface over 20,000 retail-specific measures, metrics and key performance indicators.
“While retailers tend to generate large amounts of data, many are struggling to monetize that data,” said Mike Webster, senior vice president and general manager, Oracle Retail. “Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service will provide clear, actionable insights for retailers to improve strategic decision making, accelerate data analytics strategies and drive drown total cost of operation.”
Insights Driven by AI and Machine Learning
Retailers are overburdened with data consolidation and preparation, consuming the capacity to focus on discovering and leveraging insights. With Oracle Retail AI Foundation Cloud Service, packaged, yet highly-configurable and extensible, retail AI features automate the consolidation function. Paired with Oracle Retail AI Foundation Cloud Service, Oracle Retail Insights Cloud Service integrates thousands of retail measurements to surface real-time analytics in packaged, easy-to-read dashboards that can run as-is or serve as a basis for configurable self-service dashboards that best suit a retailer’s specific needs.
AI Foundation Provides a Single Source of Truth
Retail organizations often struggle to make sense of disparate data spread across multiple siloed platforms. Oracle Retail AI Foundation Cloud Service and Oracle Retail Insights Cloud Service unite all of an organization’s data into a single platform and a central data warehouse, informing merchandising, planning, supply chain, marketing and commerce decisions with trusted, timely, self-service retail insights on not only what has happened but what will happen in the future.
Oracle Retail AI Foundation Cloud Service improves forecast accuracy, promotional performance, assortment fit, inventory productivity, customer-centricity, use of space and ability to rapidly innovate using data science. Key features of Oracle Retail AI Foundation include:
- Affinity Analysis, Customer Segmentation, Store Clustering, Customer Decisions Trees, Demand Transference, Attribute Extraction and Binning, Profile Science and Strategic Forecasting features which provide data consolidation and analysis across the entire business.
- The Innovation Workbench enables retailers to expand upon packaged capabilities using Python and other tools.
Key features of Oracle Retail Insights Cloud Service include:
- Oracle Retail Insights Cloud service provides holistic retail analysis across 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.