A new chance
After the rigid lockdowns around the world, retail businesses are at a crossroads. They can either go back to old operating models and hope they will work with the “new normal”. Or they can evaluate the new market reality and make pivotal decisions about their strategy leading to new avenues for growth. Analytics tools including those found in Salesforce Einstein can help provide key retail data insights to guide those decisions with great success. A prime example of successfully adopting this strategy is Beyond Better Foods, the rising Keto foods brand in the US, who turned to VRP Consulting for a technical solution to optimize their trade promotions and distribution.
Seize new opportunities through Retail Analytics
Turning to data-based insights to optimize the processes and adapt to the new situation can be revolutionary. As an experienced Salesforce Gold Consulting Partner, we know the potential of aligning all the data streams into a comprehensive, real-time source. We recommend Einstein Analytics as a tool for accelerated pattern discovery. The implementation process includes four stages:
- The first step is to identify goals with internal stakeholders and analyzing existing data sources
- Then we create a proof-of-concept to validate the value of Einstein Analytics from Dashboards to Predictions in a Salesforce sandbox
- Later, we calibrate datasets and deployment of Einstein assets into production
- Lastly, we hold training for the client’s teams to make sure they can utilize the full potential of the solution.
Salesforce Einstein Analytics — a success story
The aforementioned Beyond Better Foods, with the use of Einstein Analytics, was able to automate data processing, discover detailed patterns and prediction analytics with actionable recommendations. The user-friendly reports and visualizations allowed them to quickly access the needed information.
“VRP Consulting’s expertise in predictive analytics and their ability to understand our particular set of challenges, especially during the pandemic, were instrumental in enabling us to optimize our commercial strategy. Our automated workflows and forecasting capabilities make us a more streamlined business, bringing increased value to our customers.”
Jen Haberman, Vice President Of Sales, Beyond Better Foods
The results were outstanding: Beyond Better Foods was able to automate workflows, optimize strategy, adjust action plans, and manage their stock more efficiently. Furthermore, with the use of predictive analytics, they managed to accurately introduce relevant discount strategies and negotiate with their logistics partners and supply chain. Additionally, since reports and forecasts went digital, Beyond Better Foods noted 70% savings in staff time. The close collaboration style and long-time expertise of VRP Consulting enabled to implement these changes in record time. Beyond Better Foods chose a leading data-driven solution and used advice from an expert who understands the data, offered agile assistance and constructive recommendations.
The benefits were enormous. They saved 70% in staff time to create reports & forecasts, streamlined their business processes through automated workflows, quickly overcame Go-To-Market challenges provided by Covid-19 and saved ‘Six Figures’ from eliminating errors.
Data insights for the post-lockdown retail market
The adaptability of Einstein Analytics allows customization and accommodates the toolset, according to the specific needs of the retail customer, to boost their efficiency in these trying times. One of the advantages of Salesforce is the ability of adding a cohesive and versatile tool for Trade Promotion Analytics, by conjoining remote databases, including both internal metrics (POS, marketing) as well as external information (supply chain forecast, distribution sales, competition monitoring). As a result, the customer gains a streamlined, yet comprehensive source of knowledge that aligns together all the important determinants and can serve as a base to maximize the effectiveness of promotion campaign schemes.
Furthermore, the client can upgrade their Commercial Strategy, to track the profitability characteristics of product families and trade partners. Within the Einstein Analytics module, there is an option to create a custom multivariate analytical engine that utilizes statistical methods to precisely pinpoint the specifics regarding particular segments, product items, and distribution channels. It can serve as a valuable aid in the process of making strategic decisions, as it provides multifaceted information.
Moreover, to accelerate Sales negotiations with distributors, Salesforce provides a designated AI component in the Einstein Discovery. Through advanced Machine Learning technology and analysis of amassed data, it can revolutionize order predictions by identifying the exact demand and sales opportunities. Consequently, customers can make well-informed decisions while negotiating the terms and conditions with their distributors adjusting the orders based on newly gained insights.
Summary
In times of transformation, the best way to guarantee survival is to become agile, respond rapidly to changes and differentiate yourself in the market. Leveraging data insights, employing predictive analytics can be a vital strategy for retail business. You can effectively transform your business and overcome unexpected challenges, by harnessing the power of Salesforce Analytics and choosing experienced expert implementation partners.
If this resonates with you, we can help you optimize your go-to market strategies.
For more details on how we can work together visit:
https://vrpconsulting.com/einstein-expertise/
Richard Ferriman
VP Sales UKI
VRP Consulting
About the author
Richard Ferriman is VP of Sales for the VRP Consulting UKI team. He is a highly respected and accomplished Business leader with over 25 years of successful software C-level management experience in multi-channel, multi-technology environments, with the last decade dedicated to the Salesforce ecosystem.