Ravi Narayanan, Global Practice Head of Insights and Analytics
The pandemic has had a very profound impact on the global consumer spend. For retailers, this means that they must understand the changing landscape of consumer demand, re-align the data strategies, and work with data to make the most of their business. In these trying times leveraging advanced analytics effectively can help develop a plan to create sustainable revenue and growth. “We are working with our clients to help them adapt rapidly to the shifts in consumer behaviour and spend. We are partnering with our retail clients to create and execute demand-centered, advanced analytics driven, offensive data strategies,” asserts Ravi Narayanan, the Global Practice Head of Insights and Analytics at Nisum—a digital commerce firm. Nisum is building the next generation cloud-based data and AI platforms to help accelerate data transformation and insights. It aims to do that by providing optimal marketing mix modeling in a matter of weeks, delivering hyper-personalization and promotion solutions at scale, offering real-time notifications, recommendations, and personalized in-store contactless experiences. Moreover, the company is also building automated and more accurate demand forecasting models, offering supply chain visibility and smarter inventory management with its pre-built algorithms alongside providing advanced store and operations analytics.
Nisum’s clients leverage its Global AI Hub and Spoke Model to design, build and deploy AI models at scale. Not just this, the company has a Data and Blockchain Lab, wherein it has built an evolving library of end-to-end use cases, MVPs, and proof-of-concepts. Nisum engages with its clients to help generate real-time accessible data leveraging all relevant data sources (internal and external) and model real-time business impact for generating insights and value at scale. Besides, the company effectively assists them in measuring/improving the level and quality of data, as well as implementing efficient real-time data visualization tools to make data digestible and easy to interpret, which invariably helps them make decisions quickly. All in all, Nisum helps its clients chart the path to becoming an AI-ready organization.
With its services spanning across digital strategy and transformation, insights and analytics, business agility, blockchain, and custom software development, Nisum is renowned for providing its clients a competitive edge through innovative approaches to advanced analytics initiatives.
According to Narayan, advanced analytics is at the core of the retail transformation. “Most of our clients are now looking at AI and data analytics as the next big game-changer. We see the shift happening more in terms of the customer engagement and shifting of priorities for clients to focus much more on front end revenue generating opportunities and getting the maximum value from leveraging AI and data analytics,” he adds.
As a matter of fact, IDC’s recent report predicts that global spending on AI will reach $35.8 billion this year and $79.2 billion by 2022. Besides, it projects that retailers will invest $5.9 billion this year alone on AI-powered solutions. Although, more often than not, retailers lack a clear AI and data analytics implementation strategy, which is usually not aligned very well with their strategic corporate strategy. As a preferred advisor to leading Fortune 500 brands, Nisum helps its clients cut across the value chain right from market mix modeling, to help them optimize the marketing media and maximize sales with advanced machine learning models.
Whether it’s making recommendations for organizations or helping them improve their overall operations, delivery performance and order visibility, Nisum’s expert team effectively assists them in their retail supply chain engagements. The company utilizes its Data and Blockchain Lab, with an evolving library of proof of concept and use cases built over the years, to help accelerate the journey towards seamless digital and analytics transformation for organizations. Moreover, with the increased need for demand forecasting and demand pricing in the COVID-19 crisis, Nisum works with its clients to help them improve their forecasting accuracies in sales, as well as in inventory. With a focus on omnichannel retail data analytics, the company helps its clients’ customers navigate their journey to purchase through personalized product recommendations, offers, and promotions. From the recent trend in the marketplace of levering blockchain and analytics jointly together to graph analytics or graph algorithm, Nisum leaves no stone unturned to help its clients improve their sales, marketing, and operations.
Embarking its 20th year in 2020, Nisum has gradually grown to over 1,400 consultants across the U.S., Chile, India, and Pakistan. Looking ahead, the company aims to help organizations develop use cases within its Blockchain Lab. Moreover, Nisum intends to focus on three major areas: modernizing business intelligence systems onto the cloud, building customer supply chain, product data and marketing data platforms for organizations, and rapidly creating data models and data visualization.