Concept Lab blends advanced analytics, big data technologies, specialist data science skills and IP assets, and uses agile principles of delivery to drive innovation in a time-boxed and cost-boxed way, and without disruption to wider operations.
Retailers, as well as other consumer businesses such as CPG and telecoms, today face major challenges, from an uncertain economy and new digital competitors, to a new generation of customers who are highly informed and more demanding. Yet regardless of these shifts, the basics remain unchanged: only those businesses who accurately anticipate their customers’ wants and needs by offering the right product, in the right place, at the right time, and for the right price, can win.
Rachit Khare, Vice President of Client Solutions, The Smart Cube believes these businesses have resources that can provide new dimensions to understanding the consumer: “Retail and other consumer businesses have the benefit of access to unprecedented amounts of data. With every click, tap or touch, every swipe, search or share, valuable information is created. However, compiling and storing terabytes of information on products, sales, prices and promotions creates one challenge, and extracting actionable insights based on current, latent and future consumer behaviours, in real time, is quite another.”
Recent developments in data science, particularly in advanced machine learning and AI, provide a way to tackle some of these challenges more innovatively, and can help businesses keep one step ahead of the changing consumer landscape. Yet many companies struggle to make the most of these new advances due to limited capabilities, prohibitive costs, and long innovation lead times.
Concept Lab has been designed in response to these challenges. The solution is highly versatile, and can be leveraged to drive consumer engagement and personalisation, future store layouts, optimal supply chains, or revenue growth and management, through application of advanced data science.
Key features of Concept Lab include:
· Specialist data science skills deployed through scalable cloud technology
· Proprietary analytics AI/ML framework and modules
· Embedded assets including data partnerships, AI/ML modules, and proprietary algorithms
· Best practice discovery, diagnostic, and visualization templates
· Agile sprint principles to deliver Minimal Viable Solution (MVS)
· Collaborative, iterative, and rapid prototype development
Concept Lab delivers wide-ranging benefits when implemented, including:
· Efficiency of agile approach – see results in weeks and not months
· Innovation in solution design powered by TSC Assets
· Faster time to ROI and market
Ian Jarvis, Head of Retail at The Smart Cube, commented: “Working closely with our clients, we understand the need for accelerated innovation so that they can respond to consumer demands and stay competitive. We developed Concept Lab with this in mind: by blending advanced analytics, big data technologies, specialist data science resources and IP assets, we are supporting the delivery of innovation to their customers in a fast, agile and efficient way.”