Whether in private or work life, data plays an increasingly important role. Retailers also want to benefit from the existing data wealth, strengthen customer loyalty, and make processes more efficient. This raises a central question: How can large amounts of data be systematically managed and utilized? Only when this sub-goal is achieved can valuable information be obtained and trends detected. Artificial Intelligence has been profiling itself as a reliable pioneer for a few years now. Some even go further and propose the thesis: AI revolutionizes the field of Big Data.
AI and Data Analytics
The future is now. Even today, humans and machines are generating constantly growing amounts of data in the most diverse formats. Ranging from weather information to data on purchasing behavior in online shops to health facts - the range is almost endless. To derive genuine added value, another step is needed: data must be converted into information to provide answers to questions.
How can customers be persuaded to buy? What quality do individual business processes have? And how can cash management in retail be optimized? Retailers find solutions in modern data analytics applications combined with AI. AI algorithms analyze large data sets quickly and effectively based on patterns and connections. Three steps are essential for this: Data must be acquired, optimized, and structured, as well as analyzed and efficiently processed.
Artificial Intelligence in Retail
If all steps are well thought out, the interplay of AI and data analytics brings numerous advantages:
- – Quick response to changes – through real-time data
- – Automation of tasks and saving of human resources
- – Predictions of future trends and events
- – Analysis of historical data as a basis for decisions
- – Competitive advantage through efficiency, accuracy, and data-based decision-making
A frequently cited benefit for retailers: Comprehensive information can be used to improve the customer experience and ultimately strengthen customer loyalty. Moreover, AI also helps optimize processes. What brings real relief. Even in the field of cash handling, AI can provide relief. As the increasing cost pressure and complexity of cash processing demand solutions.
These hurdles are circumvented with big data analyses and AI integration. They compile crucial information like the processing times of cash by employees, the frequency of malfunctions in smart safes, or the time expenditure of on-site service providers and provide necessary answers to questions. Thus, new KPIs (Key Performance Indicators) automatically emerge, providing insight into potential weaknesses and significantly contributing to more effectiveness and efficiency in processes.
At the same time, analysis with AI simplifies the identification of anomalies and various bottlenecks, the so-called bottlenecks. With the data and its conversion into information, continuous monitoring of processes in retail, for instance, the clearing of cash discrepancies or manual process steps including indications of duration, is no longer an obstacle.
- – Identification of discrepancies: The analysis of transaction data enables the detection of irregularities or discrepancies. In this way, retailers counteract fraud or human errors.
- – Avoidance of counterfeit money: By analyzing patterns, retailers can take preventive measures. This helps prevent the acceptance of counterfeit money.
- – Optimization of change funds: Examining sales data and customer flows helps make predictions about change fund levels. This can prevent costly overages.
All in all, this offers the opportunity to reduce bottlenecks and waiting times at the point of sale and improve the customer experience. In addition, employee resources can be conserved, training times minimized, and process complexity reduced. However, one prerequisite must be met to benefit: accurate data must be available . Often, obtaining this data is a major challenge, which is hard to overcome without the integration of numerous systems such as POS software and partners.
AI and Cash Management: ICC as an Interface
In the field of analysis and control in cash management, our ICC platform for cash control plays an important role. It acts as an information logistician and at the same time a central data source for retailers. Trade, financial and currency service companies as players in the cash cycle are automatically connected to the software. The multitude of data points leads to information abundance - from potential risks to processing times to quality and reliability in individual processes.
The advantages are obvious: Thanks to the simple integration of service providers via interface multiplexing, new data sources can be quickly tapped. The software can automatically monitor data flows. As a result, retailers gain timely information - in many cases even in real-time. The ICC platform thus becomes a comprehensive and valuable data source itself, whose integration into internal BI systems is facilitated by standardized interfaces. In summary, this brings maximum flexibility to the company's internal areas of controlling and data analytics - with a view to internal processes and true customer understanding.
You can find all the features of our ICC platform and the ICC app as its mobile counterpart at a glance.
Are you ready for the Big Data future? Then we look forward to your !
On our own behalf: Our Cash Dialogue in Leipzig is approaching. Register quickly for our exchange from 04.05. to 05.05.2023!