laurel wreath: That’s a great point about the partnership with Infosys and in general how you really bring data and predictive analytics into your capabilities because you have so much data coming from fifty different brands , countless suppliers, all those customers. How can this be maximized to gain those insights?
amide: Yes, that’s a great question. And just like you said, lots of brands and countless business partners and customers. We generate terabytes of data every year, and that data usually resides within our four walls. I mean, only in our ERP system and business warehouse system. And based on that data, I think most industries like us are already really good at doing traditional analytics. How does traditional analysis equate to our financial situation? What is the performance of a given brand depending on historical data? etc. I mean, it’s the traditional analysis that we’ve been really good at. The important thing now that you have good traditional analysis is what you still don’t know? What are the gems in your existing data that you haven’t taken advantage of?
Some of these newer technologies and platforms, what they’ve started to help us do and they’ll probably continue to help us do, is our ability to collect data and start showing what’s going on. We do not consider. I mean, what we know is always great, but the unknowns we haven’t really gathered is something that some of these upcoming technologies will be able to help us look at. It’s one aspect of the world.
Now, the second aspect of the world, as I said, data exists only within our four walls. But as I said before, that social media data, that point of sale data, that data doesn’t exist within our four walls, I think it has a different kind of insight and power.
Now think about the fact that you can combine data from these external sources with the data you have internally, and then think about some of the data that you create just because you have consumers. calling you. consumer relations department. You mix all this data together and I think you can create analytics that we haven’t been able to create before. And I think that’s the power of what we get from mixing all this data and combining all this data together and we can maximize a lot of insights.
And then when you have that combination happening, I think the predictions will be different. In the sense that many times our current forecasting solutions often rely heavily on historical data to be able to make predictions about our supply and demand. They are making such predictions. However, with external data mastered, I think it goes beyond that. I think it also starts to give us insight into what consumers are thinking, what customers are thinking, how their tastes and choices are changing. I think that’s the next top priority for us from a predictable perspective. And I think new technologies and platforms will help us do that even better.
laurel wreath: So this is a good point. We have this data, and you need to make some really great decisions from that data, but you also need to really evaluate those analytics, make future predictions, but also make sure that Your entire system is running correctly from start to finish. Then how do cloud apps match this need and the progress of your digital transformation journey can help with a tactic like the mergers and acquisitions you mentioned. Previously part of your career? How is that specifically one of the things that helps the company really create efficiency and really see technology as a partner?
amide: Yeah absolutely. That is a great question. One of the main reasons for the acquisition was that we were really able to leverage the synergies we were able to acquire. This is roughly one plus one equals three. That’s number one. Second is, above all the synergy, the innovation system, let’s say, the acquired company has and the experience that we have. When you combine the two, I think we can create innovation at scale.