Big data analytics company awarded Frost & Sullivan accolade.
Big data analytics company OrderDynamics has scooped the 2014 Frost & Sullivan Technology Innovation Award for its Dynamic Action solution programme.
The company’s Dynamic Action solution, which was applauded during an awards ceremony in Frankfurt, Germany, on December 10, is a first-of-its-kind Decision Intelligence Application that analyses data across a retailer’s organisation and presents immediate, detailed actions to drive profitable growth across the business.
Dynamic Action incorporates offline and online store data to provide a comprehensive omni-channel view of products, customers, channels and marketing. The system is currently used by Neiman Marcus, Brooks Brothers, T.M. Lewin and Sur la Table among others.
Research analyst Ben Gresham from market research company Frost & Sullivan, commented: “OrderDynamics has engineered a big data analytics solution for retail that is one-of-a kind in the marketplace.
“The ability to analyse big data in near real-time as it pertains to all areas of a retail business, across all storefronts—via online ecommerce or traditional brick-and-mortar—is a significant technological advancement and critical for retailers to succeed in today’s competitive landscape.”
Dynamic Action analyses enterprise data—including channel, product, customer and marketing data—to “pinpoints barriers to profitability”.
It is believed these issues generate a collective loss of $800bn for the retail industry as a whole.
According to an official press release: “Dynamic Action’s customers registered a 21% year-over-year increase in profits from 2013 to 2014. The company’s success with major retailers and online orders, worth more than $12 billion from over 90 retailers operating across 33 countries, is a testament to its product leadership and customer service excellence.”
Gresham continues: “Over the past three years, the company boasted a compound annual growth rate of 43%. It generated $48 million in the 2013 fiscal year alone, at a year-over-year growth rate of 169%.”