Decision Intelligence: Explained | eCommerce Matters Ep. 036
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Gartner - The technological research and consulting firm states that:
"By 2023, more than a third of organisations will be using Decision Intelligence to help make decisions".
If you've not heard of the term, don't worry, there is still plenty of time to be counted as one of the third of organisations, and this podcast is a good place to start!
In this episode, we provide an overview of what actually is Decision Intelligence; and provide real examples of how e-commerce businesses are using Decision Intelligence Tools to help their businesses make faster and more accurate decisions.
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Podcast Summary
Introduction to BlackCurve Decision Intelligence
The podcast delves into the realm of decision intelligence, a concept that has gained prominence in the business world due to its transformative potential. Philip Huthwaite engages in a compelling dialogue with Rob Horton, shedding light on BlackCurve's role as a decision intelligence tool. The conversation unveils how this tool can revolutionize decision-making processes within businesses, particularly in the context of e-commerce and retail.
Enabling Cross-Department Collaboration
At the heart of the discussion lies the notion of fostering collaboration across diverse departments within an organization. BlackCurve Decision Intelligence is presented as the bridge that unites these traditionally siloed entities, creating a shared platform for accessing and analyzing data. This shared window provides a panoramic view of data points from marketing, pricing, procurement, and more, effectively breaking down barriers and facilitating insightful cross-functional conversations.
Challenges in Retail and ROAS Optimisation
The podcast delves into the intricate challenges faced by retailers in a digital age where investments in Google advertising are substantial. The quest to optimize return on ad spend (ROAS) becomes a focal point, with decision intelligence emerging as the guiding light. By aligning the objectives of departments like marketing and pricing through a common dataset, BlackCurve empowers teams to collaborate in unprecedented ways, channeling their efforts towards enhancing ROAS and overall business performance.
Concrete Examples of Decision Intelligence Impact
Real-world examples serve as powerful testaments to the effectiveness of decision intelligence. A striking case unfolds in the realm of product categorization, where a tooling company identifies the issue of incorrect GTINs assigned to their products. Through BlackCurve's decision intelligence, the company's MD seizes the opportunity to conduct an audit, rectify GTIN errors, and witness a subsequent surge in relevancy scores and revenue. This illustration underscores how decision intelligence can uncover hidden challenges and lead to tangible improvements.
Leveraging Competitor Pricing Data for Procurement
The podcast transitions to a captivating narrative centered on a garden equipment retailer. Here, the procurement team takes center stage as they harness the power of competitor pricing data. Armed with insights from decision intelligence, the team embarks on negotiations with suppliers, armed with the knowledge of market dynamics. This showcases the ripple effect of collaboration, as one department's insights contribute to another's strategic advantage, ultimately impacting the bottom line.
Simplifying Portfolio Management and Collaboration
Rob Horton underscores the essence of BlackCurve as a portfolio management tool, simplifying complex calculations and data points. This emphasis on ease of access and data distribution becomes pivotal in driving collaboration. The hosts reiterate the significance of transcending departmental boundaries, as decision intelligence not only enables departments to communicate but also cultivates a sense of mutual understanding and empathy. This, in turn, fosters a dynamic cycle of feedback and continuous improvement.
The Importance of Experimentation and Feedback
The podcast closes with a resounding reminder of the importance of experimentation and exploration when adopting decision intelligence tools. The hosts highlight the value of aligning the tool's capabilities with the business's unique objectives. By emphasizing the fluid and responsive nature of decision intelligence, Philip and Rob stress the need for robust feedback loops to refine the tool's functionality and impact. This stance underscores the symbiotic relationship between businesses and decision intelligence solutions.
Conclusion and Takeaways
In summation, the podcast's exploration of BlackCurve Decision Intelligence reveals its role as a catalyst for cross-departmental collaboration, enhanced decision-making, and the attainment of common business objectives. The shared window of data access and the exchange of insights across departments signify a paradigm shift in how organizations operate. Decision intelligence emerges not merely as a tool but as a conduit for transforming organizational dynamics and driving holistic business growth.
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