Store Operations Archives | Delaplex https://delaplex.com/category/store-operations/ Technology Consultancy and Services Firm Fri, 02 May 2025 13:33:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://delaplex.com/wp-content/uploads/2023/12/dp-2018-favicon.jpg Store Operations Archives | Delaplex https://delaplex.com/category/store-operations/ 32 32 Join Delaplex at ICON 2025 to Explore Intelligent Supply Chain Solutions https://delaplex.com/join-delaplex-at-icon-2025-to-explore-intelligent-supply-chain-solutions/ Fri, 02 May 2025 13:25:03 +0000 https://delaplex.com/?p=20061 Join for the supply chain industry's premier event to learn how supply chain management is evolving and shaping the future of retail, manufacturing, and logistics, just to name a few.

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We’re excited to announce that Delaplex will be attending ICON 2025, the premier global event hosted by Blue Yonder that brings together the brightest minds in supply chain, retail, manufacturing, and logistics.

As a trusted global technology consulting and supply chain services partner, Delaplex will be showcasing cutting-edge, AI-powered solutions that simplify operations, optimize performance, and future-proof supply chains. 

From intelligent Warehouse Management Systems (WMS) and Workforce Management (WFM) to advanced logistics optimization and smart store operations, discover how our cloud-native platforms help enterprises stay competitive, agile, and resilient in today’s ever-evolving landscape. 

Don’t miss the opportunity to attend a special panel discussion featuring our VP of Strategic Sales, Lindsay Eavenson, who will be joining industry experts for: Meet the Experts: Smarter Labor Strategies for Stores and Warehouses on May 6th, 1 PM at the event. 

Connect with us at ICON 2025 to explore breakthrough innovations, attend powerful keynote sessions, and gain firsthand insights into how Delaplex is driving real impact through automation, analytics, and integration.  

Let’s reimagine the supply chain, together. 

Contact us for more information about our business technology services.

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Why Ongoing Testing is a Business Imperative https://delaplex.com/why-ongoing-testing-is-a-business-imperative/ Mon, 10 Feb 2025 15:00:53 +0000 https://delaplex.com/?p=18450 In today's technology-driven world, delivering high-quality software quickly is crucial, but speed without precision can lead to costly setbacks. Discover how ongoing testing ensures quality, scalability, and adaptability, making it an essential business practice for success.

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In today’s fast-paced, technology-driven world, businesses must deliver high-quality software solutions faster than ever before. However, speed without precision can lead to costly errors, diminished user satisfaction, and reputational damage. This is where ongoing testing becomes essential. At Delaplex, we recognize that rigorous, continuous testing is not just a phase in the software development lifecycle but a fundamental practice that mitigates risk, ensures quality, scalability, and adaptability over time.

Why Ongoing Testing Matters More Than Ever

In a competitive landscape where customer expectations are sky-high, the cost of errors is prohibitive. Forrester estimates that downtime or poor software quality can cost businesses 53% in lost revenue, 47% in lost productivity, and 41% in diminished brand equity or trust.  Ongoing testing is no longer optional—it is a business imperative.

Key Elements of Ongoing Testing

1. Automated Regression Testing

2. Performance Testing

3. Functional Testing

4. Exploratory Testing

The Benefits of Ongoing Testing

1. Enhanced Product Quality

Continuous testing ensures that every new feature or update meets stringent quality standards, reducing the likelihood of post-release defects.

2. Cost Savings

Identifying and addressing issues earlier in the development lifecycle is significantly less expensive than fixing them after release. 

3. Faster Time-to-Market

Continuous testing integrates seamlessly with agile and DevOps methodologies, enabling faster iterations and quicker releases.

4. Improved User Experience

By ensuring performance, functionality, and security, ongoing testing creates a reliable and satisfying user experience, fostering customer loyalty.

Downtime or poor software quality can cost businesses 53% in lost revenue, 47% in lost productivity, and 41% in diminished brand equity or trust. 

How Delaplex Managed Services Elevate Ongoing Testing

As a trusted provider of Managed Services, Delaplex brings a unique blend of expertise, advanced tools, and a strategic approach to ongoing testing. By partnering with Delaplex, organizations can navigate the complexities of modern software development with confidence. They deliver scalable, efficient, and tailored testing solutions that align with your business goals, ensuring your applications remain a force to be reckoned with in the market.

Here’s why partnering with Delaplex is a game-changer: 

Take the Next Step with Delaplex

Ready to ensure your software delivers excellence at every stage of its lifecycle? Contact Delaplex today to learn how their Managed Services and expertise in ongoing testing can transform your development processes and drive measurable business success.

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Overcoming Eight Key CX Technology Challenges in Retail https://delaplex.com/overcoming-eight-key-cx-technology-challenges-in-retail/ Wed, 18 Dec 2024 15:45:22 +0000 https://delaplex.com/?p=18229 Delivering an exceptional customer experience (CX) is no longer optional—it’s essential. This article explores the eight key challenges retailers face in delivering CX and provides strategies to overcome them.

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In today’s competitive retail landscape, delivering an exceptional customer experience (CX) is no longer optional—it’s essential. Customers expect seamless, personalized, and engaging interactions across all touchpoints. However, achieving this level of CX requires retailers to navigate significant technology challenges. Let’s explore the key CX hurdles retailers face and how they can overcome them.

1. Personalization at Scale

Personalization is vital to creating meaningful customer experiences, but scaling it across millions of interactions can be overwhelming. Retailers often struggle with fragmented customer data and outdated tools that fail to deliver timely, relevant recommendations.

2. Seamless Omnichannel Integration

Customers expect a consistent experience whether they shop online, in-store, or via mobile apps. However, many retailers operate on siloed systems that fail to communicate effectively.

3. Real-Time Data Insights

Retailers need to make quick, data-driven decisions to optimize CX, but many lack the tools to capture and analyze customer behavior in real time.

4. Modern Customer Support Solutions

With rising expectations for instant and personalized support, legacy customer service systems are becoming a bottleneck for many retailers.

5. Customer Data Privacy and Compliance

Customers demand transparency and security when sharing their data, while regulators impose strict compliance standards.

6. Leveraging Emerging Technologies

Technologies like AI, augmented reality (AR), and virtual reality (VR) have the potential to transform CX. However, implementing these tools effectively can be daunting.

7. Performance and Accessibility Optimization

Fast load times and accessibility are critical for modern retail experiences, but many platforms fall short.

8. Enhancing the Post-Purchase Experience

The customer journey doesn’t end at checkout. Post-purchase interactions are crucial for building loyalty, but retailers often overlook this phase.

How Retailers Can Overcome
These Challenges

By addressing these CX technology challenges retailers are enabled to deliver superior customer experiences, differentiate themselves in a crowded market, and drive long-term growth. Here are ways retailers can overcome these challenges:

Invest in AI-driven analytics and CRM tools for real-time insights.

Adopt cloud-based platforms to unify data and systems for omnichannel experiences.

Embrace microservices architecture for scalability and flexibility.

Partner with specialized technology providers to stay ahead of innovation curves.

Ensure compliance with data privacy laws through robust security frameworks and automation.

63% of retail organizations are using AI to improve customer interactions.

Delaplex Helps You Overcome
CX Challenges

At Delaplex, our experienced team of industry specialists help retailers overcome these CX challenges with tailored technology solutions. Here’s how we can make a difference:

As your trusted partner, Delaplex can transform your CX strategy, overcome technology challenges, and drive measurable business impact. Learn more by contacting us today.

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How Do Supply Chain Consultants Bring Value to Your Organization? https://delaplex.com/how-do-supply-chain-consultants-bring-value-to-your-organization/ Fri, 06 Dec 2024 12:17:24 +0000 https://delaplex.com/?p=18160 Explore how supply chain consultants bring a wealth of knowledge and tools to help organizations navigate the complexities of modern supply chain management.

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In today’s competitive global marketplace, an efficient and resilient supply chain is essential for business success. Supply chain management plays a pivotal role in driving efficiency, reducing costs, and improving customer satisfaction. Whether your organization operates in retail, manufacturing, or distribution, supply chain consultants can help streamline operations and optimize performance.

 

Consultants have long been at the forefront of leveraging cutting-edge technologies to drive transformation across industries, and AI is no exception. From optimizing supply chain operations to enhancing decision-making through predictive analytics, consultants are harnessing AI tools like GenAI to empower businesses with tailored, actionable insights and sustainable growth strategies.

 

Nearly two-thirds of supply chain leaders plan to or are already implementing generative AI (GenAI), according to a recent Gartner survey. Moreover, supply chain executives report they are dedicating about 6% of their function’s budget to GenAI. The majority of CSCOs expect GenAI to help enhance productivity, improve business agility, and reduce costs.

 

From workforce management (WFM) to warehouse management systems (WMS), logistics, and store operations, supply chain experts bring specialized skills to these key functional areas of the supply chain, creating lasting value for your organization.

 

Let’s explore how supply chain consultants can transform your business.

Workforce Management

Effective workforce management is crucial for aligning labor resources with demand while keeping costs in check. Supply chain consultants leverage advanced tools and strategies to optimize scheduling, forecasting, and resource allocation.

A well-executed WFM strategy not only ensures operational continuity but also enhances employee satisfaction by reducing overwork and underutilization.

Warehouse Management Systems

The warehouse is the heartbeat of any supply chain operation. Supply chain consultants optimize warehouse management systems to enhance storage, picking, and shipping processes.

By improving warehouse efficiency, supply chain consultants help businesses lower operational costs while improving order fulfillment accuracy and speed.

Logistics Optimization

Efficient logistics is essential for meeting customer expectations and minimizing costs. Supply chain consultants bring expertise in transportation, route planning, and carrier management to streamline logistics operations.

Optimizing logistics not only reduces costs but also enhances customer satisfaction by improving delivery reliability and speed.

Store Operations

For retailers, efficient store operations are critical for delivering exceptional customer experiences. Supply chain consultants provide strategies to ensure inventory availability, streamline processes, and enhance store performance.

By aligning store operations with supply chain strategies, consultants help retailers drive sales, reduce costs, and improve the overall customer experience.

The Bottom Line

According to Precedence Research, the global supply chain management market size was USD 28.60 billion in 2023, calculated at USD 31.77 billion in 2024, and is expected to reach around USD 81.93 billion by 2033. The market is expanding at a solid CAGR of 11.1% over the forecast period 2024 to 2033.

 

Supply chain consultants bring a wealth of knowledge and tools to help organizations navigate the complexities of modern supply chain management. By optimizing WFM, WMS, logistics, and store operations, they enable businesses to achieve higher efficiency, lower costs, and enhance customer satisfaction.

Delaplex: A Trusted Supply Chain Partner to Unlock Your Potential

Partnering with a supply chain consultancy ensures your organization is equipped to face current challenges and future demands. Whether you aim to streamline your operations, adopt new technologies, or scale your business, the expertise of Delaplex is the key to unlocking your potential.

 

With extensive experience with global supply chain technologies, including Blue Yonder, WorkJam, Open Sky Group, and Longbow, just to name a few, the Delaplex team of supply chain specialists put client’s interests and success first and foremost. By closely collaborating with your team ensures your goals and objectives are not only met but exceeded.

 

Contact us today to learn more.

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Delaplex is a Proud Sponsor of NOW 2024 | Rebus User Conference https://delaplex.com/delaplex-is-a-proud-sponsor-of-now-2024-rebus-user-conference/ Wed, 14 Aug 2024 17:06:32 +0000 https://delaplex.com/?p=16747 The Delaplex team is proud to sponsor the Longbow Advantage NOW 2024 Rebus User Conference, August 20-22, in Montreal, Quebec.

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As a proud sponsor of the Longbow Advantage NOW 2024 Rebus User Conference, please join delaPlex, August 20-22, in Montreal, Quebec for what is anticipated to be an inspiring and educational event. This year’s theme is: Navigating the Future: AI Solutions for Supply Chain Challenges. We are excited to learn about the latest trends and tactics in AI-driven supply chain, warehouse management, labor management, and data visibility.

In addition, our very own Manish Sachdeva, delaPlex CEO, will be presenting at the Partner Session on Thursday, August 22nd at 10:00 AM. In this session, Manish will explain how clients are harnessing the expertise and deep domain knowledge of the delaPlex team – bringing their digital transformations to life by realizing value and efficiencies through each of the delaPlex offerings – consulting, development services, testing services, staffing augmentation, and managed services.

As a leading US-based global business technology consultancy and services firm, we are proud to sponsor NOW 2024, the premier supply chain event for Rebus users. We are eager to connect with other industry experts and leaders to build meaningful partnerships.

Don’t miss this unique opportunity to learn how to navigate AI-driven solutions for your supply chain. The team at delaPlex hopes to see you there!

Contact us for more information about our business technology services.

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Save Time and Money with Artificial Intelligence in Supply Chain https://delaplex.com/save-time-and-money-with-artificial-intelligence-in-supply-chain/ Thu, 27 Jun 2024 13:47:29 +0000 https://delaplex.com/?p=16137 This article explains how AI technologies are revolutionizing the way companies operate, optimizing processes from procurement to delivery.

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In the current fast-paced business landscape, the integration of Artificial Intelligence (AI) in supply chain has emerged as a game-changing strategy. This article explains how AI technologies are revolutionizing the way companies operate, optimizing processes from procurement to delivery. By leveraging AI-driven insights and automation, businesses can significantly save time and money, enhance efficiency, and respond swiftly to market demands.

This article delves into the transformative impact of AI on supply chains, offering practical insights and real-world examples of how smart technologies are driving unprecedented advancements in the industry.

The Evolution of Artificial Intelligence in Supply Chain

The evolution of artificial intelligence in supply chain management has been marked by rapid advancements and increasing sophistication over the past few decades. Initially, AI applications were limited to basic automation and data processing tasks, helping companies streamline operations and manage inventory more effectively.

However, with the advent of machine learning, predictive analytics, and advanced robotics, AI has transformed supply chains into highly responsive and intelligent systems. Modern AI solutions enable real-time data analysis, demand forecasting, and automated decision-making, permitting companies to anticipate and mitigate disruptions, optimize logistics, and enhance overall supply chain resilience.

How Is Artificial Intelligence Used in Supply Chain?

AI in supply chain management is utilized to enhance operational efficiency, reduce costs, and improve decision-making processes through data-driven insights and automation. Today, this innovation enables real-time tracking, precise demand forecasting, and adaptive logistics, making supply chains more agile and resilient.
Real-Life Examples of Artificial Intelligence in Supply Chain
Real-life examples abound of organizations that have successfully implemented AI in supply chain, achieving transformative results in terms of proficiency, productivity, and innovation.

Will Supply Chain Be Replaced By AI?

The question of whether artificial intelligence will replace the supply chain is a complex and nuanced one. While AI has undeniably revolutionized many aspects of supply chain management, its role is more complementary than substitutional.

According to a report by McKinsey, AI has the potential to generate around $1.2 trillion to $2 trillion in supply chain management.

A Deloitte study highlights how a company, managing millions of daily packages, leveraged IoT technologies and AI/machine learning, expecting a 5% capacity increase and a significant reduction in equipment downtime of 20-30%.

The future of supply chain is likely to see a symbiotic relationship between AI technologies and human expertise. AI cannot replace the creativity, intuition, and empathy that humans bring to the table, especially in conditions requiring innovation, collaboration, and strategic direction. Therefore, while AI empowers supply chain processes and drives productivity growth, its integration should be seen as complementary to human element rather than a wholesale replacement.

"AI has the potential to generate around $1.2 trillion to $2 trillion in supply chain management."

5 Ways to Save Time and Money With AI

Artificial intelligence provides many ways to save time and money in supply chain by boosting several processes and enhancing decision-making capabilities. Here are a few keyways:

Leverage the Cost-Saving Power of AI for Your Logistics Business With Delaplex

Delaplex emerges as a steadfast ally for logistics businesses seeking to harness the power of AI and technology for sustainable growth. With a profound understanding of the advanced AI systems within the logistics sector, delaPlex offers logistics consulting and supply chain services that meticulously craft solutions to streamline operations, optimize route planning, and enhance supply chain visibility.

Our team of experts, well-versed in AI-driven analytics, automation, and predictive maintenance, collaborates closely with logistics businesses to tailor and implement strategic, industry-leading solutions.

Browse our case studies to learn how we optimize logistics processes and stay competitive in a rapidly evolving market.

Discover how we transform your supply chain management and drive your business forward with the power of AI. Contact us today.

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Delaplex is a proud sponsor of Blue Yonder ICON 2024 https://delaplex.com/delaplex-is-a-proud-sponsor-of-blue-yonder-icon-2024/ Mon, 06 May 2024 04:13:38 +0000 https://delaplex.com/?p=15240 The Delaplex team is excited to be a sponsor and an exhibitor at the Blue Yonder ICON 2024 | Superpowered Supply Chains event, May 13-16, in Grapevine, TX.

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Please join delaPlex at ICON 2024: Superpowered Supply Chains, May 13-16, in Grapevine, TX to learn how next generation cognitive supply chains powered by cutting-edge AI and a unified data cloud are helping companies take leaps and bounds in their business performance.  

We are excited to participate in this premier supply chain industry event as a sponsor and exhibitor. In addition, our very own Lindsay Eavenson, SVP Strategic Accounts, will be speaking on Wednesday, May 15 at 9:20 AM. In this session, Lindsay will explain how clients are harnessing the expertise and deep domain knowledge of the delaPlex team – bringing their transformations to life by realizing value and efficiencies through each of the delaPlex offerings – consulting, development services, testing services, staffing augmentation, and managed services.

As a leading US-based global business technology consultancy and services firm, we are eager to connect with peers and supply chain experts to build meaningful partnerships with manufacturers, retailers, and supply chain leaders.

Don’t miss this unique opportunity to futureproof your supply chain. The team at delaPlex hopes to see you there!

Contact us for more information about our supply chain and operations services.

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Delaplex Attends MODEX in Atlanta https://delaplex.com/delaplex-attends-modex-in-atlanta/ https://delaplex.com/delaplex-attends-modex-in-atlanta/#respond Fri, 01 Mar 2024 09:44:42 +0000 https://dev24.delaplex.com/?p=14352 The Delaplex team is excited to attend MODEX 2024: Full Spectrum Supply Chain in Atlanta, GA, March 11-14.

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Please join delaPlex at MODEX 2024: Full Spectrum Supply Chain in Atlanta, GA, March 11-14, at the Georgia World Congress Center. We are thrilled to participate in this industry-leading event, where the future of manufacturing and supply chain operations takes center stage. 

As a global technology consulting and supply chain services provider, we’re eager to connect with over 900 industry-leading providers and explore their cutting-edge technology solutions showcased in action. 

Discover key trends and innovations during 150+ free education sessions and powerful keynotes. It’s a unique opportunity to meet industry peers and discover the latest supply chain trends.

Don’t miss this unique opportunity to futureproof your supply chain. The team at delaPlex hopes to see you there!

Contact us for more information about our supply chain and operations services.

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The Power of Data Analytics Outsourcing https://delaplex.com/the-power-of-data-analytics-outsourcing/ Thu, 22 Feb 2024 15:39:55 +0000 https://dev24.delaplex.com/?p=8305 Transform your business with data analytics outsourcing. Discover its value versus developing an in-house team, including quick access to insights, higher success rates, cost effectiveness, new data perspective, access to advanced technologies and expertise, and ability to focus on core competencies.

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In the dynamic and progressive business landscape, data drives transformation and shapes destinies. It is no longer about whether to invest in data analytics and business intelligence solutions, but about how to harness the full potential of these tools, paving the way for growth and innovation.

 

As tech-savvy trailblazers and forward-thinking enterprises contemplate this strategic business game, the resounding question echoes: Does your business need data analytics outsourcing?” Let’s take a deep dive to get the answer to this nagging question. 

The Data Dilemma

In the digital age, information is power, and businesses that know how to use the right information at the right place and time are always at the forefront of innovation.

 

According to McKinsey, 70% of enterprises believe that data analytics gives them a competitive edge in the market. Moreover, a separate study by Deloitte highlights that 96% of executives expect the use of data and analytics to become more important in the coming years. These figures are not mere statistics; they underscore the calculated moves data makes, positioning businesses for sustainable growth and market dominance. However, the dilemma is not about storing and collecting data but deciphering its secrets.

Diverse multiethnic business teamwork overworking in office meeting room analyzing financial graphs late at night. Coworkers brainstorming project ideas solving company problem.
Big data analytics visualization technology with scientist analyzing information structure on screen with machine learning to extract strategical prediction for business, finance, internet of things

Developing an In-House Analytics Team

You might think by developing an in-house analytics team you would have better control over your data. Moreover, having seamless communication and immediate access to your data adds to the appealing advantages of having an in-house team. However, it comes with its own set of challenges, including:

Entangled in this perplexity, leveraging your data may not be as effective as you would like. Organizations like yours that are looking to develop or scale their data analytics capabilities are increasingly turning to outsourcing to get insights faster while staying within their budget.

What is Data Analytics Outsourcing?

With the global data analytics outsourcing market expected to reach a staggering $183.17 billion by 2032, it emerges as an engagement model that offers businesses flexible options to develop sophisticated analytics capabilities without the burden of extensive in-house resources and investments.

 

This signifies a massive shift in the business landscape. It reflects the growing awareness and recognition of the transformation data analytics outsourcing can bring to business operations. With data analytics services, companies can outsource their entire data science process, from data acquisition and integration to visualization and advanced analysis. While the service provider handles everything from infrastructure setup to data analysis, customers can tailor services as per the business needs and fill in the expertise they may have in-house.

 

According to the Deloitte Global Outsourcing Survey 2022, 75% of companies use data and analytics from external providers. Indeed, it highlights a substantial shift towards external expertise. So, how does this collaboration bring value to your business? Let’s explore.

Why Outsource Data Analytics?

Recognizing the vast scale, rapid velocity, and intricate complexity in the expansive information landscape compels businesses to opt for data analytics outsourcing. The business value this collaboration brings includes:

Swift Access to Insights

With data analytics outsourcing, you get a dedicated, skilled team working on your vast data repository. This helps you gain swift access to valuable insights without waiting for lengthy deployment processes. In a fraction of time, it provides actionable insights to help you make informed business decisions. 

Higher Rate of Success

From the vast pool of talent and technology resources, outsourcing firms pick the perfect combination of talent and technologies suitable for your unique business needs. The external team also brings the right approach and methodologies to deliver high-quality reports and solutions, ensuring a higher success rate with data-driven decisions.

New Perspectives on Data

Outsourcing data analytics provides new perspectives and insights for solving critical business problems. This diverse approach and innovative thinking of the external team contribute to restructuring processes and tools, taking your business to new heights. This helps cultivate and nurture an environment of innovation and transformation.

Access to Advanced Tools and Technologies

Service providers seamlessly transcend rapid advancements in data analytics technologies. Moreover, innovations like Artificial Intelligence (AI), Machine Learning (ML), deep learning, and Big Data storage have further revolutionized the capabilities of data analytics. Easy access to these technologies and many others saves businesses from the hassle and expense of exploring and implementing these tech resources. 

Cost Effectiveness

Data analytics outsourcing proves significantly cost-effective compared to in-house solutions. Businesses only pay for the services they render, avoiding separate investments in design, implementation, software licenses, and cloud subscriptions. It also helps eliminate the need to recruit, train, and retain full-time data science professionals for your in-house analytics team. So, you can leverage the outsourcing services in line with your predefined budget, ensuring financial efficiency and strategic agility. 

Focus on Core Competencies

When you outsource data analytics, your internal team has more time and resources to focus on core business operations. Businesses can utilize the primary strengths of their workforce to drive higher growth. This is because the external team is highly equipped with the best resources and skills to streamline and optimize the process, bringing maximum efficiency and effectiveness.

"75% of companies outsource data analytics to drive business success"

Unlock Your Data's Potential with Delaplex

Given the value outsourcing data analytics offers, the decision to outsource data analytics should be easy. By outsourcing the services, you can transcend the limitations of in-house solutions with a fresh perspective and a higher success rate.

As you embark on the journey of data analytics outsourcing, Delaplex is your trusted partner in this transformation. We have been instrumental in helping businesses worldwide unlock the potential of their data. Leveraging advanced cloud technologies, including data science, artificial intelligence, and statistics, we empower organizations to generate valuable insights, optimize operations, and reduce risk.

Security is paramount at Delaplex with strict policies, procedures, and standards for every business function. Our development facilities adhere to ISO 9001:2005 quality standards, and we maintain compliance with ISO 27001:2013 for information security.

Like to learn more? Explore our case studies to witness the extraordinary results our data analytics solutions have delivered for clients.

Ready to transform your business with the power of data analytics outsourcing?

Contact us today.

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Retail Tech Trends: What’s Shaping the Industry in 2024 https://delaplex.com/retail-tech-trends-whats-shaping-the-industry-in-2024/ Wed, 07 Feb 2024 22:42:14 +0000 https://dev24.delaplex.com/?p=6424 Learn about the tech trends set to shape the retail industry in 2024, and the impact they are projected to have on the industry's growth.

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The retail industry has been changing rapidly, thanks to technological advancements. As we step into 2024, new digital technologies are set to revolutionize the retail landscape even further. Before delving into these trends, let’s explore how they are projected to impact the industry’s growth.

The Soaring Growth of Retail Tech

As per Market Intelligence Data, the global retail digital transformation market hits a whopping 143.55 billion USD in 2020 and is expected to reach USD 388.51 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 18.2%. This signifies a significant expansion in the industry, driven by continuous technological advancements.

Tech Trends Set to Dominate Retail in 2024

Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) have been pivotal in redefining global retail standards. According to Grand View Research, the AI market was estimated at 196.63 billion USD in 2023 and is forecasted to grow at a CAGR of 36.6% from 2024 to 2030. Further, these technologies provide valuable insights to retailers about consumer preferences, leading to transformative applications like:

Augmented Reality and Virtual Reality

Once limited to gaming, Augmented Reality (AR) and Virtual Reality (VR) are now dominating the retail sector. The global expenditure on AR and VR, standing at 13.8 billion USD in 2022, is expected to reach 50.9 billion USD by 2026, according to the International Data Corporation (IDC). These technologies enhance shopping experiences, enable virtual try-ons, and provide in-store navigation, bridging the gap between the physical and digital realms. In addition, AR and VR bridge the gap between physical and digital realms. Here are several examples:

IoT and Smart Retail

The Internet of Things (IoT) has ushered in the era of smart retail, connecting devices to streamline operations and improve customer experiences. IoT applications include:

Contactless Technologies

The pandemic accelerated the adoption of contactless technologies, which continues to reshape the retail landscape. By providing safe, secure, and convenient shopping experiences, retailers address the evolving expectations of modern buyers. Here are several examples:

Robotics and Automation

The integration of robotics and automation is transforming the retail industry, leading to increased efficiency and customer-centric experiences. The following applications empower retailers with better process optimization and strategic workforce allocation:

The technological evolution in retail brings transformative opportunities along with challenges. Therefore, addressing the following challenges is crucial for sustained success in this dynamic ecosystem.

Challenges and Opportunities

The technological evolution in retail brings transformative opportunities along with challenges. Therefore, addressing the following challenges is crucial for sustained success in this dynamic ecosystem.

Data Privacy and Security

Retailers collect and analyze enormous amounts of customer data to deliver a personalized experience. Access to this crucial and sensitive data also heightens its safety concerns. Therefore, ensuring robust data privacy and security measures becomes paramount. Retailers must navigate the balance between utilizing customer data and respecting privacy concerns. Addressing privacy and security challenges provides retailers with an opportunity to build and strengthen customer trust.

"The AI market was estimated at 196.63 billion USD in 2023 and is forecasted to grow at a CAGR of 36.6% from 2024 to 2030."

Workforce Adaptation

As retail technology keeps evolving with time, a skilled workforce is a need of the industry; a workforce capable of managing and optimizing advanced automated systems. Retailers are facing the challenge of upskilling and reskilling their manpower to adapt to new technologies. To empower the workforce with these essential tech skills, it is essential to invest in training and development programs. Implementing this change will contribute to a more agile and innovative workforce.

Customer Adoption and Experience

While technology offers great convenience and possibilities, its successful implementation depends on customer adoption. Thus, maintaining technology-driven experiences with seamless human interaction is important. Retailers must ensure that new technologies enhance the shopping experience. Understanding customer preferences and providing personalized, empathetic service is essential to ensure easy adoption of emerging retail technology.

Conclusion

The future of retail is dynamic and customer-centric, intertwined with technological innovation. By embracing change and leveraging technology, retailers can enhance customer experiences and stay ahead in the competitive market. A well-defined strategy for selecting, building, deploying, and managing the right technologies is crucial for survival and success.

A Well Defined Strategy is Key to Survival

To navigate these changes, retailers need a well-thought-out strategic plan for technology adoption. At Delaplex, our team of experts with over 17 years of consulting experience, can help create technology strategies that unlock value at every level of operations and supply chains.

Contact us to learn more about transforming your business with the latest technological advancements.

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