We've been talking about (and implementing) so-called Edge Computing for some considerable time. The concept of improving operational and technical latency by utilising processing and storage closer to the point of need is nothing new. Internet of Things (IoT) devices such as cameras, sensors, analytical data collectors, etc., often have on-board processing capability alongside their primary functions and leverage immensely powerful Cloud-based infrastructures which deliver on-demand, pay-as-you-go, as-a-Service value and operational efficiency.
But few Retailers are following through with anything like the speed or focus necessary to sustain competitive advantage in today's warped world. As McKinsey & Co.'s article reports, the sector lags behind all other surveyed verticals when it comes to increasing focus on innovation despite the fact that, with the exception of Pharma/Medical Products, they have all dipped alarmingly.
The data generated 'at the Edge' which is then ingested, parsed, stored (temporarily or otherwise), subjected to analytical processing and thereafter used to generate insight in support of business outcomes contains a constant, rich stream of invaluable intelligence relating to changing customer behaviour and with it, morphing trends. It therefore seems perverse that the industry is failing to fully harness technical innovations and Digital Transformation at the very time when both can help deliver survival and thereafter competitive advantage. In this piece by Hewlett Packard Enterprise (HPE), the author outlines succinctly the conjoined value of what is termed The Digital Edge, whereby the Human Edge and the Physical Edge when merged can create a path to "the convergence of digital experiences that are contextually unique to you". The 'you' in this context is you, Retail: the opportunity to a). move closer to the customer; b). better understand their behaviour which is changing day-on-day at present; c). personalise their Brand purchasing experience, suggesting more and better chances to create up-sell and cross-sell opportunities and d). improve:
- Customer Experience;
- Customer Retention;
- Customer Lifetime Value;
- Sales;
- Revenues;
- Your chances of surviving the worst pandemic in decades and;
- Your competitive Edge.
When combined with the sheer power of properly-harnessed Cloud capabilities the future can instead start to look distinctly bright. We are far from through this global nightmare as reports of 'spikes' and surges in infection rates continue to fill the news feeds but strategic initiatives to refocus attention on Retail technical innovation must not cease. Focus on your business imperatives but exploit innovation to make them a reality, Retail - please.
Commitment to innovation has decreased as companies work through the COVID-19 crisis and focus on short-term issues.
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