The pandemic accelerated a worldwide digital transformation, however, not every company is quick to incorporate new technologies.
While enterprises rushed to provide their growing numbers of remote employees with tools like VPNs or antivirus firewalls, the thought of enhancing certain business processes with the latest technology is something many companies still hesitate about. Our guest believes that for a business to stay successful, simply keeping an eye on the market is not enough – companies should actively adopt new tools and automation.
Today we are talking with Amancio Junior, the CEO and founder of Analyticalways – a company on a mission to optimize and automate various processes in the retail industry.
Tell us more about the story behind Analyticalways. What has your journey been like?
The company arose as a result of my graduate work. I realized that the retail industry was not optimizing its processes, that it was generating more products than indicated, and was not meeting its sales projections. I designed a predictive algorithm that helped to plan and manage the stock. My professors were not happy at all with my work, I barely got a pass! However, I persisted with my idea and Analyticalways was born in 2015. Nowadays we have a client portfolio of more than 150 brands and are present in 20 countries.
Can you tell us more about what you do? How is AI incorporated into your solutions?
Analyticalways is the first and only company with a technological tool (ROIvolution) based on Artificial Intelligence that provides comprehensive solutions to the retail sector from an omnichannel perspective. Among the main advantages offered are the recommendation of solutions based on predictive algorithms and a consulting service entirely dedicated to the customer, their needs, and requirements.
Thanks to Artificial Intelligence combined with a team of highly qualified people in Retail, ROIvolution generates immediate profitability, increases profit margins by up to 25%, eliminates overstock by up to 40%, and avoids sales breakage. In addition, it enables lower investment in assortment and suggests price increases or reductions according to the customer's objectives. It is a risk-free, fast and cost-effective solution.
What would you consider to be the main challenges that online business owners face nowadays?
The main challenge today is to achieve a logistics structure that guarantees a perfect customer experience, both in terms of transport, warehousing, dark stores, etc., and digital sales channels (reliable, intuitive, and powerful website).
With the advent of new sales channels, the range of options affecting the user experience has expanded greatly. It is necessary to adapt to the circumstances and always try to offer the best version of your company.
Added to this is the ability to surprise, to stand out from the competition with a service, product, or aesthetic that stands out enough to make an impact.
Did the recent global events present any new challenges in your industry? Have you implemented any new features as a result?
We are technically a software company, so the main changes we underwent were at the strategy level. Our main client, the retail sector, first saw its physical stores inoperative. Recently, it has suffered a serious transportation crisis.
What we did was change our mindset and try to prepare for the ecosystem after these bumps. What would retail need once the stores reopened? How could we help a company that has been stuck at a standstill? We set out to anticipate any circumstance and cover it with our services.
The challenge was difficult and the adaptation was gradual. During the crisis, the loss of sales and store closures forced many companies to focus on the assortment, precisely the niche in which Analyticalways is an expert. Learning has been a two-way street for the company and the customers, but we are satisfied with what we have achieved even in the face of adversity.
What other business processes do you hope to see automated or enhanced by technology in the near future?
The real question is whether some aspects of future sales will not be automated. At Analyticalways we see the implementation of new technologies, Artificial Intelligence, and predictive algorithms in the buying and selling processes as the first step towards total digital interaction. The metaverse, currently very fashionable, is nothing more than omnichannel taken to the extreme.
Growing user confidence in online shopping, the development of more powerful and affordable Virtual Reality technologies, and the need to expand sales channels will culminate in an automated, digitized shopping paradigm dedicated to user-company interaction.
Talking about individual users, what security measures do you think everyone should implement to protect themselves while online shopping?
The main thing is to create a secure password for your personal accounts. With 12 characters and no easy references such as family or friends. The second level of identification is optimal. Also, it is convenient to use platforms such as Paypal because fraudsters cannot trace the flow of money to your bank.
How do you think the retail sector is going to evolve in the next few years?
There is still much to evolve. Thanks to terms such as the metaverse and new waves of technological innovation, retail will continue to undergo changes in the future. Over the past ten years, retail chains have changed their management and technology at every scale of the company and sales channel. Ten years from now, the change will be even greater. This speed of change is overwhelming the industry. We want to be one step ahead, anticipating what may happen so that our solution is always ready.
The two main avenues of evolution will be sales channels and their diversification on the one hand, and sustainability and efficiency in inventory planning and management on the other. Everything else will eventually be automated, including the role of the salesperson.
Why do you think certain companies hesitate to adopt new and innovative solutions?
As a general rule, people do not like risks – any innovation or change in business patterns and methodologies arouses reservations or even distrust. In addition, we are bombarded by advertising and it is difficult to choose reliable options. In this context, it is essential to offer a product that not only promises solutions but also proves that it works.
And finally, what’s next for Analyticalways?
Our ambition is to become a global leader in providing Artificial Intelligence solutions for the retail sector. To this end, we offer solutions that improve inventory management, sales operations, and purchase planning.
In terms of expansion, we would like to reach 60 countries, and we believe that in a decade we will achieve this.