KNIME Helps Improve Margins, Effectiveness for Brands
Retail and CPG leaders strategically use data to drive profitability. KNIME, an open-source data analytics platform, has helped numerous retailers to forecast inventory and stock requirements to optimize SKUs and reduce costs. Its data science set of tools has an interface easy enough for beginners and powerful enough for experienced users. It has also enabled retailers to quickly respond to customer needs based on insights into changing consumer preferences.
For example, KNIME helped Würth, a global leader in development, production, and sale of fastening and assembly materials, increase customer engagement and online purchases. KNIME automated the company’s personalized marketing campaigns, promoting the company’s products that, include tools used in light and heavy industries. KNIME also provides a graphical interface that allows users to create workflows or data pipelines, where data is transformed and analyzed using a variety of pre-built tools and algorithms.
With KNIME, Würth also increased profit margins by identifying optimal prices and attractive product discounts and improved supplier and freight logistics synchronization to ensure on-time, in-full delivery. The company has a strong sponsorship presence at events relevant to industrial and auto parts. Its Würth 400 NASCAR Cup Series race at Dover Motor Speedway was held on April 30, with film director Kevin Smith serving as Grand Marshall.
KNIME also has a retail community hub where clients can search the value chain, from product recommendation to inventory optimization, sales prediction, and market-basket analysis.
“Effective data science can help optimize multi-location marketing and empowers retail marketers to personalize at scale, helping to convert data into sales,” said Rosaria Silipo, Head of Data Science Evangelism at KNIME. “It allows organizations to gain a single, complete view of the customer, achieve high-precision targeting, and lift campaign ROI– all while ensuring data security and privacy.”
KNIME’s specialty is in collecting and analyzing data that combine marketing, sales, and customer data for a single, complete view of the customer. Using this data, KNIME models customer behavior improves targeting and creates personalized messaging and experiences, measure campaign performance, and optimize effectiveness.
Additionally, Silipo, the author of KNIME Beginner’s Luck: A Guide to KNIME Analytics Platform for Beginners, said:
● Data allows brands to enhance customer shopping experiences, generate new offerings, inform marketing campaigns, provide a far more personalized shopping experience, and reduce customer churn.
● Effective data analytics can greatly improve a merchant’s brand internally, mitigating inefficiencies in the business; at the store level, allowing brands to avoid inconveniences such as products being out of stock and incorrect product placement, providing insights for optimized store layout to enable sales conversions.
● Given KNIME’s low code/no-code platform, reliance on technical coding expertise is not needed. Users across an organization can create workflows and perform data analytics tasks without the need for extensive programming knowledge. Marketers and product managers can directly manipulate and interpret data, allowing organizations to respond more quickly to changing business needs and market conditions.
KNIME is a privately owned company of KNIME AG.