September 20, 2022 | 3 minute read
Author: Mike Webster, Senior Vice President and General Manager, Oracle Retail
Oracle Retail is excited to announce the next evolution of our platform for modern retail. The Oracle Retail Platform delivers 48 market-leading cloud services for omnichannel, planning and optimization, merchandising, brand compliance, supply chain, and insights and analytics. We are committed to continuously developing new cloud services and enhancing our existing portfolio based on feedback from our global customer community of more than 5,950 retailers.
The Retail Data Store and Retail AI Foundation underpin all cloud services, eliminating the constraints, latency, and redundancies of siloed data, disparate systems, and disjointed processes. The Retail Data Store unifies all transactional data from our retail cloud services, delivering real-time, accurate, and consistent information to support optimal data-driven decisions. By obtaining a single view of inventory, order, and customer data, retailers can flawlessly orchestrate omnichannel offerings and deliver seamless, personalized customer experiences. Retailers can contribute data from other non-Oracle systems and third-party data sources to differentiate offerings through innovation and extension.
The Retail AI Foundation is a single foundation that supports all our cloud services with advanced analytics. It is a prepackaged set of pre-configured AI components that improve business outcomes by automating and optimizing retail-specific processes such as affinity analysis, demand transference, attribute extraction, advanced clustering, and more.
Oracle Retail Home helps retailers expedite insight-to-action. The web portal presents role-specific dashboards and surfaces actionable analytics across all lines of business, serving as a single access point to simplify users’ interactions with the data and applications most relevant to their roles. The Oracle Retail Data Store supplies data and analytics to Oracle Retail Home in a unified and consistent manner.
The platform’s architecture is inherently extensible and provides a low code extensibility toolset, allowing retailers to extend our solutions and innovate at scale. For example, the Oracle Retail Customer Value Organization developed a Clienteling Cloud Extension within a matter of weeks due to the low code tools, pre-configured nature of AI Foundation, and the unified data model of the Retail Data Store. As our customers and partners develop new extensions, the documentation is made available in the Oracle Retail Reference Model, a library of implementation information, technical models, and business processes based on best practices from nearly 6,000 implementations across 96 countries.
Oracle Retail deploys all aspects of the platform, including cloud services and modern data centers supported by the Oracle Cloud Infrastructure. The platform’s next-generation architecture is based on cloud-native technology, enabling retailers to rapidly scale at a lower total cost of ownership than traditional on-premises models. The platform is highly performant, scalable, and extensible. We are the only solution provider in our space to have SOC 1 and SOC 2 Type 2 compliance for all our retail cloud services, ensuring our customers have the most robust security, privacy, and confidentiality.
How does the Oracle Retail Platform deliver on the three strategic imperatives – getting closer to customers, building a blueprint for agility, and creating space for innovation?
- Getting closer to the customer. Many retailers lack customer data in their data model, making it impossible to understand a customer’s unique behaviors and preferences. With the customer at the center of our data model, retailers can incorporate customer data into all their processes and meet customer expectations of personalized, individualized experiences across every touchpoint.
- The blueprint for agility. The increasing pace of retail calls for pervasive artificial intelligence to achieve greater agility and precision throughout all business processes. By deploying artificial intelligence, retailers can quickly adapt to changing consumer expectations, market trends, economic shifts, and supply chain disruptions.
- Space for innovation. Oracle Retail applications standardize processes around proven best practices, freeing up your resources to help drive innovation. By arming your teams with modern tools and the data they need to react quickly, you can adopt new ways of working and focus on differentiating the customer experience.
These latest enhancements offer increased agility for retailers to innovate faster and meet increasingly complex omnichannel demands.
Read more on 5 Industry Imperatives – 3 Strategic Initiatives – 1 Platform