A Smart Retail Process Rated on its Cumulative Process Intelligence Quotient (CPIQ)
In my series "How Smart Is Your Business?" I've outlined the four dimensions of the ISAA framework, enumerating the ways to measure the intelligence of your processes in terms of being: Intelligent, Social, Agile, and Autonomous. I have proposed a way to measure and visualize the cumulative intelligence of a process by creating a shape that lets us observe its cumulative IQ — a Cumulative Process IQ (CPIQ) diagram — and have given the CPIQ a test drive. I promised to rate some innovative processes using the cumulative process intelligence quotient (CPIQ). Last month I looked at a smart medical process; this month I describe another one of my favorites, a smart process that manages the retail therapy experience.
Create a highly-individualized shopping experience for customers, while managing inventory levels and keeping special situations in mind. For clients with registered cell phones in an area of the store, invite them in with specials that relate to the clients' potential needs/wants, leveraging known information to increase revenue.
Determine the physical location of the customer in the store, and push offers related to the location. For instance, if the client is in the men's department looking at ties, offer a coupon for shoes or men's scents. In the case where the mobile opportunity is not available, print related offers on the back of the receipt of current purchases. This has increased revenue, reduced inventory, and pushed slower lines into the fast lane. This is an impressive business solution that leverages process.
Figure 1. CPIQ of a Smart Retail Experience.
In this organization's CPIQ diagram (Figure 1) you can visually see where the intelligence of this process is more advanced.
This is a highly-summarized and anonymous case study provided by Tibco.
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February 6-8, 2018
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