MOUNTAIN VIEW, Calif., Dec. 8, 2014 /PRNewswire/ -- Based on its recent analysis of big data analytics for the retail industry, Frost & Sullivan is recognizing OrderDynamics with the 2014 Frost & Sullivan Award for Technology Innovation for Big Data Analytics in Retail. OrderDynamics will be presented with the award on Wednesday, December 10 in Frankfurt, Germany, for its innovative Dynamic Action solution, a first-of-its-kind Decision Intelligence Application that analyzes data across a retailer's organization and presents immediate, detailed actions to drive profitable growth across the business.
Dynamic Action incorporates offline and online store data to provide a comprehensive omni-channel view of products, customers, channels and marketing. The prescriptive analytics solution provides some of the world's leading retailers, including Neiman Marcus, Brooks Brothers, T.M. Lewin and Sur la Table, with big data insights and profit-ranked recommendations to help retailers solve the disconnects in their omni-channel operations and enable Intelligent Commerce.
"OrderDynamics has engineered a big data analytics solution for retail that is one-of-a kind in the marketplace," said Frost & Sullivan Research Analyst Ben Gresham. "The ability to analyze big data in near real-time as it pertains to all areas of a retail business, across all storefronts—via online ecommerce or traditional brick-and-mortar—is a significant technological advancement and critical for retailers to succeed in today's competitive landscape."
Dynamic Action analyzes enterprise data—including channel, product, customer and marketing data—and pinpoints barriers to profitability, along with prioritized recommendations for action. These issues represent a more than $800 billion loss to the global retail industry and can include inventory distortion, out-of-stock and deeply discounted products that are being marketed and orders taken for products that don't exist— which OrderDynamics calls a "Ghost Economy" that threatens retailers sales and profitability.
On average, Dynamic Action's customers registered a 21 percent year-over-year increase in profits from 2013 to 2014. The company's success with major retailers and online orders, worth more than $12 billion from over 90 retailers operating across 33 countries, is a testament to its product leadership and customer service excellence. OrderDynamics' suite of retail products includes an enterprise commerce platform, order management system and in-store point-of-service application, in addition to the Dynamic Action prescriptive analytics solution. By operating these solutions as cloud-based Software-as-a-Service (SaaS), the company adds agility to the management of the company's services.
OrderDynamics' innovative solutions have driven impressive growth. "Over the past three years, the company boasted a compound annual growth rate of 43 percent. It generated $48 million in the 2013 fiscal year alone, at a year-over-year growth rate of 169 percent," noted Gresham. "OrderDynamics not only knows how to translate a technological innovation into a practical solution, but also how to answer even the most vital needs of retailers and - bottom line - how to perform as a successful global company."
Gresham further noted that OrderDynamics raised $41 million in Series C funding earlier this year, underscoring the company's financial stability and continued growth prospects. Download Frost & Sullivan's full report, entitled 2014 Big Data Analytics for Retail Technology Innovation Award, here.
About the Frost & Sullivan Technology Innovation Award
Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing and leveraging new technologies, which significantly impacts both the functionality and the customer value of the new products and applications. The award applauds the high R&D spend toward innovation, its relevance to the industry and the positive impact on brand perception.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
OrderDynamics is the world's leading big data prescriptive analytics software company, built for enterprise-level retail. The company believes that the order is the moment of truth—when profit can be made or lost. With more than 90 clients in 33 countries, OrderDynamics helps the world's leading retailers activate commerce from first interaction to final fulfillment with its Dynamic Action, Commerce Platform and Order Management solutions and services. OrderDynamics empowers agile and intelligent commerce experiences so that its clients, including Neiman Marcus, Brooks Brothers, Speedo, Laura Canada, T.M. Lewin and Asda Direct, win at that very moment of truth.
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SOURCE Frost & Sullivan