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Big Data Analytics Startup IntelligenceNODE Raised $4Mn Through Orios & NEA

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Recently , IntelligenceNODE , a Mumbai based start – up in Retail Big Data Analytics raised $ 4 million through Venture Capitalists New Enterprise Associates ( NEA ) and Orios Venture Partners . This fund will be utilised to acquire more clients across the globe and to hire technical staff to deliver their solutions to these clients . IntelligenceNODE was founded in September 2015 as a consultative service organisation but rapidly evolved into a high-tech product based company . The company has offices in Mumbai , Dubai , London , Sofia and New York .

The company was founded by Mr. Sanjeev Sularia , having good experience in the retail industry as CFO of two leading e – commerce companies and Mr. Yasen Dimitrov , who headed research and analytics in a financial research Lab . The founder members included a dynamic team of data scientists , bankers , product managers , economists , entrepreneurs and retailers who brought their expertise to create a product for retail Big data analytics .

IntelligenceNODE has developed their proprietary data algorithms for optimising stocks , pricing and sales for the retail industry .  They utilise the best of open – source technology platforms to deploy these algorithms . They give very useful analyses by capturing data from over a billion data points and meaningfully processing it .

IntelligenceNODE products

The IntelligenceNODE product ‘ iNCompetitor ‘ collects intelligence regarding merchandise , stocks , no of brands , average price , average discounts , catalogue information , trends etc. from competitors in the retail industry . It then processes that data and provides very detailed analyses of the data . It has a very neat dashboard to present the analyses – which gives instant insights of the situation . The snapshot below shows comparative data of stocks , average discounts , average price , no. of brands etc. of various retailers for the category ‘ Fashion ‘ .

dashboardYou can further drill down into the categories and get more details  :

drill downYou can peep into thread – bare details of the composition of your competitors’ stock as shown below for the category ‘ shirts ‘ .

shirts

Thus you can find out what merchandise your competitor is stocking , which can help you in your decision-making .

You can get a wide variety of such analyses on many different parameters that can help you track your competitors .

The iNOptimiser helps you in optimising your pricing strategy based upon competition pricing data , new launches by competition etc . It has features like ‘ What if ‘ analysis so that you can take into account possible scenarios while planning . This product helps you in planning your own merchandise mix with pricing strategy . You can aggregate global data and predict design trends . Thus you can have the right product for the right customers at the right time . It also has advanced features that show product level relational dependencies which can help you cross – sell . Thus you can optimise your own stocks based upon these inputs .

The iNOptimiser can be integrated with other systems like ERP systems so that you can get a high level overview about market trends and your own internal situation like profitability , sales volumes etc .

Benefits of IntelligenceNODE’s products

IntelligenceNODE has done the retail industry a great service by developing these products . Earlier , aggregating retail data from so many different sources and presenting it was a big problem . IntelligenceNODE has harnessed technology to collect the data and analyse it so that retailers can take faster and intelligent decision regarding their merchandise .

The retail industry is driven by choices . Brands and retailers have to take great efforts to offer maximum possible varieties of merchandise to attract maximum customers . The industry also depends heavily upon pricing and promotions . Another feature of retail is extremely competitive and ever – changing environment . There is also the risk of obsolescence , high inventories and non – moving inventory . One of the key factors of success in the retail industry is the inventory turnaround ratio . This is a metric that measures how fast you rotate yours stocks from purchase to sales .

Thus to survive and succeed in this highly competitive environment , a retailer requires quick insights into competition stocks , pricing , discounts , varieties , new launches , trends etc .

By using IntelligenceNODE products , you can monitor competition , spot opportunities , grow profitability , increase sell through and combine various standard and non – standard systems to get a holistic view . Big Data at work to get you desired insights !

Today IntelligenceNODE serves over a 100 customers , maps over 800 million products , handles 130000 brands across 1100 categories and processes more than half a Petabyte of data every month . Amongst IntelligenceNODE’s clients are brands like Unilever , TATA , Jockey and PrettySecrets .

IntelligenceNODE claims that by using their products , retailers can reduce their merchandising cycle time from 6 months to 10 days . ie they can liquidate their stocks within 10 days leading to higher profitability and returns .

IntelligenceNODE keeps sharing useful high quality content regarding the Retail industry and the use of analytics , through their Blog Posts .

Future plans of IntelligenceNODE

Their products are extremely useful for brands and retailers as we have seen above . The company has acquired orders from some leading brands in USA and Europe . They intend to develop these overseas markets and increase their presence amongst global brands and retailers .   Seeing the promising future of IntelligenceNODE’s innovative products , inorder to fuel their growth plans , NEA and Orios arranged the funds for IntelligenceNODE .

Image Courtesy: IntelligenceNODE

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  • There is 1 comment


    • 2 years ago

      Vik   /   Reply

      Insightful article.

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