Use Intelligence Expansively
“Rather than merely mitigating classic risks, our goal is to understand the behavioral patterns of ideal customers,” says Weiss, who relies on his risk analyst to inform marketing campaigns for the firm’s retail clients.
Risky Business 2.0: New Uses for Risk Experts
Tracking Purchase Patterns
Given retailers’ razor-thin profit margins, risk experts can help them do everything from anticipating dips in the economy that could affect discretionary spending to keeping supply chains efficient. TeliApp CEO Joshua Weiss hired a risk analyst after realizing that his social creative agency and software service company could help its retail clients examine purchasing patterns. Once they do, explains Weiss, these clients–including Walmart and Barnes & Noble–can decide what types of inventory to stock up on, and if they’re wrong, how much that will cost them and whether they can afford that loss.