Risk mitigation, compliance, efficiency and effectiveness are all ways to measure ROI of technology. These two common retail technologies are especially good examples of ROI beyond cash: prescriptive analytics and shelf cameras. The grocer could have programmed a prescriptive analytics solution to monitor dairy-case temperatures, excessive inventory, dairy-case doors left open too long, etc. Efficiency And EffectivenessOrganizations can also assess technology ROI in terms of efficiency and effectiveness. The prescriptive analytics solution identified a potential root cause: Several of the stores’ cashiers had a higher-than-normal rate of single-item transactions, compared to the district’s benchmark.

Source: Forbes March 23, 2020 11:48 UTC