NWC News Network, Mar. 13 2009, 1200 hrs
Tarang Software one of the leading players in the electronic payments solutions space, has recently introduced in India, its unique decision making tool targeted designed for Retail Enterprises. Called WayFinder, the solution is being launched in alliance with the company’s US based partner, Decisive Analytics, a company with several years of experience in Market research and analytics.
The solution is a decision making tool wherein the marketing/advertising/brand management team can design their own web based survey to collect user responses for the launch of a new product/service. It may also collect responses for an existing product or service.
“The solution has extensive application in the Retail segment where consumer preferences need to be studied and analyzed. Apparel, groceries, food, footwear and electronics, are some retail segments where it will find a place. Telcos will need to study consumer preferences for current services as well as new ones proposed. Banks and insurance companies can serve their customers better by getting feedback,” said V. Rama Kumar, CEO, Tarang Software.
“The solution is being launched in a unique model in India. It will be offered as a service and Retail Enterprises can use the solution on a pay-per-use basis. This service is being positioned as a business weapon for Retail enterprises to improve their sales without having to invest in expensive license costs. They can buy the service and get thousands of consumers researched through a web based system,” added V. Rama Kumar.
The business tool can import email lists from data sources outside the system and issue email alerts to the respondents and present the survey questions to them. The survey responses are captured in an Oracle data base. Sophisticated data analytical tools which include methods such as ANOVA, Correlation, Regression, Cluster Analysis, Factor Analysis and Multi Dimensional Scaling are supported by the solution to provide analysis of the gathered data. Finally it has a repertoire of reports and charts that can be generated from the system. An overall report summarizing the findings and conclusions can also be drawn up.
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