First Derivatives targets retail market
Northern Irish-based financial firm First Derivatives has announced it is to enter the retail analytics market.
The company has said it will deploy its Kx technology as a platform to develop solutions for clients in the sector.
First Derivatives said it had demonstrated the technology to leading retailers around the country, and added that the new range of products will provide a high return for those retailers who choose to invest. The technology includes analytics which combine streaming and historical data around point of sale, inventory control and planning, loss prevention and customer insights.
The company has recruited a specialised team to deliver the offering.
Damon Bryan, Peter Denby and Thomas Hill have all held senior leadership positions at leading retailers including Asda, Walmart and Sky.
"We are confident that the market-leading performance of our technology has the capability to disrupt a number of markets, of which retail is one that we consider to be sufficiently attractive to develop our own solutions," said ceo Brian Conlon.
"Combining the power of Kx with the deep domain expertise of Peter, Thomas and Damon will enable us to quickly develop and market solutions that we believe leading retailers will find compelling."
First Derivatives said it expects growth in the retail analytics industry to hit 19pc annually for the next four year years.
The new idea is to focus on analysing large volumes of data in real time which will allow for retailers to make instant decisions on the day-to-day running of their operations.
First Derivatives was established in 1996 by Mr Conlon who currently holds a 31pc stake in the firm.