Data Support and Technology Solutions to Help Your Retail Business Thrive

With a 20-year of experience serving customers, Pinkesh spearheads diverse departments as a regional head, and developer for Europe and the Middle East. He is an expert in technology solutions and experienced in assisting clients in optimizing costs and increasing the bottom line. He holds a Master’s in Business Administration and is a proud member of the MECS+R.

PINKESH SHROFF

VP - BUSINESS DEVELOPMENT EMEA RETRANSFORM

Corporate Occupiers or retail property managers today cannot ignore technology if they want to stay relevant and keep up with the rest of the sector. The problem-solving capabilities of real estate data management and technology support ultimately help speed up processes, reduce unnecessary costs, increase ESG targets and offer a fresh perspective into portfolio performance. Proptech innovators are expanding, and we are here to embrace it. The Retail People Magazine interviewed Pinkesh Shroff, VP of Business Development EMEA at Retransform to share his insight on the current trends of data support and technology solutions.

How can we protect the data with data management?

You should always start with the basics—your data management. The data and the information you have for your business are essentially your bread and butter. Don’t you want to protect it using the proper database management system, a digital-twin application or even both? It is important that you understand the complexities of your data and then learn how to keep your data and portfolio intact and protected. Depending on your company goals, you need to assess the data points – are they universal and what points are contributing to the goals? You can make a map of all the data points and then assess how fragmented or completed your data management truly is. The problem is most systems don’t consider all the factors contributing to a measure and it’s difficult to isolate the problem. Having the right monitoring for your stores simultaneously through the power of Artificial Intelligence from your phone, laptop or tablet can provide optimal management for your portfolio.

You mentioned Digital Twin Technology, can you explain it further and how it works?

Digital-Twin Technology can function as your second set of eyes, ears, and intuition. Reap the benefits for long-term optimal results like increasing cost savings,

mitigating health and safety risks, and improving the environment for the tenants. At a portfolio level, you can identify high and low KPIs across your stores and map out a step-by-step plan for your entire portfolio(s) that can align with ESG and net-zero targets as well. Virtually and via remote, you have the power to set any parameters to protect your properties’ assets. This type of technology in your corner will help you create reports that will contain vital information for your retail business. With digital technology, you can reduce maintenance costs – small fixes can be completed before big breakages occur. More importantly, it can reduce tenant attrition – less advertising spends and loss of rent. More attractive spaces are able to charge more rent while commercial tenants return business.

Why is custom reporting so important?

Knowledge is power but it’s what you do with that knowledge that is the key to a business’s advantage. The power of reporting puts you in control. The reports record performance metrics from accounting to energy bills and lease expirations and then integrated and implemented within your own property system. By combining the data, a property owner can see how a space is being used from a 360-degree perspective. Another helpful tool is notifications and alerts which can be set up to flag thresholds being reached or highlight anomalies so that quick and precautionary measures can be taken care of.

How has Retransform responded to the needs for both solutions?

As real estate experts, we continue to learn and aim for opportunities to capitalize on our technology solutions and offerings that could potentially help your business become more efficient. Retransform is a global technology and analytics provider for retail real estate professionals and is well-versed in reaching our market with easy and user-friendly operations, end-to-end cloud-based solutions, and the newest in artificial intelligence. Our company has created 4see Analytics, a cloud-based platform that uses machine learning and AI technology to aggregate data and analyses historical data to detect correlations and anomalies. More importantly, it brings together disparate systems; extracts and uploads data; data warehouse management; cleanses and checks rules, producing practical insights based on Key Predictive Indicators (KPIs). Ultimately, we want you to use the data reports to improve your asset’s performance and avoid blind spots within your business. Another platform we have is Secure, a digital-twin platform created for tenants, property managers and owners, arming them with real-time data to enable efficient decision-making. The smart technology works through a series of sensors placed in and around a building. Digital Twin Technology combined with IoT sensors allows real-time monitoring to elevate operational performance. These track real-time occupancy and monitor a wide range of aspects, such as air quality, waste management, temperature, occupancy level, parking lots, car garages and machinery such as elevators.

As your last point, what do you want to leave with the readers?

With a strong focus on data analytics and digital twin technology, managing your storefront and centres will be easier for you. And with the proper reporting and findings, it will ultimately help you make better future investments. The goal has always been to grow and create improvement opportunities, so why not have the right support? We at Retransform can help your retail business thrive.