Finding the diamond in the rough: Surfacing trends in the jewelry market through automated analytics

Room 3 | 10:00 am - 10:30 am | Thursday, May 9, 2024

In a collaborative effort between De Beers, a globally recognized leader in the diamond industry and Inspirient, a pioneering provider of automated analysis technology, this presentation introduces a novel approach to uncovering hidden insights within retailer sales data.

Traditional market analysis methods often struggle to navigate the intricate nuances and dynamic trends of the jewelry market. However, by jointly defining hierarchical jewelry category definitions, our innovative solution transcends these limitations, providing a comprehensive view of market dynamics.

Harnessing the power of automated analytics, we delve deep into point-of-sales data, identifying subtle shifts and emerging trends across defined jewelry categories. By leveraging advanced algorithms and machine learning techniques, Inspirient’s platform discerns which categories are experiencing growth or decline and identifies the driving forces behind these trend changes.

Furthermore, Inspirient’s integration of ChatGPT technology enables the synthesis of complex findings into draft summary reports for management. Throughout the presentation, we will describe our automation journey, including the challenges faced and how we overcame them. We will present the architecture of the solution, detailing the process from raw point of sales data to dashboards and management reports.

Lastly, we will discuss the next steps to further enhance this use case and surface deeper insights, ensuring that our collaboration continues to drive innovation and strategic decision-making for De Beers.

Join us as we unveil the hidden gems buried within vast datasets, illuminating the path to unparalleled market intelligence and sustainable growth.

Key takeaways:

1. Navigating change and alignment: Explore the challenges encountered in transforming existing processes and expanding the scope of data sources while ensuring alignment among all stakeholders involved.
2. Integration for full automation: Learn about the integration of various technical components to achieve full automation, from processing raw sales data to synthesizing complex findings, facilitating efficient and seamless analysis.
3. Commitment to continuous improvement: Understand the commitment to continuous improvement as a core aspect of the project, with ongoing efforts to enhance processes, refine methodologies and extract deeper insights to drive strategic decision-making.