Woolworths has ‘’created a new business’’ called wiq (formally known as Q-Retail) with Quantium. Its purpose is to reimagine retail by solving complex problems with the help of data and analytics. Woolworths is a chain of supermarkets and grocery stores, whereas Quantium is an IT service and consulting firm.
The retail firm is assembling a team of ex-consultants to run a transformation of its existing analytics operations. It has rebranded its joint advanced analytics efforts with Quantium.
Set up a joint Business called Q-Retail
Last year, Woolworths bought a controlling stake in Quantium. It had the vision to set up a joint business called Q-Retail. Which would house advanced analytics capabilities, and also work on data science.
It was written as wiq by Woolworths and WiQ by Quantium before giving a composite picture of what it means.
According to sources, wiq will replace Q-Retail as the name of the joint effort. It will be rebrand to ‘’wiq’’. Woolworths spokesperson in a conversation with iTnews said, ‘’Q-Retail was always intend as a placeholder name while we defined a permanent brand. Wiq represents bringing together the best of Woolworths Group and Quantium to unlock the power of data to reimagine retail.’’
Predominantly Google Cloud Platform products
There are indications that the current transformation is said to remain ‘’ predominantly Google Cloud Platform products’’, a suite it embraced in 2019.
Woolworths spokesperson called the analytics transformation “a very ambitious endeavour. That wiq will run in close partnership with each of the business teams.”
The spokesperson said.“This is expected to be a multi-year journey where we touch just about every aspect of our Group to create better experiences through data for our customers, our team members and our communities,” “
The Google cloud platform that we have invested in over the last few years will be a major enabler that will continue to play a central role going forward.”
Woolworths notes, “We’re also aspiring to commercialize some of our capabilities to power retail partners across the globe, creating a better tomorrow for our team, customers and the communities we serve,”
