Management consulting company Accenture teamed up with retail software provider Retek to design joint products and services aimed at helping retailers better understand their customers' buying habits and improve the way they manage inventory and supply. Under the agreement, Accenture will license its consulting knowledge and technical expertise centered on serving the retail industry as part of a package with Retek's suite of software.
Retek's niche software helps retailers manage inventory, product promotion, and customer relationships. As part of the deal, Accenture is taking an equity stake in Retek. The joint offering is aiming to improve the way a retailer handles pricing, advertising decisions, and customer behavior by combining that data with information on product fulfillment, stock and supplier relationships. Accenture and Retek said they intend to focus on retailers in several markets including the United States, the United Kingdom, central Europe and Japan.