Retail stores need business intelligence (BI) data to survive, but many lack the expertise to analyze it. Effective BI involves collecting and delivering data, analyzing it, and using it to make changes. The most successful retailers have integrated, real-time BI software and experts who can quickly respond to the data.
Since most retail stores operate on slim profit margins, acquiring the right kind of business intelligence (BI) data is critical to survival. Business intelligence intelligence is the collection of information from point-of-sale (POS) promotions, real-time POS computers and records, and simple responses to customer demand. Most retail companies have no problem pulling all this data together. The problem is that most companies don’t have the expertise to understand this. Information is useless unless it can be analyzed and used to increase sales and drive more efficiency.
Retail business intelligence starts with installing the right systems to collect the right amount and type of data. Collecting and delivering this data to the right people in the organization is also critical. Once retail business intelligence data is delivered, BI experts quickly begin analyzing and interpreting it. Effective retail business intelligence provides information that can be used to make changes to the performance of individual retail stores, advertising, marketing, and even product delivery to suppliers.
Some retail companies adhere to the old 80/20 rule of data analysis, which states that a company spends 80% of its time collecting and organizing data and 20% of its time analyzing that data. For example, a retail company used to take five days to collect, analyze, combine and interpret retail business intelligence data. That means it took at least five days to respond to the data and make the necessary changes. In today’s fast-paced, real-time, real-time connected retail environment, five days can also be five years. This business changed the way it handled BI data by combining processes into a single software program that now processes all data in just a few hours.
The most successful retail businesses know a lot about building systems to help them acquire additional customers, sell more products, and make more money. Most modern retail stores know exactly how a particular store is performing at any given time of the day, whether or not the store’s performance is improving in any area, what type of customers are visiting the store, where they live and what they are likely to spend. . That’s a lot of valuable information, but without a retail intelligence specialist to translate it into actionable information, it’s not worth much. Immediate response is critical to the effectiveness of retail BI. Retailers that have an integrated web-based, real-time BI software system, plus experts who can quickly analyze and respond immediately, are likely to be the most successful.
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