In this competitive and ever evolving world of retail trends that change most frequently than any other industry, keeping an eye on all the operations in retail business is crucial for flawless profitable corporate performance. Understanding customer requirements and offering them what they want and still maintaining profitability requires highly analysed information on management part to deal with ever changing market conditions quickly to beat competition.
Some of the areas where Business Intelligence tool can be applied to retail:
• Sales and Profitability Analysis – Sales and profitability analysis enables to track product demands, trends, & opportunities in sales
• Store Operations Analysis – Store Operations Analysis facilitates monitor of multiple store performance, efficiency of sales management, and operations across different stores
• Customer Analysis – Customer Analysis evaluates profitability by customer segmentation and develop continuing relationships with customers.
Other Analysis Areas:
• Supplier Performance
• Marketing and E-commerce
• Market Basket
• Brand & Marketing Research
• Market Share Analysis
Business Intelligence Advantages
• Collected data is analysed that improve business from various systems (financial, point of sale, inventory, distributors, and customer relationship management systems) in various formats
• Help managers design marketing campaigns for specific products by identifying opportunities
• Integrate financial data that helps control operation costs and optimise business performance with better profitability
• High capability of calculating costs and profits using ‘combine and recombine’ methodology for various business drivers and delivers information via BI dashboards and BI reports
• Highly sophisticated planning performance intelligence that directly affects your business value proposition
• Matchless scalability to process gigantic data flows at lightning speed and cater information hunger of a variety of users simultaneously
• Standalone Business Intelligence solution for retail sector for business strategy planning, location wise analysis, quick response to market volatility, cash flow management and inventory rationale, and to merge data from varied internal as well as external sources.