Business Intelligence for Retail is more important than ever! Business Intelligence for retail can provide a real competitive advantage and allow businesses to rapidly make changes to capitalize on opportunities and trends and to identify and resolve issues before they have a negative impact on revenue or customer satisfaction.
Retailers need complete insight into how actual results compare to plan numbers, revenue by store, location, region, product line and other factors. The retail enterprise must carefully manage operational costs to be sure these costs are optimized. Hours of operation, resource allocation, hiring, training, facilities management and other factors impact revenue and the bottom line.
Retail is changing, and it is changing fast! Online buying is having a significant impact on brick and mortar and customer loyalty has changed dramatically. Consumers now have more options and they are leveraging those options to find the best price and the best value.
Analytics for Retail is imperative. One must understand buying behavior, customer requirements, exact price points for products, shipping and inventory timing and changing trends. Getting the right product on the store shelves at the right time, for the right price is what retail is all about. Choosing the right location and mix of web and brick and mortar facilities is also important. If the customer cannot find your business, they cannot consider your products.
The retail industry is awash in best of breed, enterprise and legacy systems to manage everything from point of sale (POS) to resource allocation, facilities management, shipping and inventory, equipment and assets, financial results, sales and marketing campaigns, pricing, coupons and discounting and more. If a retail business intends to remain competitive, it must have access to the most complete information with full insight into results and critical issues and the ability to quickly analyze, present, and report these results to support decisions and adapt to the changing market.