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A retail BI Software helps in process improvements across the organization resulting in reduced markdowns & greater inventory effectiveness. Supply chain operations have become complicated because of a number of reasons such as diversification in sales & distribution formats.

However, there are a number of issues which bothers retailers - they face under-performing inventory & out-of-stock products. Helps sort out supply chain complexitiesĪ great retail operation is often enabled by efficient merchandising. This information will help you to improve forecast accuracy, and analyze & visualize every facet of your customer data to attract more customers & increase your margins.

Collect social media data & analyze the engagement level (likes, comments, & shares) to measure customer loyalty.

Know how your customers react to marketing incentives, seasonal promotions, & discounts.

Plan, assess, & monitor the performance of your promotional activities.

Analyze data to find patterns in customer purchasing behavior.

With an advanced strategy and business intelligence solution you can: It’s very important to track the changing customer needs to drive effective marketing, design, product development, & other initiatives which affect your sales. You got to be on top of reputation management. One good or bad experience in one part of the world quickly travels across the globe to the other part of the globe.

Today’s customers are highly educated & sensitized, they have access to a variety of information through social media & internet.

Shoppers want to interact with retailers on multiple channels with huge expectations & consistency.

Customers are looking for variety but the products should be high-quality & socially responsible.

You can see the following trends in this retail cultural shift: Stay on top of changing customer trendsĬhange in the socio-economic condition of the people is driving key changes in retail trends which one must be abreast of. You can easily uncover reasons behind why some things are working & why some are not & fix the problems accordingly or replicate the one store’s success story to the others.

These reports provide you distinct patterns in sales, regulations, inventory, margins, for each store & help you optimize your processes to increase profit.

Business intelligence strategy example manual#

With a good Business Intelligence Solution for Retail you can make inefficient, time consuming, & error prone manual data analysis a thing of the past & welcome smart, interactive reports. And, considering the competitive nature of the industry there is no room for a lackadaisical approach. Each of your stores must deliver according to your brand promise & must do so at every customer touch point. Though it’s a great opportunity to increase your customer base, it also presents some challenges. Retailers look for launching new stores in favorable places to gain traction. Business Intelligence in Strategic Business can definitely help the retail’s bottom-line. There are so many benefits of collecting & analyzing retail business data. Why BI is required for the Retail industry? One needs to keep oneself abreast of changing customer behavior so that they can finetune their strategic vision to achieve growth. In this roadmap, you will measure your performance, seek competitive advantage, & truly get a pulse over your customers through data mining & statistics. Business intelligence forecasting & reporting involves a collection of technologies, applications, & practices for collection, processing, analysis, & presentation of business information to support intelligent decision making with the ultimate aim of growing your business. It’s a set of data-driven initiatives which must be taken in a particular sequence to achieve a particular or some specific business outcomes. What is a Business Intelligence Strategy? With the help of Successful BI Strategy, retailers can make smart, efficient decisions allowing businesses to quickly alter prices or change merchandise offerings.

Business intelligence strategy example series#

For example, BI can track how customers interact with your stores, & this information can be used to enhance customers’ shopping experience making them your loyal customer & generating a series of repeat purchases which boost your revenue – the golden bird which we all eye. It entails processes & technologies to track end-to-end processes, collect as much data as one can, and then process it to produce the most insightful information. This is where the Business Intelligence Strategy comes into picture.

Business intelligence strategy example how to#

The next question which naturally arises out of this scenario is how to beat this competition? And from market leaders to researchers, they all say the same thing – it’s got to be the right information at the right time. This has made the retail market fast-paced & competitive than ever before. It’s everywhere, there is no other thing which impacts our life as hugely as this. Today our life is intertwined with retail.