Business intelligence (BI) is, in essence, a method of capturing and exploring all of the important data about your business.
With the latest technology advancements in accessibility and ease of use, BI solutions offer retailers of all sizes and types an opportunity for newfound success. Here are just three of the benefits that retailers can realize with business intelligence:
1. Quick Data Access – BI software is a powerful data collector, but the true gains come from being able to access this data in real time, with the options to compare and organize at will. In a retail environment, this means pulling up YTD information on the fly, checking a given day’s transactions whenever you need to, or even keeping tabs on daily progress as it’s occurring. Quick access to this data means that management is never more than a few clicks away from a comprehensive, real-time update on store performance.
2. Marketing Performance – Marketing experts agree that if you aren’t measuring the performance of your marketing material, you are effectively wasting money. BI solutions are a fantastic way to track the results of your promotions – you’ll be able to see if a sale in a certain department is increasing sales storewide, as well as which shoppers are using the coupons from direct mailers and which shoppers are using gift cards, etc. Capturing this data is only half of the battle. BI software allows you to not only track all of this information, but also to compare it with graphs, charts, and customized reports.
3. Accountability – Performance metrics are an important part of any workplace, especially when sales are involved (even if your employees aren’t working on commission). The data captured with business intelligence allows you to track employees’ progress from day to day, see patterns in store and worker performance, and ultimately help hold your staff accountable for their actions. This can be helpful in making decisions regarding raises and bonuses, as well as when considering potential disciplinary action.
BI solutions empower businesses to expertly capture and analyze data in real time. Access to this information can lead to improvements in all aspects of retail performance, from employee performance to resource management. In fact, having a host of accurate data on hand can sometimes help you solve problems you didn’t even know you had!