Check it out Business Analytics
Retail is the most diverse industry handling widest range of products from equally large numbers of suppliers and, naturally, the highest number of customers. Also, the retail market trends change most frequently than any other industry. Keeping an eye on all the operations in retail business is crucial for seamless 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. Helps you to optimize strategy for marketing promotions & planning according to periodic phase.

• Store Operations Analysis – Store Operations Analysis facilitates to monitor multiple store performance, efficiency of sales management, and operations across different Stores. Helps in empower management with information-based execution and budgeting.

• Customer Analysis – Customer Analysis evaluates profitability by customer segmentation and develop continuing relationships with customers. Helps to plan more strategic campaigns to maximize customer acquisition and retention.

Other Analysis Areas:

• Merchandise Management
• Inventory Management
• Supplier Performance Management
• Marketing and E-commerce Analysis
• Market Basket Analysis
• Category Management
• Brand & Marketing Research
• Market Share Analysis

Business Intelligence Advantages

• Improved business by collecting and analysing data 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 to 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.
• Unmatched scalability to process gigantic data flows at lightening 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.