Implementing a BI solution can seem expensive; however, if done effectively, it should be considered a bargain. The key is to identify the expected business value in advance and then ensure your company achieves it. Creating business value is a matter of knowing the right information combined with business stakeholders who are committed to acting on that information once they have it. Let's take a look at how BI software creates better value for the retailers.
Ways BI Creates Value
- BI identifies the sticking points in the sales pipeline so you can give sales professionals the ability to concentrate on moving sales along and increase them. Additionally, BI can help determine which customers have not yet purchased specific items, recovering sales that would have otherwise been lost, provide better insight to support marketing efforts, and measure results.
- BI provides visibility into the components of the cost of your products, always up-to-date visibility to budgets and spending to all designated managers, and support analysis of purchasing/current expenditures so you can reduce costs.
- Business Intelligence tools help you understand where losses come from and which are preventable to reduce risk.
- BI measures compliance and quality and tracks improvements in both to help you increase them. By measuring compliance to certain processes, it helps reduce risks.
- BI can demonstrate how the actions of any department, even a small one, can move their KPIs in the right direction and how that reinforces a higher level of success.
If you have multiple locations that perform the same tasks, how do they compare on KPIs? Can locations learn from each other? What is the value of bringing all facilities up to the performance level of the first one on each KPI? With this information, BI helps improve the workflow process.
These are just a few of the many ways BI can create business value for your retail business.
Why You Need It
The retail industry is the most competitive industry and the game is changing. Retailers are now realizing that using technology to better understand consumer buying behavior, drive sales and profitability, and reduce operational costs is essential for long-term survival and creating business value.
BI software, is taking front and center stage for retailers, specifically in the areas of merchandise intelligence, customer intelligence, operational intelligence, and competitive intelligence. There are many factors that have led retailers to implement BI software. Some of these factors include increased competition, profitability, the prevalence of credit card usage, the popularity of loyalty cards, and the benefit of creating business value.
The wealth of data provided by BI and the opportunities to create business value simply cannot be overlooked in the retail industry. For more information about business intelligence for your retail business, contact Christian Steven Software at 1-888-781-8966. We provide advanced BI Solutions to over 1,000 enterprises in 46 countries, and we will be happy to assist you.