Factors Driving Business Intelligence in Retail
Retailers handle immense amounts of information – everything from supply chains to sales information to store operations. It’s hard to keep track of important information and even to know which information is valuable, and retail companies need the tools to take advantage of the myriad information at their disposal.
Retail companies need to keep up with their continually changing competitive landscape to stay viable and competitive. The diversification of sales channels offers retailers many prospects for growth and development, but it also presents them with many challenges. While online shopping has garnered the most attention, consumers are also utilizing TV shopping networks, airport retail, direct mail, and other non-traditional channels.
Beyond the actual purchases, multi-channel retailing involves all interactions between retailers and customers, including product research, comparison, and inquiries. Consumers might research products through one channel and then make their purchases through another. This creates many new openings for retailers to reach consumers, but it also adds incredible complexity to retailers’ efforts to understand consumer behavior and effectively target their marketing strategies.
Dayhuff's approach to BI is a critical component for accelerating growth, leveraging opportunity and reducing risk for any retail company. Our proven record demonstrates that aligning a BI strategy with an organizations goals accelerates time to value.
Applying BI to a Retailers' Needs
Retailers can use business intelligence in many ways, creating smart business solutions across the myriad of challenges.
- Sales and profitability
- Store Operations Analysis
- Customer Analysis
- Merchandise Management
- Inventory Management
- Supplier Performance
- Marketing Analysis
- Customer Loyalty
Learn more about Dayhuff's retail fast start assessment...