We have talked about Business Intelligence in Retail prior to this too, where we discussed how customer acquisition and analyzing customer data is key for a successful retail business. Now we will talk about how we can analyze sales and performance and use BI tools to help in decision making.
What is BI?
BI is nothing but a tool which helps improve decision support for any company using data available. Data from many sources are increasing exponentially in many industries, and retail is not any different, making it almost impossible to analyze this scattered and huge data for future decisions.
Would you like to sit and analyze this scattered data or would you like to see trends which will help you understand things better?
That would not be a very difficult question to answer!
After gathering data from various business units, creating a data warehouse which will help align and clean this data and then building interactive dashboards which can not only gives you insights of your business growth in various dimensions but also helps you predict outcomes and base decisions on them.
How does BI help in Sales & Performance Analysis?
The BI reports or dashboards are accessible on mobile devices for real time data access and viewing reports on the go which improves the business decision making system.