Business intelligence in retail industry has made it possible to gain in-depth knowledge about your customer, their needs, their spend patterns, and the correlation with your products and sales is recognized by the Business Community from times immemorial. We also need to recognize that Retail Businesses operate on thin margins hence a Smart Business Owner would always maintain a balance in aspects related to Fast Moving Sales, Inventory cost and his own rate of Purchase spend to optimize profits.
With the extensive usage of computers, this traditional trait or business secret is available today in the form of Business Intelligence and Analytics Solutions which has found widespread adoption across industry segments including Retail.
Retail analytics primarily focuses on providing insights related to customers, their sales, store inventory, purchase and financials which are all crucial for Retailers decision-making process. The transaction data that retailers generate over a period of time is a “goldmine” of information that can help in further growth of the Retail organization.
Today’s BUSINESS INTELLIGENCE (BI) in retail solutions let you create Dashboards to
The following are the types of Data Analytics
The following are some of the commonly used Dashboards
As it is evident from the above, to deduce accurate correlation and insights from data one needs to have the required knowledge, the right data and tools to fully utilize and tap the true potential that Business Intelligence offers.
Posibolt is a leading provider of Retail BI solutions backed by its famous ERP that includes end to end Accounting, Inventory and Point of Sale (POS) solutions across retail formats and variety of Distribution Centers whose customers are spread in 10 countries across Africa, Europe, Middle East and Asia.
For more details visit www.posibolt.com, send in your queries to info@posibolt.com or call us on +91 87141 13166