How does Business Intelligence can help you in the decision making process?
The power of data has been growing year by year and 2018 was not the exception. We started talking about Big Data a while ago, then it was artificial intelligence, and now we’re talking about Business Intelligence (BI).
We launched RetailApp in 2015, acknowledging the importance of translating the data into information of interest that could help you in both yours and your team’s daily work routines. Analyzing the data your company generates and transforming them into real-time info you can use to improve your day-by-day activity has become one of our key market proposals.
Now, moving on to seeing how BI is a strong ally that can help you develop a more effective sales strategy.
BI will give you capabilities so that you don’t rely on opinion but rather on actual data, produced in real time by your company’s activity. Being able to correctly visualize will be the foundation on which you’ll create a KPI-based culture upon your organization, generating changes across all your PoS at the same time. It will allow you to reduce costs, save time and optimize processes. At management level, it will greatly reduce doubts in the decision making process, since all steps forward will be properly supported by data.
BI gives you access not only to basic KPIs like total revenue or average sale ticket per store, but also it will develop advance behavioral sale patterns, understand most liked items per cathegory and shopping habits. This will not only give your Sales and Marketing team real data to address in order to develop new business models, but also it will generate info that your R&D, Production and Logistics team can use to revisit their strategy, even to develop new products in order to satisfy a particular need your customer has that you didn’t see before.
You’ll have tools to monitor all of your PoS and Retail stores, to manage transparently and efficiently all resources and standardizing communications, which will give you more stable data to make comparisons between all channels and set up new budgets. This will be translated into more accurate , efficient and achievable sales goals o targets.