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Business Intelligence for Retail

Retail is one of the most diverse industries in the vertical industry arena. Retail enterprises face numerous challenges; not the least of which is the challenge of sustained profit margins in a market where profit margins are traditionally small. Retailers must choose the right products to sell, select appropriate suppliers and shipping options, manage customer expectations, set appropriate pricing, anticipate and forecast stock and inventory needs and manage seasonal shifts in demand. Those are just a few of the challenges you face every day if you are a retailer.

The retail market is fickle, and market trends change rapidly. In this ever-changing environment, the retailer must have complete insight into how actual results compare to plan numbers, revenue by store, location, region, product line and other factors. The retail enterprise must carefully manage operational costs to be sure these costs are optimised. Hours of operation, resource allocation, hiring, training, facilities management and other factors impact revenue and the bottom line.

In the retail industry, Business Intelligence (BI) and Corporate Performance Management (CPM) is a delicate balance. One must understand buying behavior, customer requirements, exact price points for products, shipping and inventory timing and changing trends. Getting the right product on the store shelves at the right time, for the right price is what retail is all about. Choosing the right location and mix of web and brick and mortar facilities is also important. If the customer cannot find your business, they cannot consider your products.

But, the gathering and analysis of business intelligence and implementing KPI / Analytics for Retail is not as easy as it may seem. The retail industry is awash in best of breed, enterprise and legacy systems to manage everything from point of sale (POS) to resource allocation, facilities management, shipping and inventory, equipment and assets, financial results, sales and marketing campaigns, pricing, coupons and discounting and more. If the retailer is to remain competitive, executives, managers and business users must have access to the most complete information with full insight into results and critical issues and the ability to quickly analyse, present and report these results to support decisions and adapt to the changing market.

KPI / Analytics for Retail

True business intelligence (BI) can support, grow and ensure the success of the retail business executive and for every business user in the retail enterprise.
  • Sales and Profitability Analysis - Sales and profitability analysis enables the retailer to monitor product demand, trends, and opportunities. Users can optimise strategy for marketing promotions and plan for seasonal or other selling cycles by taking informed decisions based on performance of KPI for Retail
  • Store Operations Analysis - Store operations analysis supports and manages performance across all stores and locations, analyses the efficiency of sales management, and controls operations across different stores and locations. Aumento BI Consulting for Retail empowers managers with information-based execution, enforced accountability, and budgetary control
  • Customer Analysis - Customer analysis evaluates profitability by customer segment, demographic, region, seasonality and other factors so retailers can establish and sustain a positive customer relationship and anticipate customer needs. The enterprise can plan more effective strategic campaigns to optimise customer acquisition and retention with Business Intelligence implementation.
  • Market Research - You can perform accurately, timely market research across the enterprise and the market using information from other systems, product categorization, regional data and other meaningful factors to develop a clear, concise picture of where and how to market and sell products to achieve targets and increase revenue
  • Stock and Inventory Optimization - Gather and analyse data to determine appropriate stock and inventory levels to meet demand and avoid overstock or shortages. Define and implement BI to measure and improve performance in this area. Consider seasonal, regional, and location variations and manage warehouse, shipment and distribution to deliver the right stock to the right place at the right time and optimise facilities and storage capacity

Aumento BI Implementation for Retail - Benefits at a Glance
  • Achieve enterprise-wide access and user adoption with browser-based, simple dashboards that enable swift reporting and analysis of information integrated from numerous sources
  • Streamline and optimize merchandise management
  • Ensure appropriate inventory and stock management
  • Optimize facility and resource capacity
  • Determine and manage supplier performance
  • Analyse and adopt marketing and eCommerce strategies
  • Perform market basket analysis
  • Perform market research to support marketing, sales and targets for products, stores, and regions
  • Analyze customer buying behavior
  • Enhance category management
  • Compile and analyze brand and marketing research
  • Perform market share analysis
  • Integrate and analyse information from financial, point of sale, inventory, distributor, and customer relationship management systems with seamless integration of diverse formats and stunning reports and graphics
  • Design effective marketing campaigns for specific products by identifying opportunities
  • Integrate financial data to control cost of operations and optimise business performance for improved profitability
  • Deliver information through personalized BI dashboards and charts, graphs, gauges, automated alerts and other views designed to meet the needs of the individual user and to support their role and function
  • Engender true Business Intelligence for the retail sector to support business strategy, planning, location control and analysis, quick response to market volatility, cash flow management and inventory and supplier management