2 Mistakes That Can Destroy Your Retail Analytics
Retail Analytics is what makes effective management possible. After all, if your analytics is off, the decisions stemming from that analysis will also miss your target. So which two common mistakes do retailers need to avoid? The first is being “old school” and relying on manual methods of data compilation and the second is the practice of isolating data in silos.
Relying On Manual Methods Of Data Compilation
If someone in your retail organization is spending hours compiling various reports from assorted sources by manually entering the information into a spreadsheet, you have a recipe for destroying your retail analytics. This is because the process has so much room for human error when huge amounts of data are copied by hand.
When that information is written by hand, there’s even more room for error because it is easy to misread handwritten entries, particularly if they are done in a hurry.
Isolating Data In Silos
If all your online sales are kept separate from the sales at the brick-and-mortar location, there are two silos of data. Just like a silo on a farm, that way of keeping stuff is great if you want to keep it separate. But when you are a multichannel retailer, analyzing the business accurately means integrating the information instead of treating each channel as a separate entity.
You don’t have a lot of separate retail businesses with no interaction between them. Today’s retailers have multiple channels that integrate and share aspects of management data. It is impossible to isolate each channel completely if accurate analysis is to be achieved.
ChainDrive’s Software Helps You Avoid These Mistakes
ChainDrive’s Retail Analytics software is part of an Integrated Retail Management Solution. The whole system has been designed with built-in business intelligence. That means the technology, the applications, the practices for collection, the integration, the analysis, and the presentation of key business information is designed to help retailers avoid making mistakes.