8 Features To Look For In Retail Analytics Software
Like other tools, Retail Analytics Software has to have specific features in order to be effective. Simply choosing an analytics software tool based on price alone is going to be unsatisfactory because the cheapest software does not always have what it takes to collect, filter, and compare data as necessary for the multichannel dynamics of retailing today.
At the same time, just because software is expensive doesn’t mean it does what you need it to do. Look for professional support and the ability to integrate retail analytics software with the rest of your management tools. This enables an effective use of resources and accurate analyzation of data.
Key Features in Analytics Software
- The ability to collect, integrate, analyze, and present key business information
- Dashboards and similar interfaces providing intuitive and flexible data views
- An unlimited capability for integrating and producing reports
- Sophisticated data mining techniques, like query, drill down, pivot, list, and graph data
- Flexible report generation and scheduling
- Access to real-time, centralized data for analysis
- Retail sales analysis that is concise
- KPIs that are insightful and accurate
Integration Is Essential
Ideally, analytic software is integrated into a comprehensive retail management system so that no data is lost. Data is a valuable resource if it can be utilized, but data isolated is data unused. Data gets isolated in a patchwork of software solutions. The result is a department or channel that operates in isolation and any data has to be transferred somehow to be usable. This gets clumsy and it is inefficient.
Integrated software is designed to provide maximum efficiency by utilizing a centralized database — all the information is securely stored in one place, only authorized access is allowed, and analysis is accurate because all the facts are accessible.
ChainDrive Retail Analytics Software is part of an integrated retail solution because integration is another key feature to look for in software. Without the essential feature of integration, analytics won’t be completely accurate.