How to Get Better Retail Business Intelligence
Business intelligence isn’t easy to come by, especially in the retail sector. But if you’re going to stay on top of the information you need to run your business, then you need a way to access the intelligence in real-time. The best way to get quality intelligence is with robust analytics.
But what kind of intelligence are we talking about? In a nutshell, here’s the information you need to concern yourself with:
- Historical sales data by product
- Overview of your financial position
- Operational data
- Key performance indicators
- Store-level revenues
- Average order per customer
- Sales and revenues by hour; and this includes the busiest times of the day
This is just the tip of the iceberg. Every retail niche has its particular metrics that are important. You can customize your retail management solution to deliver the right metrics for your business and retail specialty. And, on top of that, you can get great reports that illustrate the most important metrics in graphical detail.
Who Has Access to Business Intelligence and Analytics?
Who has access to information is just as important as the information that you track and report. Each decision-maker in your business that needs access to information can gain access to the information they need. This includes:
- Store managers – Store managers can get employee-specific intelligence, department-level information, and metrics on sales by product and product type.
- Regional managers – Regional managers can get a bird’s eye view of each store’s reports as well as a rollup of all the stores within their areas of responsibility.
- Operations officers – If you have an operations manager or director, she can get a view of all the important information for each state or region within your chain, individual stores, products and product types across the chain, revenues, expenses, profits, and more.
Anyone else in your company with a need for information on retail analytics can gain access to the information they need in real time and print out reports to share with key people on their teams and in their departments. You never have to fly blind again when you have access to real business intelligence in real time.