Retail Technology Tip #9 From Storis: Business Intelligence
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Do you ever consider that your business could have more information than meets the eye? Did you know that behind every item in your inventory, every transaction you make and every customer you interact with, there is a wealth of knowledge to tap into? Most business owners have heard the term Business Intelligence (BI), and have yet to take the opportunity to gain the benefits of it. Compelling research consistently proves why business intelligence can be a great advantage to your business.
- Companies more accurately predict what products customers want to buy and when using data trends. -VentureBeat
One of the main goals of a retailer is how to sell more product. It is also important to consider how to buy the right inventory assortment to increase turns and reduce markdowns. Even for companies that don’t do a lot of replenishment and stock buying, you can still find insights on trend direction, brand and category performance, pricing information, and more from following your historical patterns. The merchandising insights you can glean are limitless.
- Poor understanding of data can cost businesses 20%–35% of their operating revenue -Matillion
That’s right, retailers may actually be spending more on their costs than they need to and the solutions can be found in their data. Business Intelligence goes beyond just reviewing your sales. You can analyze productivity and efficiency to determine if there are more strategic ways to complete the same business processes, improving your operations greatly.
- Companies using analytics are 5x more likely to make better decisions faster -Better Buys
Some business owners may feel like their time is already thin, so reporting gets pushed to the side. However taking the time upfront to analyze your information saves you time on decision making in the long term and results in better decisions that can take your business further faster. We strongly suggest prioritizing analytics in your routine.
- Data analytics help companies make decisions that produce the intended results 3x more often. -Forbes
Often memory can serve us well, but the benefit of having the hard facts in front of us is undeniable. With business intelligence, you may be surprised at how your perception of a business situation can differ from the data. Maybe you believe your best vendor is X, because you always see it selling. However, your goal is to drive your profit margins, and when you analyze your information, its margin is only the third highest. Having the data at hand can help make decisions towards your desired outcome.
- 58% of Business Intelligence leaders say that reporting continues to be the strongest driver of innovation for their firm -Forrester
Are you regularly reviewing daily, weekly, monthly and annual reports? It is important not only to collect data, but to spend time on a regular basis analyzing what that information can mean to your business. The majority of BI leaders say that the direction of their business is shaped by their own internal knowledge from their data. Key answers to your company’s future performance may already be at your disposable.
These are just a few statistically backed reasons why you should consider evaluating how your business is using its intelligence. You might be pleasantly surprised at what insights lie within your data that are waiting to be put to use for the benefit of your business.
More about STORIS:
Founded in 1989, STORIS continues to be the leading provider of Retail Software Solutions and Services to Big Ticket retailers of ALL sizes. Over 350 Clients utilize STORIS’ single ERP solution including point of sale, mobile processing, supply chain management, customer care, accounting, ecommerce solutions, business intelligence and more.
For more information contact 1.888.4.STORIS or leave a message at https://www.storis.com/contact/
Technology Tips From Storis
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