Business Intelligence for retail
Consumers have more disposable income today than ever before, making it a golden age for retailers. However, with a larger market comes increasing amounts of competitors, both local and global.
Using business intelligence can enable retailers to make more informed decisions about their business which can lead to happier and more loyal customers, increased revenue, and of course a competitive advantage.
Higher consumption = pressure to perform
The fact that consumers today have more disposable income than ever before means they in general spend more. This means that business could be booming, as consumption is increasing. However, as the market is increasing, so are the number of businesses. A company could be buying pasta from one retailer, but sauce from another, or be buying less and less parmesan cheese over time.
To facilitate business success, insights from business intelligence are vital, as they could make visible the underlying issues – such as a lack of awareness of a retailer’s other products, or even poor service from an account manager. These two issues are both solvable, and could win a retailer more business if addressed appropriately.
In a competitive marketplace, if a retailer does not live up to a customer’s expectations, they will simply take their money elsewhere, and no longer support that particular retailer. The pressure on retailers to please customers is incredibly high. By using business intelligence, retailers can more effectively predict stock flow as well as compare trends to previous periods as well as KPIs and other metrics.
Using e-Commerce data to improve performance
The prevalence of e-Commerce has led retailers to gather large amounts of data, often without using them in decision making. This is understandable. Generating reports often has to go through IT, who are already busy in the first place. Then, by the time the report lands on the relevant manager’s desk, it is already outdated. Retailers are increasingly turning to business intelligence tools for instant information that can drive fact-based decision making.
Using BI to drive decision making can be incredibly advantageous. You have real trends of what is bought and sold, how large your sales margin is, and which marketing campaigns have led to the highest number of sales. In addition, with e-Commerce, other data can often be available. You can ask: Which other products did the customer look at? What information did they look at before making a purchase? What products do customers often buy together? Drawing insights from information can give retailers a much clearer idea of customer behavior and preferences, which can in turn be used to refine processes and strategies within your business.
One view of the truth
Having retail outlets online as well as offline can sometimes create a disconnect between systems, or they can run on entirely different systems altogether. When choosing a good business intelligence tool, it is important that it can integrate with multiple data sources. This way, retailers can gain a panoramic view of their entire business, rather than having to look at one detail at a time.
It is no secret that purchasing, pricing, sales and marketing all depend on each other, however, siloed reports do not take this into account. Phocas is a business intelligence tool that can help you analyze the sales process from A all the way through to Z, while drawing on data from multiple sources. It is easy to use and can start to give return on investment as soon as it is in use. Phocas has many customers in retail that are already experiencing the benefits and gaining competitive advantage.
Don’t be left behind. Download our latest eBook 'The Key to Retail Success' by clicking here, or on the button below. You can also contact us if you have any questions.
Empowering businesses with intuitive data analytics, driving informed decisions for growth and profitability. We make people feel good about data.
We'll do the data wrangling, you do the analyzing
In today’s business world, we are faced with the constant struggle to bring our data into line. The sheer volume of data that businesses generate can be overwhelming to simply manage, never mind analyze. A survey by Phocas revealed that 60% of businesses identified ‘no expertise in-house,' and 33% said, ‘too much data to unravel' as the main obstacles that prevent them from breaking down data silos.
Behler-Young connects Amazon Alexa and Phocas BI with great results
Can you have a conversation with your business intelligence solution while driving? Behler-Young sales people do. Robert Wright, a Senior Application Developer and Analyst at Behler-Young, integrated Amazon Alexa with Phocas, a business intelligence solution for manufacturers, distributors and retailers. With critical data only a question away, they always know what's going on even when they're on the road.
Phocas secures 37 top rankings in BARC's 2023 BI + Analytics Survey
The voice of the BI and analytics community has officially spoken following the release of The BI & Analytics Survey 23 by software selection and strategy experts, BARC last week.
Phocas Products Now on Sage Intacct Marketplace
Phocas Software helps Sage customers gain more insights from their business Phocas Software, a business planning and analytics platform for sales, operations, and finance teams, announced a new technology partnership with Sage, the leader in accounting, financial, HR, and payroll technology. Phocas products are now integrated with Sage Intacct, making it easier for companies to access, analyze, report, and share information in their systems.
Find out how our platform gives you the visibility you need to get more done.Get your demo today