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The 3 main effects of BI in retail

Business Intelligence

The business world is becoming increasingly complex, competitive and fast-paced. This is an unquestionable reality. And in this context, retail businesses must face the new challenges happening in the sector. 

Have you considered making the leap to Business Intelligence

Executives and managers in retail are confronted daily with various problems that prevent them from having effective control of their stores. As a result, they see sales and, therefore, profits decrease.

In this sense, they must manage and control several factors. Such as verification and follow-up of business goals, efficient personnel management and, most importantly, knowing what the customer wants or needs.

Thus, effective customer service is the ultimate goal of retail. And this depends on planning based on market data and proper management of our employees.

But, in a fast-moving and changing society, being able to control all the dimensions of a business is a titanic task.

Hence the importance of making use of really effective technological tools such as Business Intelligence software especially designed for retail.

How can Business Intelligence help us?

We know that it all comes down to having control of organized information in order to make quick and accurate decisions. It is useless to have an accumulation of disorganized data that does not provide us with useful information.

In this way, we can have a lot of data on income, expenses, sales, inventory, employees and more. Yet, if we don’t tie it all together, we really have nothing to help us with coherent planning.

The good news is that’s what BI is for, and here’s what it can do.

Organize, analyze and plan

Yes, a BI platform helps you organize your data to get all the information you need from each sector of your business. Then, through analysis you will get reports with the information sorted at your convenience.

In addition, this software allows you to monitor and evaluate your planning by detecting and analyzing failures to improve it taking into account key indicators. All this will generate the necessary knowledge regarding your establishment’s performance.

Effective customer service

Of course, we know that a software is not going to serve a customer, but it will help to know what they need and if they are satisfied with the service provided.

Business Intelligence will also allow you to analyze all the data on customer satisfaction and, through reports, you will be able to know the demand for products and the increase or decrease in sales.

Optimize employees’ tasks

As we know, the nerve center of a retail business is the customer, and the first point of contact is with the employees. Therefore, we must focus on correct management and supervision of employees.

This software also helps you to optimize staff performance if you own a store, for example, by planning schedules and tasks, taking into account customer preferences.

In addition, the BI will assist you at all times with the supervision of each employee, giving you a complete overview of their performance by tracking all their activities.

This technology is also a real-time communication tool with your staff through the mobile application, with which it is possible to make requests, expose their preferences and concerns …. You can even receive work schedules, request shift changes and make the corresponding clocking in.

Thus, with this app you will get a better control of your employees allowing the evaluation and monitoring of their activities and preferences. Of course, this will result in better customer service.

Results that are obtained by using BI software in retail

Now, with the implementation of this software the savings in labor costs by managing and optimizing your staff properly will be evident.

That is, you will be able to make timely decisions regarding training, shift rotation, schedule compliance or performance, among others. You will also see your sales and profits increase thanks to better served and more satisfied customers.

In short, thanks to a flexible, agile and easy-to-use Business Intelligence software, you will have total control of your stores with adequate planning according to the needs of each moment.

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