BI/DW Services for Retail Industry

11 Nov

Retail is one of the most diversified Industries standing at its point of inflexion, waiting for the boom to take place in the vertical industry arena. It is observed that the retail enterprises face numerous challenges and competition due to the fact that the players in the retail markets have not adopted the ability to react quickly and decisively to the market trends and the ability to facilitates their individual clients with tailored products and services; adding to the challenge is the sustained profit that are moderately small. Apart from these challenges, if you are a retailer you also need to focus on few challenges such as choosing the right product to sell, selecting the right supplier for the product and appropriate shipping options, well understanding of the customer expectations and pricing, Anticipating and forecast stock and inventory and so on.

To overcome such challenges you need a framework that should be very effective in means of organizing and analyzing the vast amount of information generated in the retail business, align your business with client needs, differentiate your product than that of your competitors, should optimize product mix and space utilization, and finally should help you to generate a more effective business mode to keep you always ahead of the profit margin. This can be done only if you have a Business Intelligence (BI) system in place. Retail is all about getting the right product at the right time at the right price. However, the right location and mix of web and brick and mortar facilities also plays an important factor in the industry. If the customer is unable to find your business obviously they are not going to reach you.

You may think, gathering and analysis of business intelligence is an easy task. Trust me; it is not. The retail industry by itself is awash in best of breed, enterprise and legacy systems to manage everything from

  • Traditional retail information, including point of sale data, gross margins, turns, and gross margin return on inventory investment (GMROI);
  • Market data, including market share and competitor pricing;
  • Promotional data, including special pricing offers and vendor contributions, such as promotional allowances and coop advertising fees; and
  • Client data, including demographics and various loyalty and client value metrics

If the retailer is to remain competitive, executives, managers and business users must have access to the most complete information with full insight into results and critical issues and the ability to quickly analyze, present and report these results to support decisions and adapt to the changing market.

Advantages of using a BI framework:

  • Provide you simple dashboards that enable swift reporting and analysis of information integrated from numerous sources. These tools digest large volumes of information and convey it in an intuitive format, making it easy to classify and respond to critical, time-sensitive events. They also help in exploring issues and trends without getting completely lost in a big pool of information.
  • Deliver information through personalized BI dashboards and charts, graphs, gauges, automated alerts and other views designed to meet the needs of the individual user and to support their role and function
  • Contour and optimize resource capacity and merchandise management
  • Determine and manage supplier performance to ensure appropriate inventory and stock management
  • Provides you the ability to analyze and adapt new and advanced marketing and ecommerce strategies and customer buying capabilities
  • Perform market share analysis and market research to support marketing, sales and targets
  • Enhance your category management
  • Compile and analyze brand and marketing research
  • Perform Integration and analyze information from key performance metrics such as financial data, inventory, etc., and CRM systems with unlined integration of various formats and stunning reports and graphics providing accessibility across the enterprise in every location with integration and information sharing, collaboration and consistency irrespective of the location of the users
  • Design effective marketing campaigns for specific products by identifying opportunities
  • Gather and analyze data to determine appropriate stock and inventory levels to meet demand and avoid overstock or shortages
  • Enhance you financial performance and enables the user to monitor the financial health of the organization and create and share reports to comply with government and industry regulations

For more information on Business Intelligence for retail industry or any other industry queries please click here

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2 Responses to “BI/DW Services for Retail Industry”

  1. Vishal Pawar December 8, 2011 at 8:21 #

    Really nice explination as BI Developer i never think of this but now wil consider each of this things n good information !!

Trackbacks/Pingbacks

  1. SmartPrise BI for Sales & Marketing Team « ZSL – Business Intelligence & Datawarehousing Services - November 30, 2011

    […] SmartPrise BI® suite provides enterprises accurate, consistent and clear data in the form of reports, scorecards and dashboards that acts as a key information for decision and policy makers to give consents, frame policies and guidelines and allocate funds for different planned and ongoing activities across the organization. The suite is addressed to meet the intelligence analytics needs of wide range of industry verticals which includes Healthcare, Banking, Finance, Telecom, Pharma & Life Sciences, Travel & Logistics, and Wholesale & Retail. […]

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