5 Things That Make Retail Analytics Successful
What is the purpose of retail analytics? In a single sentence, the purpose of retail analytics is to figure out what is going on in your business and decide what is best to do in the future.
The most efficient way to do this successfully is to utilize software that is designed specifically for the task of Retail Analytics. This software will have built-in business intelligence, centralized real-time data, key performance indicators, integrated reporting, and actionable insights. All five of these features are already part of ChainDrive’s Retail Analytics software.
1. Business Intelligence That Is Built-in
It’s important that any retail analytics software be intelligent from the ground up. That way the intuitive tools are geared toward the things that retail businesses need. ChainDrive has designed this software to provide informative information in an intelligent manner so that business decisions are better.
2. Real-time Data That Is Centralized
Having both historical and current information is important for accurate retail analytics because, without all the facts, any analysis is limited. ChainDrive utilizes a centralized database where all information is collected and stored. Without that central location, time is wasted in shifting files from one location to another and the potential for error multiplies. Real-time data that is centralized at the point of collection is accurate because it is exactly what was collected and accessible for analyzing any management task, from operational efficiency to product lifecycle and beyond.
3. Performance Indicators That Reflect Key Goals
Key performance indicators have to be set according to reality. If you aren’t seeing the whole picture, how can you set goals for stores or employees that are reachable? If the KPI is off, the performance is off, too. ChainDrive uses retail metrics and common processes in the most effective manner possible so that your KPI strategies are on target.
4. Reporting That Is Integrated
ChainDrive integrates reporting into the software so that every report can be customized for maximum effectiveness. You choose the data, the format, the color, and the schedule, enabling your teams to immediately see key issues as they unfold.
5. Insight That Leads To Action
The ability to see what is happening in the business and examine the all the factors is what creates insight that leads to profitable action. ChainDrive’s Retail Analytics software gives you the tools to figure out what is going on in your business and decide what is best to do in your future.