Reporting and Analysis Need The Right Tools
Product management is an important part of retail. But in order to manage the inventory in your store, you need to be able to track the real-time location and status of all the products all the time. This means there must be reporting capabilities that do not have a time lag so your analysis is accurate and the strategic management decisions are optimal.
There’s no real help in a report that doesn’t tell you what you need to know, so any reporting tools used should be able to be customized to the unique merchandise categories and attributes of the products that make up your inventory. User-defined criteria is the most efficient way for product management to be accomplished.
In addition to the historical data, real-time information allows an accurate assessment of the entire lifecycle of the product. Therefore, reporting tools have high standards of performance or they are useless.
The best analysis tools are able to take the specific information you are interested in and create accurate simulations for review. Utilizing the historical data and real-time information accurately to predict the future probabilities in various scenarios is key to developing product management strategies that will be successful. Without the ability to measure probable impact of future actions, strategic planning is inadequate.
The need for an analysis tool that can be flexible enough to ideate the many configurations of a good brainstorming session is fundamental to profit.
The Best Reporting and Analysis Tools
ChainDrive has designed the best reporting and analysis tools as an integral part of the retail product management component in our Integrated Retail Management Solution. These tools are the best for you because they can be customized to the requirements of your business to be exactly the right tool for reporting and analysis of your retail business.