5 Keys to Actionable Retail Analytics
Without retail analytics, retailers of any stripe can’t know what’s working and what’s not. With that in mind, ChainDrive offers the following 5 keys to useful, actionable retail analytics.
- Access to the best business intelligence – Business intelligence is necessary to understand the state and health of your business. You cannot act on information you do not have. That’s why any retail solution you have must be able to provide you with real-time actionable business intelligence, information you can use to make intelligence business decisions.
- Integrated reports – You can have access to all the business intelligence in the world, but if you can’t report that information to the right people at the right time, it’s useless information. Reports allow you to share information with the right people in such a way that it is actionable and useful. And you should have no limit to the number and type of reports you can generate.
- Drill down capability – Reports should be granular. They need to be as granular as your retail operation requires for each level of management. Store managers have certain data they require. Regional managers require specific types of data on each store. Operations managers also need access to specific types of data. Your drill down capability should be deep, and you should be able to graph and chart the data easily to make is visual and easy to interpret.
- Real-time analysis – In today’s dynamic 24/7 retail environment, every retailer needs real-time data at their disposal at all times. Anything short of this is not helpful.
- Concise data – Your data must be concise. Whether we’re talking about sales data, key performance indicators, or vendor and customer information, every bit of data you collect must be concise and accurate. Otherwise, it isn’t actionable.
Retail analytics is one of the most important pieces of any retail environment. If you want to run a smooth and profitable retail operation, you need these 5 keys to retail analytics.