Analytics: You Can’t Change What You Don’t Measure
You know the old adage, you can’t change what you don’t measure. It’s true. If you want to impact change within your retail chain, then you need to get in the habit of collecting information, organizing it, and analyzing it. That’s precisely what a good analytics package does for your operation.
So what kind of data can you analyze with the right solution? The short answer is, anything. A better answer is, whatever is important to you and your key decision makers. The right analytics tool will allow you to keep an eye on your entire retail operation to see which products are selling and where, which months are your peak and your lowest, which of your sales reps are the most productive, and everything in between.
Another key component of a good analytics program is the ability to change the way you view the data. If you want to see it in graph form, you can; if you want pivot tables, you can do that too.
Key Performance Indicators to Keep Your Eyes On
The best retail analytics solution is one that will allow you to track the most important metrics for your business in real time. Key performance indicators may include:
- Dollars per transaction
- Units sold per transaction
- Sales per hour
- Employee wage per hour
- Sales per store per hour
- Wage per store per hour
- And more
You want to be able to define your own key performance indicators (KPIs). A jewelry business is not the same as a sports equipment store, and one sports equipment store is not like all the others. You may want to keep track of sales commissions per employee, or sales per discount dollar. With an analytics solution that allows you to define the key performance indicators for your retail operation, you can track and monitor the data that is important to you and respond to key business intelligence to make your retail business run more smoothly and efficiently.
Get Custom Reports When You Want Them
Another key piece to any analytics solution is how you receive reports. You should be able to create custom reports and have them delivered to you when you want to see them. Not only should you be able to define the key metrics you track and monitor, but creating custom reports that include color codes to make your KPIs stand out is also important.
Demo ChainDrive today and get the analytics solution you deserve.