Are You Analyzing The Right Stuff?
When retailers analyze their data, sometimes they do it traditionally. That can work very well for some aspects of your business, but it doesn’t always give you the answers you need to be competitive.
Do you know which customers you are likely to lose? Do you know why they will choose to shop someplace else? Which part of your customer base do you target? How about your workforce; do you know why the high performers might opt for another career path, and what skills you will need to build in your staff?
Questions like these create a need for a Retail Analytics tool that will allow you to define your data views as well as using retail metrics and common processes to evaluate decisions and determine strategic actions. There is a need to add new data to the traditional thinking in order to be competitive.
For instance, Tony Costa, in his HBR Blog “How Location Analytics Will Transform Retail,” suggests that location analytics is being used in design, marketing, operations, and strategy by leading companies right now. He says this is creating major competitive gaps for those companies who are asking only traditional questions and ignoring the potential information available through a tool like location analytics.
Location analytics and all other analytic tools rely on two things; the availability of information and the competency of the process used to examine it. With ChainDrive’s built-in business intelligence, our Retail Analytics tool accesses our centralized database in real time. It has the flexibility to look at that information in several ways, supporting your business decision-making intelligently and allowing you to get answers to the retail management questions you should be asking today.