The Incredible Value of Real-Time Data
Retail Analytics software enables a retailer to integrate all the appropriate data concerning a particular aspect of the business and analyze it in various ways. That flexibility extends to whatever the need of the moment is — supply chain status, ordering next season’s inventory, setting up employee schedules, or more. There is a lot of information potentially available that can provide valuable insight into decision-making.
Most of the data being used is old data, still valuable because it provides benchmarks and progress indicators. Old data, historical data, is necessary for analytics. Without the comparison of one quarter to another and the records of past year’s quarters, there isn’t anything to provide context for key business information.
Real-Time Data Access
But an important part of retail analytics is making the right decision at the time it will be most effective. If your retail analytics software isn’t accessing real-time data, response to crucial incidents is slower than it needs to be, and decisions are less effective.
ChainDrive’s centralized database enables an integrated retail management solution — including real-time data access — because all the information being collected is accessible for appropriate usage. Key information is immediately available for inclusion in the decision-making process, whether key indicators of performance or product lifecycle or a sudden break in the supply chain.
Instant Information For Immediate Response
ChainDrive’s Retail Analytics software provides customized pre-configured reports so you get the information you need when it is needed. Key issues can be responded to as the situation progresses, and actions can be adapted to the moment.
In today’s world of instant social media coverage, response must be immediate. Anything slower than the speed of the internet is too slow for responding to some situations a retailer faces. Real-time data access gives retailers the ability to respond in real-time, and that is incredibly valuable today.