Integrate Retail Analytics For Realistic Results
Sometimes, retail analytics gets short-sighted. Focusing on a single channel or department can cause this because all the analysis is being done in isolation. The problem with a short-sighted analysis is that the comprehensive view you need is missing. It’s like carefully looking at each block on a quilt without laying out the entire piece before you sew it together. While each piece might look good, the integration of the various blocks might not be done well.
Data Needs Context
Just collecting information is not enough for accurate analysis because information without context doesn’t tell you what you need to know. In order to assess data, you need to be able to put that information into the proper context so you can see how it fits. That’s why the intuitive and flexible data views that ChainDrive Retail Analytics gives you are so important.
Because you have access to all the data through a centralized database, you can integrate your analysis. You have the ability to see status updates in real time and compare those updates with historical information. You can query, link, list, pivot, drill down and graph data so that it can be viewed in the context you need to see.
Transform Data Into Tools
When you can see your data in context, you have the ability to make decisions that are profitable because you can assess the impact that various options will have on the whole of your business. Compare the key performance indicators in all the stores in a particular region. Look at integrated reports on customer behavior as it crosses channels. Seeing the context of information means you have an integrated view of all channels, every store, and more. You can use your data optimally.
Realistic Results For Optimal Effect
An analysis that isn’t based on a comprehensive context often results in unrealistic conclusions and poor decisions. For example, overhauling your entire brand to reach a small segment of potential customers could easily end up losing loyal customers who no longer feel welcome. Integration of what has been successful with your loyal customers with the strategies that your smaller target audience will respond to result in a realistic idea of what various strategies will do.
ChainDrive gives you the ability to integrate your retail analytics so that instead of a stack of random patchwork squares, you can create the equivalent of a beautiful patchwork quilt. Your data, integrated and in context, provides a complete picture of your business.