Business Intelligence for Retail
The competitive game is changing for retail. As the industry continues to consolidate, retailers have begun to realize that using technology to better understand customer buying behavior, to drive sales and profitability, and to reduce operational costs is a necessity for long-term survival.
Retailers are now paying significant attention to BI software, specifically in the areas of merchandise intelligence (including merchandise planning, assortment, size, space, price, promotion, and markdown optimization), customer intelligence (including marketing automation, marketing optimization, and market basket analysis), and operational intelligence (including IT portfolio management, labor optimization, and real estate site selection). There are many factors that have led retailers to adopt BI software: increased competition, the need to squeeze more profitability out of less space, prevalent credit card usage, the Internet’s role as an alternative sales channel, the popularity of loyalty cards, and soon, RFID (radio frequency identification). These milestones have created a wealth of data that retailers are now beginning to appreciate and use.
With 1KEY BI, retailers can meet their growing demand for actionable information-from top executives to store managers, within an organization and throughout the supply chain. 1KEY Agile BI Suite from MAIA Intelligence addresses the concerns and presents innovative solutions for high-performance retail business intelligence.
The retail industry’s requirements for fast, easy access to their business information have evolved to meet user demands at every level of the enterprise. 1KEY business intelligence for the retail industry, delivers secure, scalable access to critical sales, customer, and inventory data to make the most effective performance decisions every day.
1KEY BI enables researched insights into buyer behavior and the purchasing process, the marketing strategy that is developed for the retailers will be based on quantitative facts rather than qualitative indicators.
With 1KEY managers from a Retail industry can get answers to one & many of the questions like:
• What items should be included in the inventory
• What pricing and promotional strategy is the most effective
• What the demand will be for a select assortment of merchandise
• What impact an incremental price change will have on demand
• Which floor plan will sell more designer apparels
• Which customers will respond to a direct mail or exchange offer
• Where to place retail outlets
• How many of each size or color of an item to put in each store
• When and how much to discount
The effects of these decisions can save or generate millions for retailers.
1KEY BI helps retailers in setting effective pricing strategies through the analysis of price and/or price gap changes, trends in price sensitivity, store switching due to price, and price threshold effects; it can also help in analyzing the impact that other promotional vehicles such as free products, Gift Vouchers, and direct mail have on driving incremental volume.
Most retailers do not have sufficient information about their customers. This lack of information is in turn detrimental to the efficient and profitable running of their business. The Transaction Insight solution explores how retailers could enjoy tremendous benefits and increased profitability by analyzing the transaction data (POS Data) rather than customer data.
With 1KEY BI, retail executives can fully quantify the effect of one department’s actions and activities on another within their particular enterprises. With 1KEY BI, retailers can take informed decisions at all levels that directly affect their bottom line.
1KEY BI transforms your data into actionable information-so you can make accurate forecasts, predict trends, and see patterns that help you make better, more customer-centric decisions. With 1KEY BI Retail solutions, you can transform your profit potential and turn insight into actionable intelligence-with greater speed and efficiency.
Helping retailers gain competitive advantage, 1KEY BI delivers performance management capabilities for reporting and analytics that can transform decision-making from reporting to actionable analytics enabling decision-making for every role in the organization.
Few MIS Reports using 1KEY BI:
• Vendor Performance Analysis
• Inventory Control (Inventory levels, safety stock, lot size, and lead time analysis)
• Product Movement and the Supply Chain
• Demand Forecasting
• Incentive Reporting
• Royalty Program
• Minimized Lost Sales and Improved Inventory Turns
• Full Lifecycle View of Products
• Market Basket Analysis
• Supplier Vendor Performance Index
• Out-Of-Stock Analysis
• Item Ageing with Cross Tab
Posted on August 30th, 2008 by Vikram Kole
Filed under: Business Intelligence
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