Business Intelligence - Gaining the Competitive Edge in Retail Industry
Retailers collect large amounts of data from customer transactions and if they are not mining this data for actionable intelligence, they would be losing their competitive advantage. Take Walmart for example, it collects data from 1 million customer transactions every hour, stored in a database estimated to be about 2.5 petabytes in size. Similarly, every retailer has rich data on their customers and their transactions; and if they could understand customer behavior from this data, they could be making the right decisions whether for Marketing or Inventory Management. Business Intelligence and Analytics software can help retailers put this data to use.
Let’s take the case of a fictitious beach gear retail chain, SurfAce, in California. It has over 12 stores dotting California’s coastline, catering to all the beach gear needs of the tourists. Joe, SurfAce’s owner, is interested in increasing sales, but is not sure how. He has sales data from all his stores, since he opened his first store five years ago. However, he is unsure how to use that data to sell more. As someone who understands his market and customer needs very well, he knows the right questions to ask his data. Some of the questions he wants answered are:
- how many repeat customers are visiting each store
- how fast is his inventory turning over in each store
- are customers who are buying surfboards also buying swimwear or are they only buying surfboards in his stores but swimwear from his competition
- which gear is popular at what times in a year
- which products experience stockout in which stores
What Joe needs is not a complex BI Dashboard tool; because that would require special skills to implement and use, resulting in higher cost of ownership. Joe needs a simple, yet powerful tool that can answer his questions without burdening him with high implementation costs or long lead times.
Vizard, Infruid’s patent-pending BI platform, is designed specifically for people like Joe, who are experts in their business but don’t have the time to indulge in complex BI tools. Vizard lets users, like Joe, ask questions in simple English and get the answers as interactive charts. Vizard’s BI tool lets you slice and dice the data any which way you need. Vizard provides a simple search box for users; hiding all the complexity of data crunching underneath; making data and analytics accessible to everyone. Joe can get any analysis he needs about customers, inventory and sales. Vizard also supports collaborative decision making, helping Joe’s employees across the stores make data-driven decisions together.
As competition grows in markets like those for beach gear, retailers like SurfAce need a data reporting tool like Vizard, to give them the unfair competitive advantage of data. Data driven decision making is no longer just desirable, it's imperative for businesses to stay competitive.
Vizard’s Business Intelligence software is just the perfect solution for your business needs; it's simple, secure, customizable, collaborative and yet inexpensive.
Infruid Labs is a Business Analytics and Data Visualization solutions company. Vizard is Infruid’s patent-pending and award-winning Big Data Visualization platform. Vizard helps business users ask questions in simple English and answers back with interactive charts. Ask for a demo to know more.