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Business Intelligence for Retail : KPI for Retail Industry

Retail is one of the most diverse industries in the vertical industry arena. Retail enterprises face numerous challenges; not the least of which is the challenge of sustained profit margins in a market where profit margins are traditionally small. Retailers must choose the right products to sell, select appropriate suppliers and shipping options, manage customer expectations, set appropriate pricing, anticipate and forecast stock and inventory needs and manage seasonal shifts in demand. Those are just a few of the challenges you face every day if you are a retailer.

The retail market is fickle, and market trends change rapidly. In this ever-changing environment, the retailer must have complete insight into how actual results compare to plan numbers, revenue by store, location, region, product line and other factors. The retail enterprise must carefully manage operational costs to be sure these costs are optimised. Hours of operation, resource allocation, hiring, training, facilities management and other factors impact revenue and the bottom line.

In the retail industry, Business Intelligence (BI) and Corporate Performance Management (CPM) is a delicate balance. One must understand buying behavior, customer requirements, exact price points for products, shipping and inventory timing and changing trends. Getting the right product on the store shelves at the right time, for the right price is what retail is all about. Choosing the right location and mix of web and brick and mortar facilities is also important. If the customer cannot find your business, they cannot consider your products.

But, the gathering and analysis of business intelligence and implementing KPI for Retail is not as easy as it may seem. The retail industry is awash in best of breed, enterprise and legacy systems to manage everything from point of sale (POS) to resource allocation, facilities management, shipping and inventory, equipment and assets, financial results, sales and marketing campaigns, pricing, coupons and discounting and more. If the retailer is to remain competitive, executives, managers and business users must have access to the most complete information with full insight into results and critical issues and the ability to quickly analyse, present and report these results to support decisions and adapt to the changing market.

Business Intelligence Tool

Business Intelligence for Retail with KPI for Retail

True business intelligence (BI) can support, grow and ensure the success of the retail business executive and for every business user in the retail enterprise.

  • Sales and Profitability Analysis – Sales and profitability analysis enables the retailer to monitor product demand, trends, and opportunities. Users can optimise strategy for marketing promotions and plan for seasonal or other selling cycles by taking informed decisions based on performance of KPI for Retail
  • Store Operations Analysis – Store operations analysis supports and manages performance across all stores and locations, analyses the efficiency of sales management, and controls operations across different stores and locations. Business Intelligence for Retail solution, ElegantJ BI KPI for Retail empowers managers with information-based execution, enforced accountability, and budgetary control
  • Customer Analysis – Customer analysis evaluates profitability by customer segment, demographic, region, seasonality and other factors so retailers can establish and sustain a positive customer relationship and anticipate customer needs. The enterprise can plan more effective strategic campaigns to optimise customer acquisition and retention with Business Intelligence for Retail solution and KPI for Retail implementation
  • Market Research – You can perform accurately, timely market research across the enterprise and the market using information from other systems, product categorization, regional data and other meaningful factors to develop a clear, concise picture of where and how to market and sell products to achieve targets and increase revenue
  • Stock and Inventory Optimisation – Gather and analyse data to determine appropriate stock and inventory levels to meet demand and avoid overstock or shortages. Define and implement KPI for Retail to measure and improve performance in this area. Consider seasonal, regional, and location variations and manage warehouse, shipment and distribution to deliver the right stock to the right place at the right time and optimise facilities and storage capacity
  • Enterprise Data IntegrationBusiness Intelligence for Retail solution, ElegantJ BI provides a flexible, browser-based platform that will support growth as the user base, volume of data and enterprise locations and business grows and becomes more complex. Information is integrated from numerous sources and presented in a unified view. When combined with powerful analytics and highly customisable personalised BI reporting, users can develop reports and analyse data for presentation, reporting, collaboration and problem solving.
  • Enterprise-Wide Accessibility – Our browser-based, intranet and internet access enables complete accessibility across the enterprise in every location with seamless integration and information sharing, collaboration and consistency no matter where your users are working or how they need to view or analyse information
  • Financial and Operational Performance Management – Financial and Operational Performance Management and Analysis enables financial performance and allows the organisation to establish and meet goals and track progress using a large volume of information, integrated from numerous enterprise systems and sources. Users can monitor the financial health of the organisation and create and share reports to comply with government and industry regulations with our Business Intelligence for Retail solution

ElegantJ BI for Retail – Benefits at a Glance

  • Achieve enterprise-wide access and user adoption with browser-based, simple dashboards that enable swift reporting and analysis of information integrated from numerous sources
  • Streamline and optimise merchandise management
  • Ensure appropriate inventory and stock management
  • Optimise facility and resource capacity
  • Determine and manage supplier performance
  • Analyse and adapt marketing and eCommerce strategies
  • Perform market basket analysis
  • Perform market research to support marketing, sales and targets for products, stores, and regions
  • Analyse customer buying behavior
  • Enhance category management
  • Compile and analyse brand and marketing research
  • Perform market share analysis
  • Integrate and analyse information from financial, point of sale, inventory, distributor, and customer relationship management systems with seamless integration of diverse formats and stunning reports and graphics
  • Design effective marketing campaigns for specific products by identifying opportunities
  • Integrate financial data to control cost of operations and optimise business performance for improved profitability
  • Simplified forecasting and calculation features to pinpoint costs, pricing and profits, using a combine and recombine methodology to analyse business drivers
  • Deliver information through personalised BI dashboards and charts, graphs, gauges, automated alerts and other views designed to meet the needs of the individual user and to support their role and function
  • Leverage unmatched scalability to process a large volume of disparate data in a browser-based environment that will support growth of the business, and limitless locations and users.
  • Engender true Business Intelligence the retail sector to support business strategy, planning, location control and analysis, quick response to market volatility, cash flow management and inventory and supplier management

ElegantJ BI Integrated Business Intelligence and Enterprise Reporting capabilities ensure comprehensive Corporate Performance Management, and provide business intelligence with simple, practical, affordable features and functionality. Our BI modules are relevant to all industries and functions and can be used by the average business user without the assistance of analysts, statistical experts or technical programmers. No matter the size of your organisation, ElegantJ BI solutions can satisfy your needs with flexible licensing and implementation options that include on premises implementation and hosted, Software as a Service (SaaS) implementation.

ElegantJ BI solutions provide a single source, integrated view of enterprise data from numerous sources and enable every user to build views, balanced scorecards, dashboards and key performance indicators (KPIs) to satisfy the needs of their role, department and function, so every user is engaged in the pursuit of strategic, operational and tactical goals and can provide appropriate support for continued success in acquiring new clients and in retaining existing clients and selling new products and services.

If you need a rich, intuitive Business Intelligence for Retail solution, coupled with robust CPM features, we encourage you to contact us today to discuss your unique requirements and get started with the ElegantJ BI solution suite. Email us at sales@ElegantJBI.com

Testimonial

"We were looking for 100% browser based, feature rich, simple to use BI tool that has shorter learning curve and implementation cycle. We found that ElegantJ BI is the tool meeting our requirements, we are glad to have ElegantJ BI implemented in our organization with shorter implementation cycle, ease of use and faster ROI."

- Leading Infrastructure Development Company, Saudi Arabia

Business Intelligence Video

Region Sales Performance Analysis

Business Intelligence Video – Region Sales Performance Analysis

Browse through our online video library to learn more about ElegantJ BI solutions. You will find valuable information about BI and how it can help you to be more productive and efficient, and the various ways in which our solutions can help you to achieve true BI. Explore the powerful world of Business Intelligence and find out how we can help you achieve your vision and stay on target to business success!

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