3 Ways Business Intelligence Can Improve Business
What is a business intelligence and why is it so important given our current market environment?
To explore this topic further, we invite thought leaders, executives, and consultants to share their ideas.
These industry experts describe the amazing benefits of different business functions, from marketing to sales to customer service.
There is a few business intelligence that can improve the efficiency of your organization and help decision-makers make smarter and more effective decisions.
1. Sales Analysis
In retail (supermarkets, department stores, and e-retailers), transaction history and sales receipts can generate incredible amounts of data depending on the size of the company. The information in these lines provides a great opportunity for companies to analyze sales.
It provides clear answers to a number of questions, such as how much a product is sold and the type of customer who bought it and what products are sold in the store or for export, as well as when.
These are the key answers that retailers need to improve their decision-making processes. Trends in data illustrate the strengths, weaknesses, and opportunities of the company.
For example, people can know when they make the most of sales and time.
The data also identifies areas of poor performance, allowing companies to make tough decisions to correct problems and identify potential opportunities.
That is, the true value of double data or big data is not only based on people’s ability to solve problems, but also on the ability to collect data from multiple systems and sources so that users can get more information from the information available.
2. Inventory Analysis
Big data and business intelligence are helping to consolidate retail store business systems to improve operational efficiency while delivering greater benefits.
Big data and bi allow operations managers to understand operations in detail, eliminating any bottlenecks and increasing efficiency.
Access to real-time information also enables financial managers to address traditionally narrow profit margins in a broader context to ensure that they get the most out of their inventory investments.
And because all of these processes occur in the cloud instead of traditional books and hard drives, hardware and maintenance costs are reduced. Businesses can also integrate the cloud into their existing systems at a lower cost.
3. Consumer Analysis
Understanding who is the most profitable consumer is the key concept of retail business intelligence and big data. The corporate definition creates unique opportunities around knowledge.
By accessing real-time consumer demand patterns information, companies can accurately match the inventory with orders, increasing customer satisfaction.
Consumer analytics can also help predict seasonal peaks, trends, and falls. In this way, retailers can always take advantage of the right level of inventory to meet their needs.
In addition, the cost of finding and acquiring new customers is much higher than the cost of maintaining existing customers. So retailers pay attention to what data about these people is more realistic.
This program will certainly improve consumer retention and bring more business by recommending happy and satisfied buyers.