Retail: Why you need to adopt Business Intelligence

With the advent of digitalization, the retail sector has undergone major transformations in recent years. This phenomenon is synonymous with new opportunities, but also new challenges for companies in the sector. In particular, data has become a major issue. In order to take advantage of this, it is necessary to process and analyze a significant amount of data. Although this represents a colossal task, it can be overcome through the use of a suitable Business Intelligence solution.

Use your data more efficiently with BI

Business Intelligence is a set of tools and methods that enable the collection and exchange of information between the various departments of a company (marketing, sales, etc.). It is of particular interest in the retail sector where collecting and harmonizing data from a variety of sources can be a very complex task.

Compile data from multiple sources

The Internet has pushed the retail world to evolve. No longer satisfied with only brick and mortar stores, brands have gradually turned to more multi-channel strategies. In recent years, sales channels have multiplied, from the adoption of e-commerce, to the digitization of points of sale, and the advent of click & collect. Data sources have experienced a parallel diversification.

In this context, data is particularly complex to collect, as well as decrypt and synthesize. Hence, the need for an agile and powerful Business Intelligence tool capable of gathering and making sense of data. By harnessing data visualization, a BI solution is able to generate a dynamic dashboard , offering a clear and precise look at a company’s performance indicators.

As a performance lever and a decision-making tool in its own right, this dashboard makes it possible to take stock of the situation of a company, a point of sale, or a project at any given moment. More than a visual representation, it helps you anticipate the future by analyzing data from the past.

Measure and Share your KPIs

There are a great number and variety of key performance indicators (also called KPIs) in the retail sector; this, along with the multiplicity of points of sale, makes monitoring KPIs a challenge. Fortunately, with the help of both a dashboard and analytical tools, these KPIs can be managed precisely either using an overall approach, or by geographical area, store, product type, or sales channel.

This provides both small and large scale views of all key indicators: Turnover, profit, cash flow, foot traffic (number of customers in a store during a given period), and peak hours. More specific KPIs can also be analyzed precisely, whether they are related to marketing (effectiveness of promotions or communication campaigns for example) or e-commerce (website traffic intensity, etc.)

A good dashboard also makes it possible to set objectives by period or zone, and to check at a glance if these objectives have been met. It is also possible to make comparisons between several months of a given year or between different stores, all this using clear and precise graphics.
But the other challenge of Business Intelligence is the smooth transmission of information within a company. Thus, in order for a BI solution to be truly adopted by collaborators from a variety of departments, it has to be not only powerful, but also accessible and intuitive. Another advantage of Dataviz is that it presents data in a readable and entertaining way, which makes it easy for actors to share and understand.

Our customers’ testimonials

“The deployment of DigDash was very fast: The tool is easy to learn and user-friendly. […] Everyone speaks the same language and uses the same data. This allows us to obtain consistent figures throughout the company and to increase the reliability of our statistics.”

Pierre Gruffaz, Chief Information Officer, Fournier Habitat Group

The Fournier Group | Real-time strategic indicators for all its brands

Improve your Customer Offer and Profitability

 

Once data has been collected, sorted, and shared with all collaborators, it can be used in concrete terms to develop your offer as well as increase your sales and profitability. Business Intelligence does not just compile data; it helps you make better decisions on a daily basis relying on the analysis of your KPIs.

Improve your Business Performance

A significant tool for monitoring commercial performance, BI makes it possible to monitor sales, margin and conversion rates by store or product, to measure the effectiveness of a promotional campaign, or to analyze a customer’s journey in detail.

Based on these key indicators, it is possible not only to establish reliable forecast reports and implement more effective marketing and sales strategies, but also to take action on the least profitable points of sale and low-sale items. In addition, Business Intelligence offers retail companies a holistic view that allows them to adapt and independently optimize all sales channels.

Develop your Consumer Insights

Consumer insights include not only knowledge of the individual customer (socio-demographic, geographical, economic criteria, etc.), but also information on their purchasing behavior, satisfaction, and loyalty. A powerful BI solution is the ability to compile millions of customer data from a variety of sources to create a complete profile of each buyer.

By deepening your knowledge of your consumers and their behavior, you can offer them a tailor-made experience. This involves, in particular, the implementation of personalized promotional campaigns as well as the harnessing of the customer’s product preferences, purchasing history, and habits. Business Intelligence also helps you to identify which loyalty levers to use in order to encourage buyers to return to your store more regularly.

Did you know?

Data storytelling is the practice of telling a story based on collected data.
Business Intelligence and data visualization render data more accessible and easier to leverage: It’s possible to create a narrative that is clear and comprehensible for all collaborators, on the strength of computer graphics, graphs, and clear representations. Data is no longer limited to the services dedicated to it (Big Data, Marketing, etc.). Instead, it is the business of the entire company, from top management to front line employees.
By making data accessible and presenting it in an entertaining way, the decision-making of every actor in your company becomes clearer, and everyone begins moving in the same direction. At the end of the day, this enables a more responsive approach to meeting the consumer’s needs, and helps you offer a superior customer experience.

Optimize your Supply Chain

In retail, supply chain performance is a significant driver of profitability. BI software must therefore provide you with tools that optimize stock, order, and supply management. Using specific indicators along with an alert and notification system, you can track in-store product turnover, orders, and other developments in real time. On the supply side, the integration of supplier flows and the creation of dedicated extranets make it possible to better manage transport and warehousing.
The advantage of these features is that they prevent possible malfunctions in the supply chain, as well as stock shortages by smoothly managing the entire length of the supply chain.

BI has become an indispensable tool in the retail sector. Through allowing large volumes of data to be easily collected, explored and communicated, BI provides both an overview of a company’s performance as well as more localized information (by store, region, etc.) With this valuable data, store owners and e-merchants can more accurately manage their KPIs and make more informed decisions.

Thé result: Not only the optimization of sales channels and stock management, but also an improved customer experience. Business Intelligence is therefore a real lever for growth and development for retail companies.

DigDash, a French BI specialist, offers you a wide range of solutions specially designed for the retail sector, which are capable of consolidating large volumes of data from multiple sources, and allowing you to manage all of the KPIs essential to your business.

With a pricing model adapted to large-scale deployments (+10,000 stores) and a flexible architecture (centralized or decentralized), our agile, accessible and efficient software meets all the needs of the sector.

With strong references such as Bridgestone, Mobalpa, SoCoo’c, Perene, Firststop and Marionnaud, DigDash Enterprise is one of the leading solutions in the retail market.

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