Business intelligence is extremely popular across a hugely vast number of different industries. In fact, over 67% of the global workforce across all industries has access to business intelligence tools. This is because it can offer an organisation so many invaluable insights that can help them to scale their business even further.
In the retail industry, it is all about putting the customer first. But how can you truly put the customer first if you are not acutely aware of what exactly they want? This is where business intelligence comes in. It gives retail companies the ability to understand trends, wants and so much more so they can offer their customer a more tailored experience.
In this article, we will look at what exactly business intelligence is and how exactly the retail industry can use it to expand and grow.
What Is Business Intelligence?
Very simply, business intelligence is software that combines predictive analytics, business analytics, data visualisation, data mining, data tools and integration together to help businesses to be able to make more informed decisions. This allows raw data to be used to help a business succeed through improving business operations, and performance which can give them a competitive advantage over their competitors.
By helping to aid better decision-making, business intelligence allows businesses and organisations to improve their overall efficiency and business performance. This allows retail businesses to better understand their customers in order to give them the products and services that they both want and need.
Advantages Of Business Intelligence To The Retail Industry
Business intelligence offers so many amazing benefits to a number of different industries. More specifically, it offers a huge amount of impressive benefits that can have a hugely positive impact on the operations and success of a retail business. These benefits are, but not limited to:
Provide Customised Customer Experience
For a client to be sufficiently satisfied, a personal approach or interaction can be incredibly important. A satisfied customer is 5 times more likely to return to make a repeat purchase. Business intelligence allows you to spot patterns and areas that you can personalise to improve your customers experience.
Business intelligence gives retail businesses unique insights that they would usually not have easy access to. These insights can then be used to change and optimise the customer journey but in a cost-effective way that will only provide benefits to the business. An optimised customer journey, and therefore customer experience, will undoubtedly help to grow your brand and give you an immediate advantage over competitors.
Keep On Track Of Customer Spending habits
Business intelligence can allow businesses to track and analyse the purchasing process of their customers. This can therefore allow them to see purchasing trends and purchasing behaviour that can help the business to understand their customers better.
When a business better understands the spending habits of their customers, they are able to adjust their products and services according to market needs. This is once again valuable insights that will allow a business to provide their customers with a much better experience over time.
Identify Customer Location
For many retail businesses, being able to pinpoint the most popular locations that their customers are from is vital. When thinking about opening a brick-and-mortar store, making sure that you pick the correct location is imperative to whether or not that risk will become a success.
Business intelligence allows businesses to see where exactly most of their customers are coming from. This therefore gives them some invaluable insights as to where a brick-and-mortar location would succeed or fail.
The main benefit of business intelligence that all of the other benefits lead to is an increase in profits. As a business, your goal is to continuously find new ways in which you can drive your profit margin up. The valuable insights and data that business intelligence provides you give you the best possible chance to make informed decisions that will hopefully lead to an increase in business operations, performance and therefore profits.
This data that bi tools provide you with allows you to identify what exactly is working and what is not working within your business. You can therefore make the decision, based on the information you receive, to stop the things that are not working and hone in more on what is working in order to try and maximise your profits.
You will never find a business strategy that is perfect from the word go. There will be things within the strategy that do not work very well, the same way as there will be things that work amazingly. Business intelligence gives you the opportunity to understand what exactly those things that are working and are not working are.
Once you have this level of valuable information, you can then start making decisions on business processes, business operations and different areas to streamline your processes. Streamlining processes by cutting out things that are not working and honing in on areas that are working will help to make your business far more efficient.
Know Your Customers
Business intelligence allows you to know and understand your customers far more than you ever thought possible. This unbelievable amount of data that you can access on your customers gives you the best possible chance of providing them with a product and experience that will keep them continuously coming back.
The easily digestible data that bi tools provide you with allows you to make very informed actions that will directly benefit your operations and performance. So you will not only know about your customers, you will also be able to provide them with exactly what they are after.
Data Management Services At Catalyst BI
Here at Catalyst BI, we offer phenomenal data solutions and consultants that can help you and your organisation to source, ingest, store and transform proprietary data for effective business intelligence. Our job is to help you better understand and utilise your data to help support and grow your business operations and performance.
Contact our expert team of highly experienced and motivated consultants and get your business intelligence journey started today.