Every retailer has data; tons of data. However, the key is taking this data – the building blocks of information – and turning it into knowledge that can help guide their business. Retail dashboards will increase the impact on their data by giving a picture of what data the retailer has and what it means. Basically, dashboards make complex retail data tell stories and allow executives and management to share those stories to deliver action in an organization.
Stories you ask – what does that mean? In a phrase: graphical metrics.
Retail analytics can shape the retailers view of the customer by answering questions like: What are my customers purchasing? What brand is my customer likely to purchase?
Analytics provide insight into profitability by answering questions like: Which stores are my best performers? Which brands are the most profitable? What is my monthly overhead for the region/state?
Read next: The Art of Data Storytelling
Retail analytics provide insight into employees by answering questions like: What employee has the highest store sales? What are the commission totals? Were employee sales targets met?
The insight into retail analytics is endless when you are able to tell a story about your data. Whether you have one system and one back end data source or multiple systems and multiple data sources – dashboards provide a holistic view of an organization at a glance. Increasingly, executives are relying on dashboards to present real-time business analytics to drive the decision-making process. This unique communication platform will decrease the overhead, increase the bottom line and allow for substantial growth for any retailer that uses this powerful tool to guide their business.
Janeen Bidigare – Account Manager, iDashboards