Benefits of BI for Small & Medium Businesses

Business intelligence and analytics have long been pivotal tools for large corporations and financial firms, but these strategies are equally effective for small and Business Intelligencemedium-sized businesses. In the modern marketplace, business intelligence and analytics can give your retail enterprise a crucial edge up on your competitors.

iVend Analytics offers an intuitive, user-friendly interface that allows business owners to track customer trends and turn data into meaningful, actionable intelligence. With this software, you will be able to accelerate purchasing, more accurately manage pricing and promotion, and ultimately increase sales volume. Business intelligence tools provide an accurate, easy-to-read view of the costs, liabilities, and risks involved with your business. They make it easy to decipher customer purchase patterns. They simplify back-end procedures such as inventory and stocking. And, they help you decide when to kick off a promotional campaign, and with what products, based on your customer patterns.

iVend Analytics provides business intelligence in a user-friendly format. Dashboards cover various sectors of your retail enterprise, and these dashboards present vital information in an instantly readable, visual format so you don’t have to go searching for trends in haphazard data fields. An associative search function allows you to quickly and easily find the insight you need to make vital business decisions. The dashboard templates are customizable for category management, meaning you can put the data that matters most at your fingertips. Thus iVend Retail software is highly flexible, and can grow with your business.

A further benefit of the iVend analytics is that it functions seamlessly with other business tools in iVend Retail. Point of sale, customer Loyalty, eCommerce and Mobile solutions from iVend Retail all work in tandem with iVend Analytics. The business intelligence end of iVend Retail, iVend Analytics works to seamlessly integrate the other tools in iVend Retail, and indeed all aspects of your retail business enterprise, so that you can make better-informed business decisions.

The iVend retail suite covers all ends of the business, from customer relations at the register, to back-of-the-store functions, to head office procedures. The software is fast, secure, is SAP and PCI certified, can integrate with almost any ERP, and is powerful enough to handle large retailers with hundreds of stores. Whether you are a single store or a retail chain with an online component, iVend Retail can help you simplify the many complexities of running a retail business. Our software can help you optimize pricing, promotion, purchasing, and all facets of retail, in order to increase your bottom line.

As an example of the type of scenario iVend can help you with, consider a promotion designed to increase sales volume during the holiday season. How do you ensure that excess stock after the holiday season rush is not sold under the same clearance as during the holiday promotion? Business intelligence from iVend can help you plan ahead to not only decide how best to reach your market with efficient, targeted sales, but also how to manage those sales through the duration.

Business intelligence software can help you simplify and streamline all aspects of your business. The improved efficiency delivered by sound business intelligence can help your enterprise save money and increase net profit. iVend Analytics and the iVend Retail Suite are the superior choice in business intelligence, because the software boasts a harmonious blend of speed, security, and power, with a user-friendly interface. In order to be competitive in the modern marketplace, business intelligence software from iVend is an obvious choice for your business.

What does Business Intelligence mean for mobile-social Retailer?

Customers are the most important part of the equation for you as a retailer.  Unless you have the precise business information of what your customers want or with a view that what you have is worth their while, then business wanes or declines.Business Intelligence

This doesn’t have to be a concern if you have business intelligence. Business intelligence starts with what you bring to the table from your own head, but it is much more.  It is an analytical tool that you can arm your sales staff with.  It makes available software applications, integrating analytic, customer-centric information your staff needs to make a sale with management of products.

Customer Impact

Customer service begins with the right information available to management, sales staff, and customer before the customer arrives on the scene.  Store management can track inventory, amount of traffic, profit ratios, and asset support, made possible through an integrated retail system.  Tracking a product is made transparent at every point along the chain from ordering to sale, from profit margin to customer purchase history, from placing it in inventory to tagging it as an item of interest in a customer’s profile, and from placing customer information on sales representative’s mobile devices to sending a related item in a customer email.  The whole system is integrated without redundancy of work from a point of sale entry.  When customers do arrive, information is waiting on them to merely express interest for a certain product.

Customer service ends by analyzing a product’s impact on customer sales as well as measuring the store’s profitability has to be easily accomplished and quickly displayed for understanding.  Graphic analytic dashboards portray significant ratios, trends, current status against past performance, and more.  Through business intelligence, graphic visuals make information quick to notice and easy to read and understand.

When analytical software yielding business intelligence is used, the following five principles are a given – with every customer.
Customer Expectations
Customers respond well to Business intelligence from sales staff when they call up information on mobile devices while being helped.

  • Inform customers of history of items bought.
  • Assure customers that items are in stock.
  • Schedule customers for a date of delivery.

Shopper Engagement
Customers interact with the sales people for only a limited number of minutes, sometimes seconds.  So, once sales representative knows what interest customers have, they can engage customers.

  • Give more than general information about a product to tip the scale for a sale.
  • Add knowledge of a customer’s last purchase or general interest and deliver the sale.
  • Know how to use a mobile device and show where to find a product on an app or browser to bring in off-site business.

Customer Loyalty
Customers show the loyalty when they are shown.  This can be done in several ways.

  • Give reward points at point of sale to help them accumulate points for future purchases.
  • Offer incentives with gift cards, additional merchandise, and travel.
  • Pique customers’ interests of new products and items related to last purchase through emails and text messages.

Shopper Sources
Customers don’t always go to a store to buy.  Now they have a virtual world at their fingertips. Business intelligence allows you to be where their fingertips go.

  • Keep every product current with the keywords customers type into search engines.
  • Optimize your website for easy browsing and easy purchase.
  • Give them a place to show their satisfaction by “liking” their experience on your social media pages.
  • Allow them to “followyour products and sales events on social media.

Customer Awe
While customers appreciate stability, they have come to expect the next innovation on a regular basis. Business intelligence keeps them abreast of product development, instilling confidence in your company.

  • Update your website regularly and frequently..
  • Make website navigation user-friendly.
  • Highlight new products with interesting captions.

Take better Retail decisions with iVend Analytics

Some of the top challenges rated by three types of retailers – the winners, the average performers and the laggards

While 58% laggards agreed that they are not able to identify their best customers so that they can offer special incentives to them while shopping, 33% of retail winners were also of the same opinion. Predictably – only 10% of the retail winners had issues in matching inventory to demand, where as 50% of the laggards struggled to match inventory to demand. 68% of the average performers and 57% of the laggards feel that they do not know the customer sentiment till the time they see it in sales. And interestingly, 57% of the retail winners feel that their merchants don’t get information fast enough to react to differences between forecast v/s sales whereas only 33% of the laggards share a similar view

Similarly, talking about how does BI help overcome business challenges, 74% of the respondents felt BI helped them improve promotion effectiveness. 73% said that BI helped them respond better and faster to changes in customer demand. 43% of the respondents feel that the Brick and Mortar selling channel gains the most for a BI solution, 37% feel that all channels gain from a BI solution and given that e-commerce and mobility are relatively new channels of sale – they tend to gain 14 and 6% respectively.

Have a look at the video to know more about these retail challenges and ways to solve them.

iVend Analytics is a set of pre-packaged, shrink wrapped Business Intelligence dashboards specifically for retailers. iVend Analytics integrates seamlessly into iVend Retail which is a complete Retail Management Suite and is being used by diverse retailers ranging from Electronic Stores, Apparel Retailers, Footwear, specialty, departmental stores and many more.

One of questions that we are asked many a times is – what is the minimum threshold for a retailer to embrace a BI solution? Is the decision based number of stores, transactional volume, or a completely different parameter. Honestly, there is no fixed equation which would determine whether a retailer is BI ready or not. However if a retailer’s data is Diverse, Dynamic, Dense or any one of these, the retailer is BI ready.

It is more than obvious that BI has now become an essential tool – in an integrated retail environment – for a retailer to be successful.