When it comes to business intelligence analytics, I often find the outlying factors, which at first glance may seem insignificant, to be the most interesting and valuable nuggets of insight. It’s a little like predicting the outcome of a football game. Most analysts will pull out their stat sheets and substantiate their predictions with the usual tangibles like win-loss records, key matchups, skilled positions, etc. But the good analysts (usually the older retired coaches) always add those little insights that trump the statistical data. Things like warm weather teams traveling north in November. Rivalry factors. Short practice weeks. All the little things that don’t show up in the numbers, but have a huge impact on the outcome of the game.
Retail insight isn’t too different. Good BI analytics produces more than static facts and figures, it looks deeper into current trends, buying patterns—even events—that help you make actionable, informed decisions. For example, what outcome will the effects of Hurricane Sandy have on shopping in New York and New Jersey? Which neighborhoods are even functioning? Are consumers in those communities really likely to visit a store, or will they leverage online spending due to lack of transportation and infrastructure? How will that affect your staffing levels during the holidays?
Good BI analytics connects the dots between the real world and your business, helping you to accurately forecast, track and analyze your data in real-time, in ever-changing conditions. Good BI analytics offers complete visibility with timely, relevant data, and opens the window into consumer behavior and buying habits that turns predictions into profitability.
Learn more about Solver’s BI360 for Retail, and how to get the detailed insight you need to proactively run your retail operation. Read more.