Business Intelligence (BI) dashboards provide real-time financial information and analytics so that you can make better decisions about the direction of your retail store. This BI tool helps you gain insights into sales, expenses, inventory levels, performance, and more.
With the retail industry fast evolving, a business intelligence dashboard helps you stay on top of trends in the retail industry. Check out three reasons to invest in BI dashboards.
1.Measuring Sales Performance Across Stores and Departments
As the retail industry grows, consumers have become more discerning, evidenced by the change in their shopping behavior. Consumers now go out of their way to find information about retailers' products and services so that they can make informed purchasing decisions.
A business intelligence dashboard is a tool you can use to meet your customers’ requirements. This tool allows you to see how well your products are selling and better understand how you can improve their business.
2.Identifying Trends in Customer Behavior
As a business owner, you need to know what's working and what's not in your store. With BI dashboards, you can easily identify the areas that need improvement and make changes to bring more customers in.
For example, if you notice fewer customers walk into the store on Saturdays, you can use BI dashboards to establish if people are shopping online instead. If so, you can consider adding an online-only store or opening an additional location at a different location on Saturdays.
3.Measuring Productivity Levels Within Departments
To succeed in retail, you need to measure how effectively your employees perform their jobs. You do this by tracking your employees' productivity levels and monitoring the costs associated with their work.
This is where BI Dashboards come in. This dashboard allows you to track all these metrics simultaneously and compare them across different departments or locations within the same store. Consequently, you can determine which areas within your organization are performing better than others and which ones you need to improve to reach your financial goals.
With BI dashboards, you will understand your business data better. As a result, you will make quality decisions that will enhance the performance of your retail business.