Information has become the most active in the retail sector, that is why it is essential to understand how it works, the business intelligence and big data. Learn here how to get the most out of it.
Each movement performed by a customer in the shop generates the data, which contribute to better understanding of their preferences and understand its behavior, hence the need to carry a reliable registration, and most importantly, be able to analyze this data.
Understanding the value of the use of the data in the retail, it is not surprising that today the analytical data is applied at each stage of the sales process, retail, allowing you to know in advance which will be the demand for products and which customers will be interested to buy them.
But to be able to move forward on this issue it is necessary to know what is in each one of these terms.
What is business intelligence?
This tool uses a series of tactics and strategies of your own to the processing of data a day-to-day, such as; how much, what and when to sell, and even who sells it. What allows you to get answers through the efficient processing of data.
Using the information collected, the Business Intelligence or business Intelligence makes it possible to be able to find hypotheses and patterns predictive that lead to better business performance in the various areas that comprise it, such as: finance, marketing, human resources, and post-sale.
Its use will signify a remarkable improvement in the decision making and all on the basis of the detailed study of data.
What is Big Data?
As its name indicates it is of large volumes of information and was designed to contribute efficiently and effectively in the management decision-making on the basis of an analysis of the historical data.
Today, this concept evolved after the possibility of monitoring information in real time and the accelerated growth of the volumes of stored information.
Importance of the application of business Intelligence and big data in retail
Experts agree that what really matters is to have reliable data in terms of volume and quality at the time of performing an analysis infallible.
Below we highlight some of the improvements that can be obtained by the product of the application of the business intelligence and big data:
- Improves the planning of the placement of the products in the store, which will motivate the customer to make a journey more complete by the store and turn it to stay in it for much longer.
- Optimize the pricing strategy by placing the best deals in the hot areas of the store.
- Anticipated demands of future sales of certain products.
- Analyze customer loyalty with a customer relationship management (CRM), which identifies the buyers more faithful, as well as their buying habits and preferences.
- Optimize the stock on the basis of the parameters set forth; as, the margin of sales and profit they generate.
- Facilitates the management of inventory and improve the flow of the supply chain.
For best results it is necessary to take advantage of the technological tools that provides the startup Intellegenxia focused on the market retail for Latin america.
Your solution package allows you to collect important data to store and to monitor and analyze the information to facilitate decision making.
It is important that the data collection is performed according to the criteria defined in terms of the use that thinks them, because through reliable information it is possible to develop interesting projects that will enhance the performance of the retail sector.
With a correct use of the business intelligence and big data it is possible, for example, be able to predict when a customer will buy in our store, and will begin to bring profits to the competition.
The effectiveness of both tools is demonstrated in the retail sector and results in improved operations to the benefit of the store and our satisfied customers.