Information is power – and in the retail world, this means profits. As businesses adopt new retail technology to improve the customer experience and their retail marketing efforts, they can capitalize on the wealth of data collected by integrated systems. Retail business intelligence turns numbers into trends and actionable insights for merchants.

Companies that want to reduce waste and streamline processes can "go lean," Ian Newcombe suggested in Business2Community. By applying factory thinking to multi-channel store operations, he said, retailers can optimize their resources. For example, if a business identifies that employees often have to walk to opposite ends of the warehouse for the most frequently required items, it can rearrange the stock organization to increase efficiency. Improvements can also be aimed at consumer satisfaction, such as reducing clicks for online purchases or identifying customer trends.

But how can retailers identify these inefficiencies? That's where business intelligence comes in. With retail management software, companies can run reports on their operations. Resources like Retail Pro Business Intelligence can send custom notifications to decision makers in the company. Wildlife Trading Company, which implemented the technology to manage a multi-store operation, uses the interactive reports and trend notifications to make more profitable decisions.

This entry was posted by Retail Pro on Friday, January 17th, 2014 at 4:38 am .