In retail, managing business intelligence (BI) is less a matter of finding data, and more about drawing out the valuable insights hidden within that data. Retailers have plenty of information at their fingertips, but how do they efficiently dig for the stats that will lead to real, measurable results?
The key is a structured approach to BI that brings in stakeholders from across the retail enterprise. The insights a BI solution generates shouldn’t be applicable to just one department — every aspect of the business can offer valuable thoughts on which data is important. The trick is bringing stakeholders, technology and data scientists together into one coherent program.
This Retail TouchPoints special report explores some of the top tips for strong BI management, including:
- Asking the right questions: Data isn’t useful if it’s not applicable to real-world circumstances;
- Applying the right tools: Both people and technology have key roles in data analysis;
- Centralizing versus democratizing data: Retailers need to find the right balance between leveraging data scientists’ bandwidth and providing insights to all who need them; and
- Maintaining security: Retailers need to keep personal information safe or risk financial and reputational repercussions.
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