What is news intelligence?
Since most retail stores work within the profit margin of the vein, it acquires a fundamental type of data on the Retail Business (BI) news (BI). Business Retail Intelligence is a collection of information from promotional promotions Point-of-Sale (POS), POS computers and registers in real time and simple reactions to customer demand. Most retail companies have no problem collecting all these data. The problem is that most businesses do not have expertise to understand it. The information is unnecessary if it cannot be analyzed and then used to increase sales and support greater efficiency.
Retail Business Intelligence begins by having the right systems to collect the right amount and type of data. The collection and delivery of this data to the right people within the organization is also critical. Once the data on the news of retail business are provided, BI experts quickly start checking and interpreting them. Effective retail businessRavodajstvo providesinformation that can be used to make changes in performance in individual retail stores, advertising, marketing and even product delivery.
Some retail companies adhere to the old 80/20 data analysis rule that states that the company spends 80% of its time by collecting and organizing data and actually analyzing the data. For example, one retail business insisted for five days to collect, analyze, combine and interpret data on news intelligence. This means that it took at least five days to respond to data and make the necessary changes. In today's rapidly developing retail environment connected to a computer in real time, five days can also be five years. This company has changed the ways to process BI data by combining processes into a single software program that now processes all data within hours.
The most successful retail businesses know a lot about the development of systems that will help them get other customers, sell more products and make more money. Most modern retail stores know exactly how a specific trade works at any time of the day, whether in some areas improve or lack, what type of customers they visit where they live and what they are likely to spend. This is a lot of valuable information, but without a retail intelligence expert who converts it to practical information, it's not worth it. Immediate reaction is critical to the effectiveness of retail BI. These retailers who have the integrated BI web system in real time, and experts who are able to analyze and respond quickly will probably be the most successful.