How are best in class retailers using business intelligence data, and in what ways is their use of that intelligence impacting both merchandising and the bottom line? Aberdeen Group and The Wise Marketer are conducting a survey this month to identify the highest priorities and opportunities for retail business intelligence, and you're invited to participate and receive the full study results.
The study, entitled 'Business Intelligence in Retail Merchandising', aims to find out how retailers are harnessing advanced data management systems to address today's merchandising challenges.
Common retail problem
Retailers of all shapes and sizes have one common challenge, especially during peak trading times such as the end-of-year holiday season. That challenge, of course, is lost sales due to out-of-stock situations, and markdowns as a result of excess inventory. The cost of lost sales, dissatisfied customers, and inaccurate inventory forecasts can bring even the best of retailers to its knees.
The challenge of managing merchandising processes is nothing new. But what is new, however, is a strategy that best-in-class retailers are now employing that uses business intelligence data (including predictive analytics) to improve product merchandising processes.
The role of predictive analytics
According to Aberdeen Group, the use of predictive analytics can help identify hidden opportunities as the dashboards implicit in business intelligence (BI) applications take advantage of multi-departmental data and make results more trustworthy, requiring less manual intervention. This involves extending promotion, pricing, assortment, presentation, and in-stock decision making beyond the reach of traditional management software such as advanced planning and replenishment systems that include crucial historical and operational data from other departments.
The new survey is expected to show how best-in-class retailers acquire customer knowledge through business intelligence solutions to more quickly react to changes in customer demand.
To participate in the survey (any time during December 2007) and qualify to receive the survey's results when the final report is compiled, click here: https://thewisemarketer.com/members/agbi1207 - thank you for your time and support!