By Chetan Ghai, chief product officer at ShopperTrak
Due to the rapid emergence of technology, touchpoints along the customer journey have spread far beyond the physical store. Now, retailers are tasked with aligning their operations in order to create an enhanced experience. Such an evolution has placed a strain on each of the functions within a retail operation — including marketing, operations, finance, business development, merchandising, etc.
At the same time, Business Intelligence (BI) tools have evolved over the last several years: they’ve gone from helping retailers examine past actions to providing rich, forward-looking insights that optimize current and future business practices. This shift makes BI the ideal solution for both physical and online retailers, as they work to streamline cross-functional processes and remain competitive.
In that vein, it’s worth highlighting that adequate implementations of BI solutions provide individual metrics, while thorough implementations build a cohesive story about what the whole team needs to do. As companies are making significant decisions such as how to invest capital, where to align resources, etc., BI enables them to do so with a fully integrated view.
Recognizing the positive impact that BI can generate, it’s important to note a few common scenarios that cloud judgement when investing or implementing BI tools in a retail operation. They include...
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