Retail and Finance Industry: Value Realized Through Business Analytics
Business Analytics is like the handyman of retail and finance industry. The slow but continuous growth development of big data that BA provides fully equipped the retail industry with the best strategic plans and business decisions towards acquiring unparalleled value, unique selling point and having a competitive advantage, furthermore the big data answered the security threats, fraudulent actions and activities, and changing demographics challenges of the finance industry.
For a better understanding of how Business Analytics enhances retail performance, take a look at the usage or use cases of big data which are presently being adapted by leading retail companies.
Companies today reach out to their target customers and audience through multiple interaction mediums – newsletter, mobile messaging, online social media platforms, phone calls, emails, physical stores and e-commerce stores. Customer insights inferred from these marketing mediums are more complex and diverse. Which is why it is best advised to make use of the big data to develop new ways to get customers loyal, engaged at the same time acquiring new audience. For a business to prioritize analyzing data-driven customer insights means they are making space for conversion rates to grow, they are personalizing products, service and campaigns to increase revenue coming from targeted market as well as the possible revenue from the acquired new ones, they can closely predict causes of customer churn and find ways to avoid it, and minimize customer acquisition costs.
Growing trend of personalized in-store experience
Pioneer companies never run out of ideas to improve their relationship with customers and big data must take all the credit. The changing lifestyle, purchasing habits, and needs of customers led companies to think outside the box and see through what isn’t apparent. As e-commerce is fully taking over physical stores, companies did not embrace the fact that hundreds of their stores and branches must shut down and stop operation. Then emerged the growing trend of personalized in-store experience wherein shoppers and potential customers may try and test the product in-store and later purchase the item online. Omnichannel companies may use the customer’s purchases online, in-store visits and browsing history to rule out their best interests and then personalize in-store and e-commerce service for them. These information are commonly derived from the data analyzed and given by POS systems that provide business intelligence.
Expanding customer conversion rates
Customers today interact more than they transact. These interactions usually occur through social media. Given this kind of situation, companies are inclined to generate wealth from these interactions by looking deeper into customer insights. Big data provided by Business Analytics are used to understand customer behavior on social media sites. The next step after understanding how customers who uses social media sites are wired to think is the smart marketing and placement of advertisements. This way, companies are able to be stay relevant and present to the daily activities of customers at the same time attracting viewers that could potentially be customers.
Operations and Supply Chain Analytics
Short product life cycle, complex operations and distributions deem companies to use big data to fully grasp the ins and outs of supply chain towards minimizing costs. Big data increase operational efficiency by deriving information from it and improving decisions that drive better operations. These information include patterns. Patterns of how inventory are consumed in each of the location or branches, therefore knowing how much to distribute so as not to waste resources. Business Analytics plays its role of providing data intelligence that gives companies the capacity to decide on whether to distribute additional number of inventory or cut off and pull out inventory. Ultimately, minimizing costs of distribution and operation.
Retail isn’t the only industry that Business Analytics worked its power on. The banking and finance industry faces its own risks and challenges that the big data was able to resolve. The increase of the use of different payment methods led to the increased verification of customer information and details that also expanded data volume leading to the required use of big data business analytics but the slow adoption lagged the banking industry behind all other industries due to the open source technology of big data. Thus, banking industry developed an aversion to depending on business analytics techniques. To rebut the fear of an open source technology, the predictive data analytics made it easier, visible and efficient to sort through a customer history to filter risks, rule out suspicious and fraudulent activities before investing and transactions occur. Therefore, providing protection of critical information of banks.
Business Analytics gives a company a powerful advantage over its competitors and an opportunity to provide unprecedented value for its customers.
Over the years, the company has established itself as the leading retail management software solution provider for retail customers in the Philippines and Indonesia. It has provided impressive end-to-end Retail and Financial solutions to a growing list of highly satisfied clientele with its proven expertise across Retail, Supply Chain and Financial verticals and categories. It ensures the provision of a comprehensive, fully integrated, industry-proven business solution to maximize its clients’ business growth, proven by the successful implementation of several projects, not just in the retail industry, but in various industries as well.
GenieTech is an Authorized Qlik Partner in the Philippines, one of the country’s leading software solutions provider for Retail Management, Business Intelligence, Enterprise Resource Planning, Warehouse Management & Human Capital Management today.
GenieTech is Qlik’s local partner for Canon Marketing (Phils) Inc., Concepcion Carrier Air Conditioning, Roxas Holdings Inc., Toby’s, Periwinkle, Plains & Prints, Accenture, JB Music, Tridharma Holdings, Inc. and Triplex Enterprises, Inc., to name a few.
To Know more about Qlik, visit www.gti.com.ph/Qlik