Data has always formed the basis of businesses. From the abacus to the tiny computers at the palm of your hand, we’ve always been trying to develop tools that can give us more information about everything around us. But getting more data is not the challenge today. In fact, in this age of information overload, many have started to ask, is there something as too much data, since all that this data is leading to is more confusion for businesses.

What metrics should you trust? Which areas need improvement? What actions should you take and what would the results be? When you start thinking about all this your head starts spinning faster than a fidget spinner going out of style. I mean, sure you can hire teams of data scientists, analysts and consulting firms to look at your data and make sense of it all, and you have to do it, but at times, by the time you derive insights, it’s too late to take action and an opportunity is lost.

The need of the hour isn’t just to simplify and distil these swaths of data into insights, but also to do so in real-time. You also have to be able to slice and dice data so you can compare the options you have and take the best decisions possible backed by actual data.

The intelligence behind quick decisions

It’s important to have visibility into how well your retail business is doing on a day to day basis. Having access to sales and growth KPIs at real-time and having the ability to compare it with historic data allows you to better determine the factors that are influencing your business. It enables you to better optimise working capital and also to take quick decisions to maximise growth, without having to wait for in-depth analysis.

The intelligence behind memorable campaigns

They say marketing can make or break a product or brand. But, are you able to measure your marketing campaign KPIs and RoI so you know what works and what doesn’t while you still have time to take action on it? When information spreads so quickly and attention spans are at an all time low, knowing how your consumers are responding to your campaigns and subsequently to your brand can be the difference between bringing relevance and being monotonous.

The intelligence behind store growth

Retail is all about optimising your assets to ensure you’re not stretching or saturating yourself. Knowing exactly how well each of your stores are doing everyday gives you the power to take actions to improve store performance at a granular level. In this omnichannel world, being able to compare the performance of various channels across different regions gives you the insights you need to share resources strategically to help low performing assets as well as maximise high performing ones. Design targets and incentives intelligently and watch stores grow.

The intelligence behind successful products

All said and done, it’s your products that make or break a sale and gradually create your brand perception. Hence it’s important to have visibility into what SKUs are working for you and which ones are not performing as expected. By comparing products within and between the various categories and multiple brands that you may have, you can better understand factors impeding performance and use these insights to focus strategically on lower performing products. You can also understand and optimise supply chain operations better as per seasonality and customer segments etc.

Get all the essential insights on the go

Business intelligence tools can power you with all the essential insights your business needs, directly at your fingertips. With Capillary Essential Insights, get more than 24 easy to customise reports that are built specifically for your retail business. Having access to overall business insights such as sales reports, product insights, store insights, campaign insights, customer insights etc. in real-time, Essential Insights enables you to continue making the most of your data and take actions instantly. With rich, interactive visualisations on desktop and mobile, BI tools such as Essential Insights lets you discover insights easily and unlock growth on the go.

Kapil Raj
Kapil Raj has been writing about consumer behaviour, consumer businesses and technology in the fintech and IT space.