Business Intelligence (BI) tools are no longer a “nice to have” for modern businesses—they are a must-have. With the early start of this year’s holiday season, retail organizations need to have access to their data in real-time to make the best business decisions.
Efficiency Improvements
BI tools should be an all-encompassing source of truth for your business’s data. One benefit of having all your data on one platform is that it improves organizational efficiency—and therefore, productivity within the business. Companies no longer need their employees to spend hours on redundant, manual reporting and instead can focus more on analyzing their data’s insights.
Real-Time Data
Having real-time data available for you at your fingertips is invaluable information in today’s constantly moving world. BI powered dashboards give users the availability to log into their platform at any time to see continuously updated performance. It is vital for retailers to have access to their data at the palm of their hands to drive important business decisions, but especially during the peak holiday shopping season.
For example, if your paid social channel is performing exceptionally well, you should be able to drill down in an instant to see what campaigns are resulting in engaged user behavior. Below is a snapshot of business questions that are answered by campaign performance metrics from a Domo dashboard.
Engagement Rates per Campaign
To gauge the performance of clicks by campaign for each week, we can click into this card to compare weekly performance, as seen below:
Clicks by Campaign per Week
We can also drill down into a visualization to compare campaign performance at the week or day level:
Campaign Performance: Week or Day Level
Retailers can access their business intelligence platform at any time of the day to have the most up-to-date performance trends at their fingertips and can set custom alerts to be sent when trends breach a certain threshold.
Improved Visibility
On a similar note, the data automation that is directly associated with business intelligence platforms has resulted in businesses having more control over their standard operating procedures. The times of scrolling through table reports are that of the past. Using tools like Domo allows you to gain actionable insights and visualize trends much more efficiently than flipping through pages of excel spreadsheets.
With the unpredictable holiday season quickly approaching, it is more important that retailers are prepared, rather than responsive, to their business’s performance. BI tools allow end users to have access to their data at their fingertips, which results in the ability to make the most impactful business decisions.
If you are wanting faster data insights or have questions on how to improve your brand’s BI tools, feel free to drop us a line and our team of experts will reach out to you.
