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Retail
Retailers face a multitude of challenges, arising in part from the impact of Information Technology:
- Is cyber-shop the future of retailing?
- Is it realistic to anticipate a dramatic increase in home delivery?
- Which other services will consume access 'virtually'?
- What is the impact of environmental constraints on the growth of out-of-town retailing?
And whatever the answers to these questions, it is certain that Business Intelligence (BI) will take on an increasingly important role in retailing.
An ideal BI solution may integrate store delivery and sales data which result in tangible benefits for retailers, whose store space is often limited, it is critical to offer exactly the right mix of merchandise. Since a customer visit is often prompted by the need for a single item, it is essential to stock that very item, making it necessary to carry a wide range of lines, and to exercise tight stock control. Apart from this, there is a wide range of retail applications provided.
Wide range of application supported
Supplier Information System
More information can be summarized at supplier level, so that traders can understand which suppliers are delivering the best margins, and are responsible for the highest sales. It enables the business to improve its terms and establish closer relationships with the suppliers.
Price Comparison System
BI can assist in pricing policy decisions, delivering pricing information when it is needed, such as offering the best value among all the leading retailers.
Promotion Management System
Promotions and special offers can be successful, and result in continued higher sales, or can result in reduced sales of similar; perhaps higher margin, products - or may have just temporary effects. The suitable BI solution should help the company to identify those likely to perform the best and enable them to make their promotions effort more effective and profitable.
Store Management Information System
The store management information system should be more than simply a sales reporting system. The system should effectively include the major Profit and Loss in items such wages, waste, and other incomes and costs. The system should be used mainly by the general manager and other departmental managers within the store, store managers use the system daily, and are able to keep in very close touch with the operation of their organization.
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