Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: 3 Ways Big Data And Business Intelligence Can Improve Your Business
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Data Quality > 3 Ways Big Data And Business Intelligence Can Improve Your Business
AnalyticsBig DataBusiness IntelligenceData QualityExclusive

3 Ways Big Data And Business Intelligence Can Improve Your Business

Subhankar Bhattacharjee
Subhankar Bhattacharjee
6 Min Read
SHARE

Enterprises collect an unprecedented volume of data about their consumers, sales, and products. In most scenarios, these rows of information move very fast, are too big, or they surpass the processing capacity of the existing technology applications in the organization. But with big data and business intelligence, enterprises get to enhance operations, their profit margins, and also make quicker, more brilliant business decisions.

Contents
1. Sales analysis2. Inventory analysis3. Consumer analysis

The retail market has been trading on its gut instinct for years. But now, they’re recognizing the importance of capturing data around their strategic business activities. The ability of businesses to back their decisions up with evidence of things that might work is essential.

BI and Big Data analytics have revolutionized a myriad of industries, with the retail sector being the biggest beneficiary. Big players like Walmart and Amazon leverage BI and Big data analytics to enhance their retail performance. However, these benefits aren’t limited to full-blown companies alone: medium and small businesses can also realize great value in integrating the systems into their operations.

The advantage that comes with the ability to process significant volumes of data is the main attraction of business intelligence and big data analytics.

More Read

use ai to make ecommerce websites ada compliant
eCommerce Companies Use AI to Ensure their Sites Are ADA Compliant
Big Data + Intimate Stories = Big Impact
Payola? There’s An App For That!
Tips to Protect Office 365 Systems from Data Breaches
Analytics in Machining Techniques in Making Advanced Exoskeleton Robots

Here’s how enterprises can turn BI and big data into a business advantage.

1. Sales analysis

In retail business – supermarkets, department stores, and e-tailers – transaction histories and sales receipts can produce incredible volumes of data depending on the business size. These rows of information present a massive opportunity for businesses to analyze their sales. However, valuable insights are not based on volume alone.

Integrating a successful business intelligence solution can assist retail organizations to pull out essential information from a chunk of data, by addressing the question at hand. It gives definite answers to questions like how much of a product is being sold and the type of client that’s buying the product as well as the store or outlet that sold the product, and the specific time.

These are critical answers that retail businesses need to improve their decision-making process. The trends in the data showcase the strengths, weakness, and opportunities for the company. For instance, one can know when they make the most sales and the time. This way, they ensure that that particular store has enough commodities to meet the demands. The data also points out areas that perform poorly, allowing the enterprises to make drastic decisions to rectify the problem and identify potential opportunities.

That said, the real value of BI or Big Data isn’t just based on the ability to address the questions on an individual basis; it comes with the ability to converge data from multiple systems and sources so that users can gain more insight from the available information.

2. Inventory analysis

Like never before, big data and business intelligence are helping to merge business systems in retail stores to enhance operational efficiency while providing higher profits. BI and big data allow operations managers to have a detailed summary of the operations, so they can eliminate any bottlenecks and enhance efficiency.

The access to real-time information also enables finance managers to take care of traditionally narrow margins of profit with greater context to make sure they enjoy maximum gains from investment into inventory.

And since all these processes happen on the cloud as opposed to the traditional books and hard drives, there’s a reduction in hardware and maintenance costs. Enterprises can also integrate cloud into the current systems with less expense.

3. Consumer analysis

Knowing who the most profitable consumers are is a crucial concept in retail business intelligence and Big Data. The sales analysis allows businesses to increase their profits margin by understanding who their most loyal consumers are and strategizing on ways to keep them on board. The realization also lets enterprises define a unique opportunity around insight creation.

Having access to real-time consumer demand pattern information allows enterprises match their inventory to their orders accurately, which results in customer satisfaction.  Consumer analysis can also help predict seasonal spikes, trends, and depression. This way, retailers can always avail the right inventory levels to match their demands.

Besides, the cost incurred in finding and acquiring new clients is far much expensive than the cost of maintaining the existing ones. So it’s more realistic for retailers to pay attention to what the data is saying concerning these individuals.

Consumer analytics, as part of BI and Big Data, can be leveraged to create and maintain loyalty programs aimed at pleasing these customers. This plan is sure to increase the consumer retention rate and also result in more business through referral of happy and contended buyers.

TAGGED:big databusiness intelligenceecommerceretail
Share This Article
Facebook Pinterest LinkedIn
Share
BySubhankar Bhattacharjee
Content Writer
Follow:
Subhankar Bhattacharjee is a small business writer who helps brands promote their products and services. Through his writing on Biggerstalk.com, he delivers well-researched, high-quality content that supports brands in building their presence and connecting with their target audience. His growing reputation as a thoughtful and effective writer is making a significant impact in the business community.

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Predictive Analytics World New York City Conference Announces Speaker Line-Up

5 Min Read
ways affiliate marketers can use big data
Big DataExclusive

3 Ways Affiliate Marketers Can Use Big Data To Adapt To Competition

6 Min Read
google nexus BI lesson
Uncategorized

4 Retail BI Lessons to Learn from Google’s Nexus Fail

5 Min Read
big data for tax collection
Big DataData MiningExclusive

Here’s How The UK Government Is Using Big Data For Tax Collection

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?