The information is worth more than gold in the current retail and shows the following success stories of business intelligence.
Learn about the most successful experiences in the world in this post. The business intelligence or also known as Business Intelligence Application Development is a tool that has shown great benefits for the development of retail, because through big data, collects, organizes and analyzes key information to understand the business moves, detecting irregularities and seek solutions.
Retailers are making use of Business Intelligence to improve their operations in many aspects, including marketing, Custom Mobile App Development, Android Application Development, e-commerce, Omni-channel, supply chain and in general the management of the store.
Here are some success stories of business intelligence in the world, in order to better understand the benefits your application can bring to your retail store.
1. Fraud reduction and dynamic price streamlining
Amazon, the online retail giant that recently also penetrated the real world with its physical stores, has taken advantage of the benefits of Business Intelligence Application Development to optimize the detection of fraud and also personalization in customer service.
With the integration of big data, they have reinforced their security with a credit and debit card fraud detection system, with positive results of up to 50% reduction of fraudulent acts.
They have also improved their commercial strategy using dynamic prices that change every 2 minutes, compared to other retailers such as Android Application Development company that take weeks and months to update their prices.
2. Data processing and sales forecasts
Staples is another successful case of BI App Development Company, this large retail chain that has a presence in Latin America, handles approximately 10 million transactions per week, which previously was very difficult to manage. Taking advantage of this technology has managed to launch targeted marketing campaigns and forecast their daily sales.
3. Inventory management
The retailer of the pharmaceutical area, CVS, with almost 1000 stores in the United States of America, experienced problems in terms of the items it sold, which had errors in their classification due to poor inventory management.
Through Business Intelligence and big data, it became possible to track the movements of products in the inventory using 160 key indicators, which allowed more efficient inventory management.
4. Forecast of sales
Waitrose is the largest supermarket chain in the United Kingdom, but its demand varies according to the season, which represented a challenge for the company that could solve through business intelligence.
Read the blog- Why and How Data Matters in Business Intelligence (BI)?
By integrating this solution, it is easier to identify the demands at the store level and forecast which products should be available according to the customer's needs in each season, both in the physical store and in its online platform.
5. Personalized marketing
This business intelligence success case corresponds to the multinational Tesco, which is characterized by adopting cutting-edge technologies to improve the quality of its services.
Thinking about optimizing their personalized marketing campaigns, they implemented the big data to their system obtaining an increase in the use of their own credit cards and in the use of coupons distributed to their customers through e-mail marketing.
6. Measures all kinds of data
Another company that uses business intelligence is the self-service giant Walt-Mart, which employs it worldwide and manages to dominate the industry. It measures almost absolutely all the data that can as the number of visitors, the route of customers within their stores and the conversion rate.
In addition, in recent years it has incorporated Omni-channel strategies that provide consumers with convenience and thus attract and retain customers. Their international presence allows them, when they open a store in a new place, to easily anticipate what will happen based on similar conditions in other parts of the world.
7. Manage Optimized Tasks
The automaker incorporated information management software that allowed it to reduce production costs. It also managed to optimize the orders received to send them in less time and thus be able to supply a greater number of customers.
It does not matter if it is a retail store, a cement company, Custom Mobile App Development company or, as in this case, an automotive. It does not matter if it is a large or small company. Business intelligence has solutions for all who enter.
8. Measure and Analyze Of Essentials
Milar Chain, the Spanish chain of stores, specializing in the sale of electronic products for the home and computing, considers that the information and data that they measure and analyze are essentials to predict the behavior of consumers and to negotiate with suppliers.
His director of Systems, Javier Arnandis, also assures that the incorporation of the intelligence of businesses to the company, brought with it a change of culture, that favored the work in equipment and the results are more than satisfactory.
Business intelligence positively favors retail in terms of being able to obtain valuable data on business behavior and find immediate answers that allow them to solve any obstacle that prevents them from selling to customers what they need.
By looking at the success stories of BI App Development Company we can see the importance of using technology as a tool at the service of retail, being able to contribute to the design of strategies to outperform the competition, enriching the customer's shopping experience and winning your fidelity.