Introduction
For big, organized retail data is the king. But the challenge is to collect, manage, & work on this data to produce meaningful information. Shopping centers which are with time are investing in the best business intelligence solution to control & understand this information. The era of Big Data is staring at us, every year the amount of data is increasing by many folds. One needs to get a complete hold on this data to get meaningful information out of this. Adopting new technology may always look like a daunting task but BI tools have a good pay off & sooner than later you will reap the benefits of adopting business intelligence in your organization. The best Business intelligence software like WovVBI help shopping malls to monitor trends, work according to the changing market conditions, & improve decision making at different levels of organization. Solutions like WovVBI are driving traction at global level. Some companies use BI to gain insight into customer shopping patterns; others want to get a pulse over their employee performance. This software is capable of both.
Why is business intelligence required in shopping centers?
Shopping centers have to manage a vast amount of data – from supplier data to customer purchasing patterns, from employee data to inventory management – every transaction, interaction, & data points offer an opportunity to gain a deep understanding of the processes & make your entire business more efficient & successful. Business intelligence and data analytics tools like WovVTech’s WovVBI record these transactions & produce actionable insights through graphical representation of important information. Retailers can then make intelligent business decisions entailing products, offers, promotions, shelf positioning, & discounts. They can even get a pulse over future market trends & win the market through personalization.
How shopping centers benefit with business intelligence software?
Quick & accurate sales reporting
There are customized reports to monitor KPIs. These reports are generated using a variety of data sources from which data is fetched & stored in a centralized database. WovVBI, a top business intelligence software, can integrate with more than 50 databases at a time. These real-time reports are based on real, recent, & relevant data so you get the most authentic insights from these reports. For easy understanding, these reports have graphs, tables, & charts. The reports are interactive so you can get the information you want in the way you want.
Precious business insights
Using BI Tool for shopping centers you can measure revenue, business performance, as well as product-specific indicators. One can clearly understand their strengths & weaknesses as business intelligence software can help shopping malls understand what is working & what is not. With this tool you can easily stay on top of KPIs that matter most to you.
It gives a competitive edge
The ability of business intelligence reporting from a large database which has a market sales record gives you a competitive edge. Furthermore, it has provision of planning & forecasting which is an incredibly powerful way to stay ahead of the competition. You can purchase data from third-parties & feed it into BI software to get reports on competitors’ performance & sales and learn from it & differentiate your products.
Get a holistic picture
Shopping centers which can integrate data of various time periods in the past to get a complete picture are better poised to be successful than others. But then this data is rarely squeaky clean, it’s not impeccable, but software like WovVBI, the Best Business Intelligence Cloud Software, can overcome this challenge as well. It can take care of collecting, updating, and creating clean databases which can produce insightful reports.
Better customer satisfaction
Customer satisfaction is very important for a shopping center’s success. With the help of advanced malls business intelligence tools retail stores can understand customer behavior & purchasing patterns. These software access customer data & sales data and based on that they get insights which help them to retain customers & better fulfill their needs. Once you have understood the buying patterns of shoppers you can accordingly shape your product’s shelf positioning to drive better sales.
Market orientation
To get a pulse over your target market, you can feed the market sales data in your BI tool. This will help you to identify new opportunities and build strategies to pull outside customers into your fold. This will give you a competitive edge & affect long-term profitability. With WovVBI you can easily get key understanding of the Shopping mall data collection & detect new sales trends & spot business opportunities.
Improved operational efficiency
Business Intelligence for shopping mall software gives key insights based on which you can streamline processes & remove bottlenecks to gain operational efficiency. The manual errors, delays & inefficiencies are removed to give way to efficient, streamlined processes.
WovVBI
As already mentioned in the blog, WovVBI is an innovative Shopping Mall Management Software & Application which is specially designed to take care of shopping center’s needs. It connects to multiple internal & external databases to build intuitive custom reports. You get to see precious insights with interactive, captivating reports. There are more than 50 pre-built reports which are available along with instant notifications, simple UI, easy set up, user role & profile management automation. It’s the best software for shopping center’s to understand the retail mix & plan for evolving market trends in the future. Here are its key features:
Build custom reports & pivots using an intuitive report builder. You have access to all the information as you can generate the desired reports in minutes.
Extensive reporting for shopping centers. All key measurement parameters are already defined for users.
Graphical representation of reports for easy & quick understanding. You can download the reports in various formats & deep-dive into data.
Report creation option allows you to make custom reports by choosing data fields & layout design.
Integrate data from multiple sources (more than 50) to build holistic reports.
Dashboard with more than 50 KPIs. Slice & Dice reports. Footfall analysis. DIY report designer. Store wise report generation. *
Reports can be exported as Excel, Image, PDF & can be easily shared online or carried away after printing.
Conclusion
Mastering the new world of retail BI can be challenging at times. There are so many BI solutions, but which of these have the right reports? Which of these integrate with the right databases? & Which of these can predict the right future trends by analyzing the available data points. Other points are affordability, usability, & adaptability. Keeping all these things in mind, our suggestion is WovVTech’s WovVBI. This business intelligence software for shopping centers can definitely help you to shape & plan your marketing strategy for a sure win. WovVTech’s WovVBI. This business intelligence software for shopping centers can definitely help you to shape & plan your marketing strategy for a sure win.
This article first appeared on Wovvtech.com
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