Retailers will identify the type of Business Intelligence that can be accessed to inform their business plan. [printfriendly]
Business Intelligence Benefits
Being online requires a new level of monitoring your operations and business intelligence. It can boost your business decision-making process and opportunities in areas like:
- Revenue growth: Incorporating financial impacts such as decreased sales, higher cost to acquire new customers, and customer retention.
- Cost reduction: Such as increased operating costs, reduction or delays in cash flow and additional unnecessary charges.
- Risk management and confidence management: Such as credit assessment, investment risks, competitive risk, capital investment and/or development, fraud and leakage, compliance risks, decreased organisational trust, low confidence in forecasting, inconsistent operational and management reporting, delayed or improper decisions, decreased customer, employee, or supplier satisfaction, or lowered market contentment.
- Productivity impacts: Such as increased workloads, decreased output, increased processing time, or decreased end-product quality.