BI #1 Business Intelligence Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA I recently had the opportunity of participating in a RetailWire webinar held by Al McClain (CEO/Co-Founder, RetailWire), an industry leader and seasoned journalist. It began with Ricardo Belmar, the report’s author, delivering an incisive summary of Retail Wire’s latest study, The Beating Heart of Digital Transformation, which was sponsored by the Board and delivered by the study’s author. Following that, McClain, Belmar, Patricia Waldron (Founder and CEO, Vision First), and I participated in a lively panel discussion. We talked about the study and its findings of where advanced planning and analytics tools were among retailers, as well as how these new-generation tools could help businesses improve future revenue.
BI #1 Business Intelligence Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA
#1 – Advanced retail planning and analytics are still in their early phases of adoption.
Apart from pioneering Business Intelligence Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA, the study found that complete implementation and leveraging of analytics, planning, and forecasting tools among retailers were still in their “early days.” However, as Ms. Waldron points out, the future of retail technology is changing. “It was clear that retailers are changing their perspectives and not just concentrating on the front-end of their digital transformation, those directly affecting the cons,” Ms. Waldron said, citing my observations based on 15 years of retail technology experience and Belmar’s impressive explanation of the study results.
to have a favorable impact on consumer purchasing and delivery of products.”
The study questioned retailers how their planning procedures are managed across six main functional areas, with a focus on the corporate, back-end, or back-office functions:
- Financial planning for merchandise
- Management of categories
- Organizing the assortment
- Allocations, replenishment, and logistics are all important factors to consider (i.e. supply chain management)
- Promotions, discounts, and markdowns are all things to consider when it comes to pricing.
- Marketing strategy
The two primary areas most affected by the pandemic, which will benefit from improved Business Intelligence Solutions in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA and Business Planning tools, are Assortment Planning and Allocation, Replenishment, and Logistics (or, rather, supply chain) services, as shown in the study results. Because merchants have yet to refine their products and do extensive evaluations of their Key Performance Indicators (KPIs) during the epidemic, the Assortment area is still a work in progress. The poor adoption of BI technologies among survey respondents demonstrates this. There’s a lot of fresh customer data coming in, so it’s not a certainty that all of it has made its way into a retailer’s software platform. The Supply Chain is the second most important functional area that might benefit from a digital transformation right away. The importance of supply chains has been highlighted by the events of the last 15 months. Delivering the right product, at the right place, at the right time remains a big problem for retailers, and inertia will occur if they don’t have powerful analytic tools to guide their decisions.
#2 – Business intelligence (BI) tools have cleared the way for future planning and analytics.
According to the report, BI adoption was highest in Sales and CRM, and Belmar wisely observed that this reflects the fact that the retail departments with the biggest need – and budget resources – are the first to implement technologies like BI. “Other functions may require it, but the essential question is: who has the budget (to purchase and execute it)? Early adopters who possess direct customer data (CRM) and customer relationships (Sales) are frequently the ones who realize the benefits and push BI farther into the organization.”
#3 – Spreadsheets are the most significant barrier to adoption.
Ms. Waldron educated guests on the basic background to set the stage for this takeaway. “Most retailers already have processing systems, merchandising systems, and other systems in place. And the reason Excel became so enmeshed is that those systems were built to process transactions, not analysis and planning; as a result, everyone ended up using Excel to carry out those transactions.” Spreadsheets and their entrenched position with merchants are plainly a barrier to new ways of doing things now that newer, more flexible cloud-based technologies are developing.
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I went on to say that they didn’t have to be insurmountable. The first thing to show Excel purists is that current planning and decision-making platforms are no more difficult to use than an Excel spreadsheet, and may even be easier. They are, in fact, strikingly similar, both in terms of functionality and look. But where spreadsheets fall short is where a Business Intelligence Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA and Planning platform excels: in promoting cooperation and presenting everyone the full workflow, thereby putting everyone on the same page. Effective decision-making should not be a one-person show; it should be a coordinated, collaborative effort, and these current BI, CPM, and Workforce Management technologies can help you achieve that aim.
The second benefit to demonstrate to skeptics is simulation. In these uncertain times, management must now, more than ever, simulate multiple scenarios simultaneously and deliver an analysis of these events as rapidly as feasible. For someone who only works with Excel files, this is a daunting process. If the application was never meant to be agile (and, as Patricia pointed out, spreadsheets were built to be transactional, not analytical), managing several copies of the same files, frequently changing figures, and displaying the outcomes of the changes is tough.
If you want to run a simulation on, say, supply chain replenishment variables or the impact of changing your strategy on your projections, you’ll need a sophisticated calculation engine that can give the algorithms you require. Timing is also a factor. Is it a matter of hours, days, or weeks before you see results? In terms of speed, BI and planning solutions easily outperform spreadsheets.
#4 – Existing solutions have a poor level of overall satisfaction.
The report noted several causes for the low quality of existing solutions, which are frequently Excel-based and use basic BI tools. A planning platform that achieves high management and user satisfaction levels are what shops seek and what advanced solution providers like Board can supply. This joy arises from the ability for any authorized individual to connect to all data at any time and see all of the possibilities with all of this data and KPIs shown. It’s all about enabling self-service so that everyone in the organization may perform their analysis at any time, whether they’re in the office or working from home. By the way, there isn’t any inconsistency here.
Picking up on why people are dissatisfied with the status quo, Ms. Waldron urged her customers to look for new technologies that integrate flexibility in the vendor’s tech stack, as well as historical accomplishments in their area, when picking advanced analytics and planning solutions. “A lot of times shops don’t want to replace their Excel systems because they’ve become ‘secret sauce,’ so a vendor must convince them that it’s easy to bring those processes into their offerings,” she said, citing my reference to ‘the art of the feasible’ designs. To put it another way, you want your provider to be familiar with your industry.”
#5 – In the coming 12 months, the post-pandemic acceleration of digital transformation in key areas will fuel adoption.
Many reasons for optimism about the extent and speed of the digital change in retail were discussed throughout the panel discussion. One of the biggest advantages of BI, planning, and analytics, according to Belmar, is that it allows retailers to embrace scattered workforces and new methods of working, which fosters more collaboration. “Collaboration is really an add-on to a spreadsheet, and spreadsheets are incapable of handling more complicated planning and strategic decision-making requirements. You should use these more complex tools to go deeper into your data and acquire a variety of data types.
Belmar is absolutely correct. The benefits of utilizing a more advanced technology platform will speak for themselves. My interactions with shops usually start with a proof-of-concept project, which frequently demonstrates the platform’s advantages over spreadsheets right away. Concentrate on the many areas where adoption can happen quickly and results can be seen right away. Management must be guaranteed that they will not be forced to entirely abandon their previous methods and plunge into an unknown and mysterious platform. We start most projects at Board by transferring all of the information from current spreadsheets and combining other data flows with Business Intelligence Services in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA in Riyadh Jeddah Makkah Madinah Khobar Saudi Arabia KSA.
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