The convenience-store industry has learned to pivot quickly this past year, rushing to meet the new requirements the pandemic has demanded. Now, a year later, everyone is wondering what changes will stick and what changes are yet to come. Most importantly, how do stores stay profitable through all this uncertainty? It’s simple—listen to the data.
Stores collect data every day that can be put to work, and business intelligence (BI) reporting can help make this easy and automatic. BI makes actionable information out of all of the data collected to give retailers a clear, accurate picture of their business and prepare them to make the best, most informed decisions possible.
Profitability, trends and real-time snapshots are immediately available to give insight into what is working well in stores and what is not. A dashboard of important KPIs is the perfect way to see exactly what is going on at any time. With this accurate, real-time information, retailers can make sure new endeavors, as well as tried-and-true products, are performing well. Armed with that information, retailers can decide on their next move with confidence.
With this magnitude of change in the air, it’s all hands on deck, so it’s important not to waste any of team members’ valuable time gathering and formatting store data. Business intelligence software can free up employees from tasks like these. Monthly strategy meeting coming up? Reports can be generated automatically on a pre-set schedule and delivered right to the appropriate inboxes.
Of course, the reports themselves also need to be efficient. Exception reporting and automatic alerts are the answer. Only look at things that need immediate attention or things that are outside the norm. Are grab-and-go and food service items not selling as expected, for instance? Is delivery and curbside as popular as anticipated? Are stores losing ground with some staple items? Exception alerts can automatically be sent to alert retailers to important issues without burying them in multi-page reports.
2021 is looking bright, but there is still a great amount of uncertainty. The right business intelligence software can help retailers make the best decisions, from high-level strategic ones, right down to daily choices. A changing landscape demands agility. The right information can lead to quick, smart decisions, made with confidence.
This post is sponsored by ADD Systems