Benefits of business intelligence in retail

Comments Effective inventory management translates to having the right amount of the right product at the right location delivered just in time to satisfy customer needs at minimum cost.

Benefits of business intelligence in retail

So what is this KPI and why should it be used in Dashboards? A KPI is simply a metric that is tied to a target. Most often, a KPI represents how far a metric is above or below a pre-determined target.

KPI help change the way people do their jobs, approach their day, and deal with daily roadblocks. When the boss passes and sees performance charts, questions follow. People begin to learn the importance of those measures.

Benefits of business intelligence in retail

When people focus on activities and apply what they learn from the KPI, good things happen. KPI are not a new concept.

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He used them to help streamline the production process. He continued to establish new KPI while he managed the company. KPI helped him to convert iron ore into an automobile in only 81 hours in KPI helped Shigeo Shingo focus efforts to speed the change over process on industrial presses.

Because he kept score on those die exchange efforts, today Toyota has been able to exchange dies in less than 3 minutes. That may not seem impressive except that his original benchmarks exceeded 4 hours.

Why are any of these activities important? At the same time, wages for his workers doubled. His inventory reduction efforts became known as Just-in-Time.

He did credit Henry Ford with the outline of the process improvement activities though! Inventory Accuracy is an important KPI for companies that carry inventory.

For Telemarketers, the number of phones calls made is an important KPI. For Retail, the average dollars per sale is a good KPI. For Managers, employee turnover is an important KPI.

When Inventory Accuracy falls, everyone knows that corrective measures are required. Everyone understands that because the inventory records may not be correct in the computer, Customer Service may not be able to trust the computer to produce a valid Promise Date. Everyone knows what happens when Promise Dates to customers are missed.

The simple act of posting the results of Inventory accuracy has a cascading affect on the entire business. Inventory accuracy is only one example of the company wide impact of KPI. We track our own Goals and we track them publicly Our real time Gauge is a beautiful example of what this site is all about, and organizations will fail to achieve optimum business benefits from their investments.

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