It’s been nearly 60 years since Bob Dylan sang The Times They Are A-Changin’. Since 1964, we’ve been to the moon, invented the internet, survived Y2K, and braved a global pandemic, but one thing that hasn’t changed is change itself.
While economic, political, and cultural changes have steadily evolved, perhaps no arena has changed more or more rapidly than businesses and the technology they use, especially those in retail. Business intelligence tools for retail are one area of technology that has continued to develop at light speed over the last three or four decades.
As retailers look toward 2023, knowing the right tools for the trade is more important than ever. These 3 business intelligence tools cover a specialized business area: profit optimization, user experience, analytics automation, and app connection.
Key Takeaways:
- Business intelligence is a top priority for businesses of every size and industry.
- There’s no one best business intelligence tool—these tools work together as an ecosystem to drive business intelligence.
- Hypersonix helps retailers and ecommerce companies optimize profits in 2023 and beyond.
What is Business Intelligence?
Business intelligence for retail is the raw data that retailers collect, along with the strategies, tools, and processes they use to convert that raw data into actionable knowledge. This blend of strategy and technology includes several disciplines, such as descriptive analytics, data mining, and profit optimization.
While business intelligence helps decision-makers view data in a comprehensive format, these insights are only as good as the data they’re predicated on. Poor data quality is the #1 issue businesses have with their BI solutions, while company politics, lack of interest, poor data governance, and administrative problems round out the top 5 most common BI problems.
Top 3 Business Intelligence Tools for Retail
Are you looking for the top business intelligence tools to help your retail business succeed? Below are the top 3 business intelligence tools for retail and how they can help you make better decisions and optimize your operations.
1. Hypersonix.ai – Profit Optimization
Today’s executives are tasked with overcoming wave after wave of unprecedented obstacles. Between tough decisions like pricing and inventory, profitability remains a core priority, but many businesses aren’t making the most out of their data.
Hypersonix sets out to solve this problem by giving businesses the tools to leverage billions of data points into actionable profit optimization insights. Hypersonix does this by using 11 proprietary AI-driven engines to help companies forecast demand, identify ideal pricing models, and build personal relationships with thousands of customers using AI and machine learning.
In the highly-competitive retail and ecommerce spaces, Hypersonix is leading the charge in ecommerce profit optimization. AI-augmented analysis helps businesses understand how to learn from their history to drive profit in the future with personalized AI-driven recommendations.
2. Alteryx – Analytics Automation
Whether your business is a fruit stand in rural Georgia or a multi-billion-dollar tech giant in Paolo Alto, your business generates data. Data is everybody’s business—at least according to Alteryx. With the goal of producing analytics for all, Alteryx automates and democratizes business intelligence for organizations of every size.
The crux of Alteryx’s business intelligence power is automation. Alteryx provides the tools to automate every step of analytics ranging from data prep, reporting, blending, predictive analytics, and data science. This window into data’s power in complex industries like retail helps them act confidently.
Alteryx emphasizes scalability. While they pride themselves on providing tools every business can use, they’ve worked with some of the world’s largest brands, including giants like 7-Eleven and Coca-Cola.
At 7-Eleven, Alteryx saves the company 1,500 hours of work every week by helping to automate inventory management across millions of items in 9,000 locations across the country. At Coca-Cola, Alteryx provides hundreds of personalized inventory optimization reports for the 1.9 billion beverages Coca-Cola sells daily.
3. Better Reports – App Connection
Ecommerce sales have multiplied nearly five times over in the last 10 years. More retailers are expanding to include online sales, and the variety of apps that companies use in conjunction with both in-store and online platforms has continued to rise.
Do you take payments in-store using Stripe? Do you coordinate in-store and online inventory using Shopify? Do you record your receipts and invoices in QuickBooks Online? If so, Better Reports can help you turn your valuable retail data into actionable insights.
Bringing together data from every app you use in your business is a herculean task, but that’s what Better Reports sets out to do. With integration with popular apps like Shopify, QuickBooks Online, and Stripe, Better Reports lives up to its name with 100+ built-in reports tailored to each app.
Not satisfied with a default report? Better Reports also allows retailers to build custom reports using visual tools, create automatic reporting schedules, and formulate their own metrics using BRQL (Better Reports Query Language, not to be confused with Bristol RDF Query Language).
Better Reports also boasts 4.9-star reviews for their customer service and near-real-time results, making them a valuable asset for any company in the ecommerce space.
Optimize Your Profit in 2023
Hypersonix is more than just a business intelligence tool for retail: it’s the key to your future.
Ecommerce profit optimization is a top concern for businesses, especially in uncertain times. When the pressures of inflation, supply chain complications, rising commodity prices, and reduced liquidity have many companies questioning their future, Hypersonix gives you the tools to drive profitable revenue growth with actionable insights.
You can’t predict everything 2023 will hold, but Hypersonix’s advanced forecasting can help you take advantage of every opportunity that comes your way.
If you’re ready to embrace your business intelligence and optimize your profits, schedule a customized demo to see how Hypersonix can make all the difference.
