One of my favorite quotes “knowledge is power” is as true today as it was when Sir Francis Bacon coined it in 1597. After all, we make the best, most-informed decisions when we have all the facts. And those decisions can have a huge impact on our lives – whether we’re buying a safe and reliable car for our family, negotiating the salary for a new job, or selling stock we’ve been holding on to until the time was right to sell.
In retail, accurate point-of-sale (POS) data gives decision makers the knowledge they need to adjust stock levels, run effective promotions, and collaborate with suppliers to drive profitable growth. The problem is – while POS systems gather data, many retailers struggle to turn it into actionable information. That’s because traditional databases, batch processing, and spreadsheet-based analytics create silos of information and obscure the true picture, according to a solution brief from SAP. Further, because retail decision makers are rarely at their desks, they can’t access the reports, dashboards, and metrics they need to make informed and timely decisions.
Harnessing the power of POS analytics anytime, anywhere
With POS solutions that use preconfigured analytics and key performance indicators, retailers can slice and dice billions of transactional records and analyze POS data in seconds. And they can put that information in the hands of regional managers, floor supervisors, and merchandisers – whether they’re at their desks or on the move – with prebuilt mobile views.
By gaining a comprehensive, real-time view of sales data that isn’t possible with traditional database technology, retailers can:
- Optimize stock levels, respond to exceptions, and fine-tune promotions
- Identify trends, patterns, and variances
- Drill down and identify the underlying drivers of retail performance
- Increase customer loyalty and satisfaction by putting the right products in the right stores at the right time
- Improve operational performance for a competitive advantage
Realizing a fast time to value with rapid-deployment solutions
For retailers looking for a fast ROI and a low TCO, software companies offer rapid-deployment solutions, like the SAP Shopper Insight rapid-deployment solution, for a fixed scope and price. With preconfigured software, templates, and tools, combined with best-practices, training, and guidance from experienced consultants, retailers can save valuable time and money and reduce implementation risks.
To learn more about the benefits of a rapid-deployment POS solution and implementation services, like those from SAP Consulting, read “Sharpen Your Retail Perspective with Real-Time Point-of-Sale Analysis.”