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In RETAIL business, there lies an invaluable source of dormant information and intelligence, hidden under reams of data being entered in to their transactional software. Businesses, especially in the Small & Medium Businesses (SMB) sector, do not have affordable tools to create "Predictive Insights" and harness "Actionable Intelligence" from the huge amount of transactional data that is being captured across their business.
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Understanding the needs of SME and the need for software which aids them in creating predictive insights, BIRetail a company providing IT Solutions, has announced the launch of their new Business Intelligence (BI) software BIRetail, specially designed for the Retail Industry.
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Price Barriers
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To counter the 'price barrier' for adoption of BI solutions, BIRetail has deployed their software in the "Software as a Service (SAAS)" model. Thus, the software is available on a cost-effective "subscription" model, discount the need to buy expensive software licenses, and thus making it highly affordable.
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Since it is specifically tailored for Retailers, the package comes as a ready solution with relevant reports, charts, informative KPI's pre-built, and yet further customizable. The software is packed with many advantages and benefits like:
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► Typical BI implementations can take 6-12 months to go live. But BIRetail reduces the cycle as low as 4 weeks.
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► In the SAAS model, customers do not need to invest on hardware, infrastructure and personnel costs. All hosting, maintenance and support costs are covered by BIRetail.
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► The software is cost-effective, thus allowing Small / Medium Retailers to harness the power of Data Analytics in their respective business.
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► Inspite of being an advanced application like Data Analytics, the simplicity of use of BIRetail, provides a very easy user experience, allowing non-IT people to harness the power of data, with no training required.
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► BIRetail uses a world-renowned Business Intelligence platform called MicroStrategy, which is among the leaders and innovators in Data Analytics. Further, BIRetail uses Microsoft's SQL Server Integration Services to carry out the data extraction efficiently. Thus the reliability of data extraction, computing and report delivery is well-established.
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► Besides this SaaS delivery model. BIRetail is also available in the conventional on-premise software delivery model.
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BIRetail is a "license-free" interactive reporting and analytical tool compatible with any Point of Sale software, which assists Retailers exercise better control over their operations.
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This innovative solution helps retailers generate higher profit by churning the operational and transactional data in to "Actionable Intelligence" using the solution Retailers can:
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- Optimize inventory costs
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- Maximize earnings through Visual Profitability Analysis reporting
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- Increase sales by improved custom recognition.
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- Get better mileage for merchandise spends, with better product behavior patterns.
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The procedure to install and run the software is the easiest thing and even non IT person can do it with a lot of ease.
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One just has to sign up for the service and after that the entire data is taken care by BIRetail.
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Easy Procedure
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According to Niraj Jaipuria, Director Regional Sales Asia Pacific, BIRetail, "Technology plays an important role in supporting the back bone of retail businesses. However, technology is best put to use, when it is with in reach of the target group. We recognize the need for data analytics to find hidden answers that could help improve sales, optimize inventory, understand customer and product behavior patterns. Being sensitive to the 'price barrier', especially for Small/Medium businesses, BIRetail was evolved on the 'on-demand' model, which allows one to tailor the price of the solution as per their usage."
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The company is also participating in IRF and is taking this opportunity to consolidate insights, share ideas, and discuss innovations of retail industry.
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BIRetail is using this platform to conduct an educative campaign to the target group, simplifying the concept of Business Intelligence, explaining it's merits, outlining the pleasures and pain-points of typical BI implementation cycles, and discussing the suitability of SaaS in the BI space.
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The Important FAQs:
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1. What is Business Intelligence?
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- Business Intelligence (BI) is the means of analyzing data collected by Billing / Point-of-Sale / Retail Management software, and extracting information from them, to assist in informed decision making. In simple terms, it uses data already collected at various points, and identifies Sales and Customers trends, informs about optimized Inventory Management, displays Product sale patterns, etc.
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- The technology takes Information Reporting to advanced levels, allowing retailers instant access to information across various dimensions, filtering and sorting based on dynamic needs of the retailer, and making instant information available, with no technical expertise required.
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2. What are the benefits of Business Intelligence Software?
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It helps to better understand customer buying behavior, to drive sales and profitability, and to reduce operational costs is a necessity for long-term survival. Business Intelligence Solutions helps retailers take critical decisions on daily issues like:
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- How to dynamically decide product pricing and discounts/deals.
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- Which customers need to be informed on arrivals of new products.
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- How much to reorder of an existing product line.
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- How to track the most profitable transactions.
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- How can the Inventory levels be optimized for maximum profit.
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3. How will BI help in marketing and customer management?
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By using Business intelligence software retailers can
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- Build more successful, targeted promotions based on customer segmentation and purchasing patterns in specific locations.
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- Enhance new product introductions by understanding purchasing trends and better forecasting how different how markets and customer segments will respond.
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- Provide consistent, multi-channel service to customers by enabling all customer touch points to access the same, up-to-date information about each customer.
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4. Can BI help in Store Operations?
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Yes, Business Intelligence Software can help retailers in store management to:
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- Streamline the store ordering process and speed the flow of goods to stores by using inventory and sales information to determine when to replenish merchandise.
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- Develop more effective product assortment plans based on individual store demographics and market trends put the right products in the right stores at the right time.
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- Improve customer service and satisfaction by speeding checkout processing times and reducing out-of-stocks and back orders.
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5. Can Business Intelligence software help in improving inventory and supplier management?
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Yes, BI can help retailers
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- Improve inventory analysis to manage inventory levels for maximum productivity and help ensure promotional inventory levels are forecasted and met.
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- Formulate accurate allocation models for new stores and replenishment at existing locations.
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- Evaluate vendor performance to maintain item quality and help ensure items are received in a timely manner.
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6. How does Business Intelligence software work?
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- Business Intelligence (BI) software allows organization to make smart informed business decision using data that exists in their transcational systems. Example: "Point of Sales Systems (POS)." Initially, data is collected from databases inside an organization and loaded in to a central data warehouse. After the initial data load, only incremental changes are copied on an ongoing basis
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- Sophisticated algorithms are then executed on the data to perform aggregations
and calculations that are used to get 360 degree views in to their own data
using just an internet browser from wherever they are. Users can interactively slice and dice data and generate meaningful and powerful reports using simple drag and drop operations.
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- These reports provide executives with instantaneous snapshots in to the health of their entire business operation.
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7. How long does it take to implement Business Intelligence solutions?
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- Typical implementation with conventional Business Intelligence software's may take any where between 8-12 months. But, BIRetail based on (Software-as-a-Service) SaaS delivery model and it contains pre configured reports specific for retail industry which reduces the implementation time to as low as 4 weeks.
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8. Can I get automatic alerts from Business Intelligence software?
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Yes, users can set alerts from their Business Intelligence software in many ways:
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- Through e-mail notifications: Alerts can be received by the users through email notification which will be automatically sent by BI software.
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- Mobile Integration: BI software's have capabilities of integration with mobile phones to have instant access and alerting mechanisms which will provide executives with instantaneous snapshots in to the health of their entire business operation.
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9. What is the awareness level of Business Intelligence Software's in India?
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- Awareness is very high, but the level of deployment is low, which is y India is still a large untapped market. The India advanced analytics software market is slated to grow at a CAGR of 22 percent over the 20092013 period, reveals an IDC report.
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- Smaller business are now willing to invest in BI because on increased awareness about its benefits. However, lack of resources, financial and otherwise, constraints their ability to deploy costly BI software.
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- Business Intelligence software is making inroads in to the small business arena, and new technologies like SaaS would appear to be perfect for the smaller firm, as much money is saved in IT by having a host somewhere in cyberspace rather than present at the physical firm. The inherent ability of technologies like SaaS to reduce these price points to their fractions is what's working to its advantage.
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- SaaS growth and momentum in the APAC region will last in the long run. Springboard Research estimates the SaaS market in the region will experience a CAGR of 66% year-on-year growth between 2006 and 2010, and account for 15% of the enterprise applications software market by 2010.
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10. Who are the early adopters of BI?
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- I. Reliance retail
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- II. Future Group
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- III. Videocon(Next)
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- IV. Victorinox
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11. Explain the SaaS model and its benefits?
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SaaS is relatively new technology which stands for Software-as-a-Service. SaaS is a model of software deployment where an application is hosted as a service provided to customers across the Internet. By eliminating the need to install and run the application on the customer's own computer, SaaS alleviates the customer's burden of software maintenance, ongoing operation and support.
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Benefits:
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Using SaaS also can reduce the up-front expense of software purchases, through less costly, on-demand pricing. this way, end users may reduce their investments on server hardware too.
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12. What percentage of the market are early SaaS adopters?
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- SaaS growth and momentum in the APAC region will last in the long run. Springboard Research estimates the SaaS market in the region will experience a CAGR of 66% year-on-year growth between 2006 and 2010, and account for 15% of the enterprise applications software market by 2010.
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13. Features and Benefits of BIRetail?
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- BIretail is a "license-free" interactive reporting and analytical tool compatible with any point of Sale software, which assists Retailers exercise better control over their operations.
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- One of the ONLY pure play Business Intelligence software for the Retail Industry, delivered in the Software-as-a-Service model.
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- BIRetail is delivered as a web-hosted application on a 'pay as you go' model. Hence, there are no upfront license costs, no spends on server investments, and no long-term commitments.
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-BIRetail caters specifically to Retailers/ Traders / Wholesalers / Distribution Agents.
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- The SaaS model of BIRetail is specifically tailored for the Small and Medium players in these verticals.
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- For the larger enterprises, BIRetail has it's solution available in the conventional 'on premise' license model.
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- since it is specifically tailored for Retailers, the package comes as a READY SOLUTION with relevant reports, charts, informative KPI's pre-built, and yet furthur customizable.
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Future of the Industry
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The opportunities for the IT industry in the current economic scenario can be multilateral:
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- Innovation in the technology: virtualization, Cloud Computing and Software-as-a-Service (SaaS), these are technology advances which are going to be the future of IT.
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- Penetrating in to new markets and market segments: Untapped verticals, especially in the small/medium business segments are where the opportunity lies for IT vendors.
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Some worldwide statistics:
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- 63% of respondents in the SMB segment are considering a SaaS implementation this year, compared to 36% last year. Cutter Consortium.
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- By 2013, functional equivalency between SaaS and on-premise software will be common place across a range of applications Gartner.
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