Jack Welch, former Chairman at GE once said: “The budgeting process…sucks the energy, time, fun, and big dream out of an organization”. Yes, everyone hates it! If there is an effective way to do it without trying too hard will you take its advantages to grow? What you need are just a good planning and budgeting process and the right technology!
Digital takes an important role today in every operation across industries; we can do almost everything using any digital devices. Emails, mobile apps, computers have made it easy for us to do almost everything we would like to. Since digital is now an unseperated part in people's life, consumers now expect that communication between them and brands would be personalised case by case and they don't want to be disturbed by any “spam” messages. This trend urges retailers to adopt tools or solutions that help them better communicate with their consumer which help improve their loyalty.
True facts regarding the importance of digital
A numbers of studies have pinpointed the fact that digital plays a critical role in retail industry; mobile app, social media and personalized communication are actively helping retailers gain customer loyalty. More than half (54%) of respondents in a research by CME council said that they need relevant information about the product in order to maintain their commitment to a brand; meanwhile 57% of individuals agree that a "poorly designed" mobile website will also discourage them from coming back, according to a study by Mobile Marketer.
Between 2011 and 2017, the value of retail transaction that people make from their mobile devices will rise eleven fold across Europe. This estimate look conservative with the continuing emergence of app-based shopping and we will see e-commerce and mobile commerce would be very popular and become a mainstream means of shopping.
Point-of-sale purchase decisions are not just evolving in the physical world but on the web as well. The rise of social media platforms have brought interaction between the brands and the customers, viral marketing and social storefronts to provide an alternative channel for retailers to sell through. Compendium's research cited that the average number of Facebook likes among the Top 100 retailers is around 1.2 million. Nevertheless, the engagement rate through the social site among these brands is only about 2 percent, which indicates that retailers haven't taken full advantage of this channel. Additionally, a study by Exact Target showed that the average time for a merchant to answer a customer’s enquiries through social media is about 7 hours which is actually too long of a time spanand the customer may buy products from competitors.
Topics: Retail Management System
Business Intelligence (BI) is not just a trend that is attracting attention of various organisations around the world. It is about the best practices of using information in managing and optimising business performance in order to maximise profitability and help companies remain viable in the competitive business environment. This article will give readers a general idea of what BI is.
Topics: Business Intelligence
In order to make the most optimization decision, managers and executives must ensure that all business processes are supported with meaningful, proactive information. Business Intelligence is one of the key technologies that help companies to successfully deliver information and transfer them into strategic plans. In our last post, we discussed about the first 5 steps to help create harmony concept between business intelligence (BI) and performance management (PM) for better business performance. The next 5 steps are to address organisational needs as well as challenges in order to direct BI and PM in the right path.
Topics: Performance management.
Although Performance Management (PM) and Business Intelligence (BI) can work separately, almost all leading organisations combine these two together to provide the best business results. PM uses the power from BI to get the data and information needed to make decisions, and PM adds context and guide BI in a certain direction benefiting the organisation. In previous posts, we discussed about how to optimise BI for SMEs as well as the way to operate BI platform in the right way. To explore more into how to enhance BI in your PM processes for greater results, we will look at some findings and recommendations to solve this problem.