The Retail Industry uses Data to Improve Their Business
Retail companies are using big data to revolutionize business operations, improve marketing initiatives, target potential customers and drive higher sales. Companies that undergo SAP to Oracle conversion are benefiting from powerful big data insights when used for business decision-making.
A recent survey by Accenture, GE, and IBM revealed that 92% or executives are satisfied with the results generated from big data initiatives, and 89% have found it to be “very” and “extremely” important. 89% of the surveyed that launched at least one big data project, believe that it will revolutionize business operations. According to Accenture researchers, 85% believe big data would dramatically change the way business is done. Another study by McKinsey revealed that companies that use big data for sales and marketing decision making improved their ROI by 15 – 20 within a 5 year period.
While the benefits and return of big data have long been debated, many businesses are recognizing the potential impact on its business model, and are eager to see strong results other companies enjoyed. Once businesses undergo OBIEE Migration and are ready to analyze big data for improved and targeted sales and marketing decisions, the results are staggering.
For example, the retail stores Kroger and Walgreens have used big data to increase and stabilize sales, even within the slow seasons. Clinicians within Walgreens are using big data to deliver advanced analytics so that they can better assess patient conditions and provide better recommendations. Not only is this preventing further medical conditions from developing, it allows patients to avoid unnecessary future costs, which helps them maintain a long relationship with Walgreen’s pharmacies.
Kroger is also applying big data to access, collect and manage data for nearly 770 millions consumers. By implementing big data within their customer loyalty system, they have received greater, more actionable insights on customer loyalty and profitability. They believe that their customer loyalty and profitable data driven programs helped to stabilize sales, even during the recession of 2009.
Learn How your Company can use Business Intelligence
More and more companies are catching on to the benefits of big data. To learn how you can use big data to enhance business decision-making that improves ROI, check out our easy to use BI tool migration or speak with a Dynasoft professional today for personalized assistance. Call today at (510) 894-1461.