{"id":1674517,"date":"2018-08-17T10:28:24","date_gmt":"2018-08-17T17:28:24","guid":{"rendered":"https:\/\/www.retailpro.com\/News\/blog\/?p=1674517"},"modified":"2018-08-03T14:35:07","modified_gmt":"2018-08-03T21:35:07","slug":"why-business-analytics-is-still-a-top-priority-in-retail","status":"publish","type":"post","link":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2018\/08\/17\/why-business-analytics-is-still-a-top-priority-in-retail\/","title":{"rendered":"Why Business Analytics is still a top priority in retail"},"content":{"rendered":"<p><a href=\"https:\/\/www.retailpro.com\/include\/eng\/Get-Whitepaper\/From-KPIs-To-Profit\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1674518\" src=\"https:\/\/www.retailpro.com\/News\/blog\/wp-content\/uploads\/2018\/07\/640-2.Why-Business-Analytics.jpg\" alt=\"\" width=\"640\" height=\"640\" srcset=\"https:\/\/www.retailpro.com\/News\/blog\/wp-content\/uploads\/2018\/07\/640-2.Why-Business-Analytics.jpg 640w, https:\/\/www.retailpro.com\/News\/blog\/wp-content\/uploads\/2018\/07\/640-2.Why-Business-Analytics-150x150.jpg 150w, https:\/\/www.retailpro.com\/News\/blog\/wp-content\/uploads\/2018\/07\/640-2.Why-Business-Analytics-300x300.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Business Intelligence is high on the agendas of modern executives.<\/p>\n<p>At the 2014 Gartner Business Intelligence &amp; Analytics Summit, Gartner Analyst Michael Smith reported that a survey of CEOs and Senior Business Executives in North America showed that their two top technology investment focus areas were:<\/p>\n<ul>\n<li>Business Analytics (71%)<\/li>\n<li>Enhanced Business Reporting (56%)<\/li>\n<\/ul>\n<p>There can be a number of different factors driving executives to make investments in Business Intelligence, but one main reason stands out.<\/p>\n<p>According to Smith, executives still report a huge gap between the information they <em>need<\/em> and the information they <em>get<\/em>.<\/p>\n<p>They get the results &#8212; the data that looks into the past without allowing them to understand what in their internal processes and external environment they need to focus on to improve for the future.<\/p>\n<p>The data they get describes what happened.<\/p>\n<p>But it doesn\u2019t predict what <em>will <\/em>happen.<\/p>\n<p>And it doesn\u2019t prescribe which actions to take.<\/p>\n<p>In most cases, data is already being registered and logged through decentralized transactional systems such as the <a href=\"https:\/\/www.retailpro.com\/include\/eng\/Solutions\/Retail-Pro-Link-SAP-Business-One\/\">ERP solution<\/a> or the CRM, marketing, or warehousing solutions.<\/p>\n<p>Information is managed by each functional area, but it may be siloed and not accessible for executives to understand right away.<\/p>\n<p>And it may not allow for analysis across the diverse transactional solutions within the company.<\/p>\n<p>This requires a dedicated setup that is built for analytics.<\/p>\n<p>But how do you differentiate which data is most valuable for you to use?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span style=\"color: #575656;\">Get Whitepaper<\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>This blog is an excerpt from the Retail Pro Decisions whitepaper, <a href=\"https:\/\/www.retailpro.com\/include\/eng\/Get-Whitepaper\/From-KPIs-To-Profit\"><em>From KPIs to Profit: Understanding Your Leading Indicators for Better Retail Results<\/em><\/a>. Get this whitepaper today to read more.<\/p>\n<p>&nbsp;<\/p>\n<p><a style=\"display: inline-block; background: #1ba3dd; padding: 1rem 2rem; color: #fff;\" href=\"https:\/\/www.retailpro.com\/include\/eng\/Get-Whitepaper\/From-KPIs-To-Profit\" target=\"_blank\" rel=\"noopener\">Get whitepaper<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Business Intelligence is high on the agendas of modern executives. At the 2014 Gartner Business Intelligence &amp; Analytics Summit, Gartner Analyst Michael Smith reported that a survey of CEOs and Senior Business Executives in North America showed that their &hellip; <a href=\"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2018\/08\/17\/why-business-analytics-is-still-a-top-priority-in-retail\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49,44],"tags":[],"class_list":["post-1674517","post","type-post","status-publish","format-standard","hentry","category-retail-customer-business-intelligence","category-specialty-retail-management-and-operations"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"Business Intelligence is high on the agendas of modern executives. 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