Business Intelligence for jewellery retail – Think beyond stock audit
Businesses today face a tsunami of data, quite literally! Daily sales figures, buying patterns, supply chain factors, resource availability, all create a complicated data matrix that is difficult to decipher in real time. To rein in dynamic market trends and competitors, it is crucial that this valuable data is leveraged. What if you were given a magic wand that could, with one swish, slice this data into meaningful dimensions? A wand that could, at your beck and call, magically demystify this data to give you a clear picture of game-changing factors. Well, we simply call this magic wand – Business Intelligence!
Business Intelligence (BI) refers to the use of technologies to discover, collect and analyze a company’s raw data with an aim to derive actionable business insights of strategic importance. Its key aspects include data mining, analytics and reporting, etc. With BI, companies can bid farewell to decision making that relies on gut instincts or random events. The power of BI if leveraged correctly can have a far-reaching impact on a company’s decision-making process, growth potential and its bottom line, giving it an edge over its competitors.
Though high-end, the jewellery business like most retail businesses is driven by dynamic fashion trends. Whether you own a neighbourhood pop-up jewellery store or a chain of branded jewellery stores, the need of the hour is to invest in the right set of tools to derive business insights. Business analytics for jewellery lets users proactively make informed decisions on strategies related to sales, inventory, customer behaviour and vendors. Information such as best-selling jewellery items, high-performing resources, re-stocking requirements can be easily pulled up and used in real time using BI tools.
Irys Trinity is your one-stop-shop when it comes to jewellery data analytics. It lets users think beyond stock audit. A combination of apps, hardware and web application, Trinity converts a company’s raw data into meaningful graphical presentations for jewellers to use. It provides key inputs on customer footfall; helps spot bottlenecks and solve them effectively. Jewellery retail analytics about product viewership patterns help optimize internal functions such as inventory management, buying and sales pitching and also help identify market trends. To sum up, Irys Trinity empowers jewellers to use DATA efficiently, DERIVE actionable insights and improve key strategic DECISIONS. Get a head start with a free demo !