Business intelligence (BI) or Big Data as it is being referred to now, is at the core of how retailers are building their business and their brands. I recently had the chance to speak with Moris Chemtov, president of Jesta, a global provider or retail ERP solutions, about how retailers are using data to better connect with their customers.
“Many specialty retailers come from a manufacturing or distribution backgrounds,” Chemtov says. “And they came into retail as a way to distribute their goods. A lot of these companies did not anticipate the growth of their retail sector, and did not have the infrastructure in place.” Data is a key piece for these companies to move forward. “BI is the engine that runs all of retail, but it has to be actionable. Retailers need to have the proper key performance indicators (KPIs) in place and be able to make use of the data. Retailers need to know gross margins and inventory turns, but they also need to know if someone buys this type of suit, they will normally pair it with this shirt and tie.”
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