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That’s an important question to ask if you’re hesitating to implement BI into your retail business. Anyway, the reasons to welcome it are numerous. And once you go for BI, you won’t understand how you used to live without it.

1. Knowing your customer.
   It goes without saying, that personalization is a crucial component for keeping the lights on in today’s retail market. Only connecting with your clients on a deeper level and finding an individual approach to each of them, will make them shop with you. And that’s exactly why you need Business Intelligence – to provide you with data that’ll tell you meaningful stories about your customers, help you define their needs, and improve the customer experience. Having all the necessary data at hand, you can show people that you care and turn them from random customers into loyal ones.
2. Better decision-making.
   You can’t drive your business forward with just a gut feeling and guesswork. Not anymore. Now it’s all about big data and the ability to transform it into powerful insights. And, sure enough, that’s what BI does so that you can upgrade your strategy and avoid many pitfalls on the way of developing your business.
3. Optimization of processes.
   If your business functions perfectly – without a hitch – then, congrats, either you are the luckiest person on planet Earth or you’ve already implied BI solutions. BI helps you to constantly assess the company – its structure and processes – and almost every aspect of your business. As a result, you can easily anticipate the problems your company might face and prevent them.
4. Keep your staff informed.
   If your business is not limited to a couple of people, you need to find an efficient way to deliver information to your team. Designed to gather all the necessary data in one place, BI solutions serve as a single source of truth. Having acquired knowledge, your employees will become more consistent in their actions: they’ll be able to solve the issues and adapt to customers’ behaviors better, which will lead to improving sales.

To make a long story short, data is an engine of your business, which drives your company forward. But simply “having it” is not enough. Data needs to be converted into an understandable format. And that’s exactly what BI handles perfectly well. Here you can find even more evidence of that.

Credit: Yelizaveta Artsyman