Imagine driving a car where the speedometer and the fuel gauge only displayed figures from the previous day. Rather than risk a speeding fine or running out of petrol, you would ignore the dashboard and resort to estimating your current situation – no doubt getting yourself into some serious trouble along the way.
Simply put, when driving a car, having access to a dashboard that updates in real-time is essential.
Likewise, you can drive a retail business much more effectively if the dashboard is in real-time. If branch staff can see sales, conversion rate, average yield and average transaction value as it stands right now, they still have the rest of the day to do something about it. If they receive it in a report the next day, it is a day too late.
To take the motoring analogy further, the dashboard in a car is placed so that it does not take the driver away from the task at hand. In the same way, a retail dashboard should not take branch staff away from interacting with customers. To read the dashboard in a car, you do not need to pull over, log in, make a query and wait for a report before you set off again. Likewise, branch staff should be able to glance at the KPIs on a tablet or better still, a smartwatch. If the KPIs are colour-coded red, amber or green, a glance really is enough.
Lewis Hamilton has just won his fourth Formula 1 World Championship. His dashboard may differ considerably from that of the domestic car, but you can be sure of one thing: Lewis Hamilton and his Mercedes team did not win by reading yesterday’s data.
If it’s not in real time, it’s a waste of time.
Take your lead from IKEA, Clarks and River Island and switch to a retail analytics solution that equips your team with actionable data they can access anywhere, anytime in real-time – www.storetech.com
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