Retail KPIs – don’t accept anything but real-time
You are a share dealer. To make the best investment decisions you are given a choice of two sources of information, the prices in the Financial Times newspaper or real-time quotes. Which would you choose?
You are a foreign exchange dealer. You are given a choice of two sources of information, the rates in the Wall Street Journal or live prices. Which would you choose?
The importance of physical stores
You are a retailer. You want to motivate your staff to convert more visitors to customers and maximise average transaction values throughout the day. You can either email them a report of what happened yesterday or give them visibility of conversions rates and ATVs right now? Which would you do?
There is not one share or foreign exchange dealer that would even consider trading using out-of-date figures. Yesterday’s data is invalid, null and void.
Legacy systems are great at producing reports, most of which remain unread because they are too late, not just stale but obsolete. Technology has moved on. Don’t accept anything but real-time.