Applications of Business Intelligence Tools in the Retail Industry in Indian Context: An Approach to Tap Profitable Customers

In times of global recession Business Intelligence (BI) tools like data warehousing, data mining, and OLAP can be fruitful and profitable as they provide quality actionable information to the retailers which helps them in increasing their revenues. A close look at the retail organizational functions across the world suggests that BI can play a vital role in almost every function. It gives insights about customer behaviour; which in turn helps the retailers to meet ever-changing needs and desires of the customers. On the supply side, BI can help retailers identify their vendors by analysing their past behaviour and determine what separates them from not so good vendors. With the help past data analysis, it helps retailers in better inventory management and better storefront operations through better category management. BI can also improve support services of retail organization like finance and human resource management. BI helps retailers in investing only in areas where it is monetarily and strategically fruitful.

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