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How data analytics is helping retail outlets with critical decision making

Most retail companies today operate in the master franchisee model where master franchisee manages the operations of the different stores of the brand. In such cases, it is important to understand the difference between what the company sells to its franchise stores and what the stores in-turn sell to the consumer. This metric is where the insights are hidden. Hence it is very important that companies track &understand this metric to optimally manage stocks and avoid costly stock-out or over-stock situations. Important decisions like the number of new stores that should be opened, best location & size of each store in different cities are not a straightforward choice! Data analytics usage in this space has proved to solve this dilemma. It helps companies to decide the optimal size of each new store they open, while ensuring that these decisions takes into account key parameters like real estate rental costs, catchment area, average incomes in the geographical area, presence of competition etc. Therefore, data analytics is simplifying complex business problems.

Arvind Nagpal wrote about this aspect in his recent article. To read more, please visit the following link:

http://www.informationweek.in/informationweek/perspective/288161/analytics-helping-retail-outlets-critical-decision

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