Digital MarketingStrategiesRetail Execs Crave Business Intelligence Systems

Retail Execs Crave Business Intelligence Systems

A survey of retail IT and financial executives found that 34 percent do not have an enterprise business intelligence system, even though 72 percent of those without one think their companies would benefit from such a system.

A survey of retail IT and financial executives found that 34 percent do not have an enterprise business intelligence system, even though 72 percent of those without one think their companies would benefit from such a system.

The survey, conducted by SWR Worldwide for Lawson Software, also found that 91 percent of respondents with enterprise business intelligence and analysis systems believe it has made their managers and companies more efficient. The survey defined enterprise business intelligence systems as “solutions or systems that automate data collection and offer management access to cross-functional reporting and analysis on the desktop.”

“Real-time business intelligence and analysis across all stores is no longer a ‘nice-to-have’ capability for retailers,” said Tony Marzulli, senior vice president of global marketing for Lawson. “It’s now a must-have for survival in a difficult and competitive economic environment. At the same time, this survey showed that most respondents with a system in place are only somewhat satisfied with them, and we believe that’s because existing business intelligence systems need to get easier to use and better integrated with all sources of enterprise data.”

Not surprisingly, the survey found that efficiency and accuracy in financial reporting is the top priority among several IT and financial areas over the next year (32 percent), but new systems must also leverage existing IT investments. The second priority was integrating and maximizing the usefulness of existing core technology systems (29 percent).

When asked about the possible features of a business intelligence system, ease of use was a common answer. Among a list of possible functions in a retail enterprise system, those considered the most helpful were a browser-based interface that is easy to use, the ability to integrate and work seamlessly with third-party and proprietary applications and the ability to capture and use data in real time for reporting and analysis. Respondents rated these functions 7.4, 7.3 and 7.3 respectively on a zero-to-10 scale, with 10 being the most helpful.

The survey was conducted among 150 financial and IT executives at retail companies with revenues of at least $150 million. Industries included grocery wholesalers, grocery retailers, convenience stores, drug stores, general merchandisers, specialty stores, home stores, auto suppliers, apparel stores, restaurants and bars.

Related Articles

How financial services CMOs should approach regulation

Digital Transformation How financial services CMOs should approach regulation

2w Al Roberts
How are traditional banks competing for customers in a digitally disrupted industry?

Finance How are traditional banks competing for customers in a digitally disrupted industry?

1m Al Roberts
5 cross-platform automation tools to improve your team's efficiency

Collaboration 5 cross-platform automation tools to improve your team's efficiency

1m Tereza Litsa
How challenger banks are revolutionizing the banking customer experience

Finance How challenger banks are revolutionizing the banking customer experience

3m Al Roberts
8 ways AI can enhance your marketing strategy today

AI 8 ways AI can enhance your marketing strategy today

3m Marcela De Vivo
Why banks are becoming customer-centric organizations

Analyzing Customer Data Why banks are becoming customer-centric organizations

1m Al Roberts
Five tools to automate lead nurturing in sales

Ecommerce & Sales Five tools to automate lead nurturing in sales

1m Tereza Litsa
How CMOs are using apprenticeships to bridge the digital skills gap

Marketing How CMOs are using apprenticeships to bridge the digital skills gap

2m Christian Doherty