RETAIL SALES ANALYTICS REPORTS USING MICROSOFT POWERBI
Retail sales involves the purchase of finished goods by the customer. For example, you walking into a Tesco or a Fairprice and buying a carton of milk. Today, with the rapid increase in the amount of data collected from different touchpoints in retail sales, there is an increasing demand for this data to be used to derive actionable inferences and insights which can help both the business and the customer. This in technical jargon is what we term – analytics.
Sales analytics is a process to identify, model, understand and predict sales trends and sales results while helping in the understanding of these trends and finding improvement points. It is used to determine the success or failure of sales activities in a business and also to allow them to prepare for the future.
Every sales activity is measurable. There is more data than ever before. In order to have control over sales performance, use sales analytics and the right tools like PowerBI!
Where does the data come in from?
Data comes in from various sources such as application transactions, surveys and internal applications. All these are collected and analyzed to find relationships and opportunities that may be used by the organization.
Sales analytics reports and dashboards – How do I go about doing it?
Below, we’ll see a short video demo on how PowerBI, a growing Microsoft Business intelligence tool, has been used on some sample sales data, to give insights to the business about sales, products and customers. The sample data consists of sales transactions captured by POS systems based on customer transactions and using this data, the demo walks through multiple reports and drill downs to give the organization deeper information. It also shows the ease of use of a tool like PowerBI with huge data and both simple and complex reports.
Why monitor sales analytics?
Enhancing the reports
In our next case study, we will talk about how such reports can be extended to have elements of predictive analytics and machine learning which will further help the business use these insights to drive sales and reach out to customers better. Systems such as recommendation, stock prediction and others can enhance the usability and effectiveness of such reports.
Have a report to build?
We are a data and technology driven team helping organization with solutions to enhance productivity and business. We can help you build reports and dashboards with your data and train your team into using them and taking it further.