Over the last decade, inventory software experienced major changes. Nowadays, it has become much more than just stock level tracking, as retailers can use data analytics to make rational business decisions.
One of the areas which attracts much attention now is margin analysis.
Although inventory accuracy is still important, retailers need to know the way their pricing decisions influence the profitability. The role of margin analytics is to combine many types of operational data regarding inventory levels, purchase prices, and sales data.
In terms of technologies, it means that one should integrate different datasets in dashboards to use them for decision-making instead of plain numbers.
When developing retail analytics applications, one should include features that make it possible to do as follows:
- Conduct historical pricing analysis.
- Work with gross margin information.
- Create dashboards to keep track of inventory performance.
- Make recommendations for purchases.
- Evaluate prices based on various scenarios.
Such features will allow you to minimize manual calculations and increase consistency in pricing.
Now developers of retail platforms know that the operational intelligence approach gives you more benefits than simple reports.
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