April 27, 2009 – BVI Networks, a provider of business intelligence for retail, announced its RetailNEXT platform designed to give retailers and brand manufacturers a full BI platform targeted to their business needs. By collecting in-store data that extends beyond simple POS towards the analysis of video footage, RetailNEXT aims to help retailers make better decisions in relation to staffing, the placement of merchandise, and effective spending of marketing dollars.
The fact remains that in general, retailers have been slow adopters of BI. Whether due a lack of understanding or being able to see the business value of implementing BI, the successes of retailers such as WalMart and Amazon and their use of analytics to help drive business and make informed decisions about products, pricing, customers, etc. has enabled other companies to see the value of adopting BI. Consequently, the need for targeted solutions that meet the specific needs of retailers is growing.
With traditional BI focusing on capturing point in time sales data, many retailers were unable to look at information beyond a transaction taking place at a cash register. RetailNEXT, however, enables retailers to expand the available information they have to make informed decisions. Video surveillance can be used for more than counting the number of potential customers that enter a retail location. Information can be collected related to aisle conversion rates, what percentage of traffic is stopping to look at displays, and what are the conversion rates, etc. This enables retailers to use in-store data to increase the effectiveness of store modeling, marketing campaigns, and supply requirements.
Some practical applications include:
- Better decisions related to in-store merchandising
- Increase overall conversion rates and improve staff effectiveness
- Deal more effectively with loss prevention
- Gather information on specific brands and individual products that go beyond simple purchases
- Measure ROI on advertisement and general marketing campaigns
BVI Networks offers a good example of how business intelligence is slowly shifting to accommodate more diverse business functions. In addition, organizations can now incorporate more diverse forms of unstructured data and integrate that into their every day use of BI and analytics while addressing important business problems.
About the Author
Lyndsay Wise is an industry analyst for business intelligence. For over seven years, she has assisted clients in business systems analysis, software selection and implementation of enterprise applications. Lyndsay is the channel expert for BI for the Mid-Market at B-eye-Network and conducts research of leading technologies, products and vendors in business intelligence, marketing performance management, master data management, and unstructured data. She can be reached at email@example.com. And please visit Lyndsay's blog at myblog.wiseanalytics.com.
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