In a recent thought leadership report from Apparel Magazine, “The Rise of Integrated Reporting and Analytics,” Apparel outlines how companies have begun embracing integrated reporting and analytics for actionable intelligence. Actionable intelligence, traditionally a militaristic term, means to quickly gather, analyze and act on the good, solid information that they need to efficiently manage their companies.
Jill Mazur, senior consultant, WWA Advisors LLC explains that the good news is that whereas accessing data and reporting used to be an extremely painful process, BI and analytical technology is now much more accessible to any user and can provide instantaneous access. This ability to readily grab relevant data and condense it into digestible form should help fashion businesses be more responsive to market trends.
“How can this actionable intelligence, or AI, work in practice? Consider these real life examples: Integrated analytics with predictive capabilities can help an apparel retailer determine the risk for an out-of-stock situation,” explains Sahir Anand, VP & Principal Analyst, EKN Research. “Let’s say a retailer is planning a new marketing campaign, and demand generated by the program is expected to peak in two weeks’ time. If the retailer can predict that some of its stores will run out of a style featured in the campaign by then, it can alert suppliers to bump up stock levels or increase deliveries to particular stores,” says Anand.
Access to better information helps companies move from being reactive to proactive. “With more predictive capabilities, you can make better decisions on what may happen or what is likely to happen, and then companies tend to make better decisions overall,” says Anand.
Read the complete thought leadership report here to find out more about how retailers are discovering actionable intelligence through reporting and analytics.
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