Key performance indicators (KPIs) serve as a roadmap to business growth, allowing managers to assess the achievement of company’s goals and adjust marketing strategy, when necessary. Tracking industry trends is particularly important to retailers due to the high volatility of the business. In a changing retail environment it’s critical that data is effectively managed for real-time KPI reports.
At first sight, lots of data is available for field team managers to assess sales reps performance. On the other hand, data gathering, visualization and analysis can be really challenging while managing KPI framework. Field team managers might feel like they have too many balls in the air when it comes to gathering various data for several KPIs. Reporting delays and data inaccuracies due to human errors, big time gaps between data aggregation and getting insights for making decisions determine the complexity of KPIs implementation.
In order for a KPI report to provide a current view of retail conditions, it needs real-time data.
Retail execution software can help companies to improve KPIs implementation by allowing managers to get real-time GPS-confirmed data, blend different types of data for more robust analysis, and get the exact data they need at the moment. Lets consider the main ways a retail execution software solution can help companies to aggregate, track and manage data, used for KPI reporting.
Real-Time Data Workflow
Retail execution software not only allows your field reps to automate retail visits and tasks performance, but also provides real-time data workflow to generate KPI reports. Field team managers instantly get the following information:
- Progress in carrying out the tasks
- Work hours
- Field reps/customers timesheets
- Photos, taken in the field
- Actions performed
- Visits and tasks data
- Orders and returns
Moreover, as you implement retail execution software, you’ll be able to generate new opportunities to collect data for KPIs, such as questionnaires, surveys, retail audits, inspections and etc.
Data Management, Made Easy
Retail execution software allows managers to simplify KPIs analysis, making it easy to present data in ratios and percentages and identify trends in the development of markets and sales territories. Real-time reporting empowers field team managers to identify situations that require their attention and take urgent measures to resolve them.
Although retail execution software has the ability to aggregate huge amounts of data, it’s also able to present data in a format that is suitable for particular needs. An effective software solution for retail execution is able to sort out important data and display it on the interactive dashboards. Role-based reporting is one of the most useful features for a field team manager as he can get the precise data he needs at the moment. All the reports can be customized to provide necessary information and empower field team manages to make smart decisions.
See firsthand how retail execution software can change the way of gathering data while managing KPI framework. To learn more about KPI implementation visit www.visitbasis.com, or sign up today to completely automate your retail data collection.