Business Intelligence for the gold and jewelry sector
The gold and jewelry market in the Kingdom of Saudi Arabia is witnessing tremendous progress and a qualitative leap that enhances the Kingdom’s position on the map of the gold and jewelry industry in the region, and coincides with the development of the business sector in the Kingdom according to the vision, and our era is witnessing a huge digital revolution as a result of the huge amount of data surrounding us and which can be used in decision making in various fields, pioneers of the gold and jewelry industry realized that data analysis leads to the development of their business significantly in this sector, through improving inventory, forecasting sales, accurate segmentation of customers, and predicting successful marketing plans, which is known as Business Intelligence.
What is Business Intelligence?
Business Intelligence is the art of turning data into actionable insights, and it refers to a set of methods and techniques that aim to integrate, structure, and synthesize this data in order to transform it into useful knowledge to support business decisions.
Business Intelligence models answer many questions that can be benefited from, such as:
Who are the best customers? What are the most profitable products? What are the effects of the marketing offers that have been announced? What are the best times for marketing plans? And other questions that big data enables us to answer.
Companies and industries adopt what is called “analytical” strategies for business intelligence to better understand their customers and suppliers, reduce operating costs, excel over competitors, and also develop and open new markets.
To successfully implement business intelligence in the gold and jewelry sector and other sectors, the following stages must be passed:
1. Collecting sufficient data such as sales, purchases, inventory, reports, customer communication records, surveys, opinion polls, etc.
2. Preparing and organizing this data.
3. Analyzing the data.
4. Issuing reports and presentations.
5. Making decisions.
How can Business Intelligence develop the gold and jewelry sector?
Business Intelligence helps the gold and jewelry sector achieve many gains through analyzing the data that is recorded daily on the systems existing in small retail stores or large companies in this sector as follows.
1. Improving inventory: Analyzing sales, purchases, and inventory data leads to results that can be used to bridge the gap between supply and demand by accurately predicting future orders, which prevents the problem of unexpected inventory depletion.
2. Segmenting customers: Analyzing data, especially those related to customers and sales, leads to understanding the types of customers and segmenting them and knowing what they want and whether the customer is still loyal to your company or your gold store, and how passionate he is about your products, and how capable he is of spending on them, this helps to customize the customer experience to the highest level of detail.
3. Forecasting sales: Analyzing data leads to understanding customer behavior and what they might like, and the seller will have full knowledge of what will be sold and what will not be sold of the products, the volume of sales, what people want, etc., based on location, time, seasons of celebrations, fashion trends, age groups, social and cash status, customer segments, and other data, which will allow making the right and appropriate decisions in selling, buying, and marketing plans.
4. Improving the management of the company or store: Analyzing data contributes to revealing more details that benefit the work environment within the company, such as discovering management problems, work team, warehouses, etc.
Business Intelligence provided by IntellAu system
IntellAu system for managing gold and jewelry stores relies on using business intelligence to provide an integrated analysis of sales, purchases, and inventory data, and issues highly accurate reports benefiting from the data it analyzes, such as: sales forecast reports, inventory forecast reports, daily performance reports, etc.
IntellAu integrated system provides a unique solution for organizing and managing data and obtaining useful reports that can be relied upon to develop the gold and jewelry sector for its pioneers and customers.
