New research launched by specialist retail intelligence provider Manthan Systems reveals that nine out of ten (91 percent) retailers believe reacting quickly to industry trends is critical during a downturn, and 87 percent think comprehensive and up-to-date business information is vital during economic uncertainty. Despite this, more than a third (37 percent) of respondents do not have any kind of business reporting system and those that do are still unable to access the appropriate business information when they need it.
The research, Retail Intelligence, which surveyed 192 retailers of all sizes, was designed to establish their views on the use of business intelligence, especially in the current market. Strikingly, one in five (17.6 percent) of respondents from the largest retailers (more than 5,000 employees) questioned do not have access to any type of retail intelligence system. This could indicate that while business intelligence systems are being implemented, they are not being done so on a company-wide basis, meaning only certain departments have access to business intelligence information.
Interestingly, in light of the fact that reacting quickly is seen as paramount, when rating the quality of their existing business intelligence reporting, only half (53 percent) of those surveyed can access reports when required, and a significant 49 percent are unimpressed with the response time of their business reports. Furthermore, four out of ten (39 percent) retailers were unconvinced of their ability to identify problem areas, and over half (55 percent) are subsequently unable to drill down into problem areas.
For a full copy of the report please visit mathansystems.com.
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