In the digital age, data is the new currency, and companies increasingly leverage analytics tools to gain deep insights and make informed decisions quickly. In this context, Business Intelligence applied to fashion aids in interpreting the available data.
Harnessing the Power of Data
In a dynamic and fast-paced world like the fashion industry, staying ahead of trends, anticipating and responding to changing market demands, understanding consumer behavior, and optimizing operations are critical success factors. In this landscape, data-driven decision-making and Data Analytics have become indispensable. Power BI is revolutionizing how fashion companies analyze data, optimize operations, and drive growth.
In the past, fashion decisions were often made based on intuition and experience. Today, we are inundated with data from various sources: sales transactions, customer demographics, website traffic, social media engagement, and more. When effectively analyzed, these data can provide valuable insights into consumer preferences and market trends. Power BI, with its intuitive interface and powerful analytical capabilities, has become the go-to tool for companies looking to harness the power of their data.
Understanding and Optimizing Data with Power BI
To better support clients in the fashion industry, Blue BI has developed Power BI dashboards that enable users to understand consumer preferences, analyze supplier performance, monitor and analyze seller performance and related bonus distributions, and calculate the average productivity of products per square meter of store space.
Understanding Consumer Preferences
One of the main challenges in the fashion industry is understanding and predicting consumer preferences and identifying the factors that influence purchasing decisions. To best support clients in these analyses, Blue BI has created specific reports that allow users to answer these and other questions by analyzing large amounts of customer data and integrating data from different sources, offering a comprehensive view of consumer behavior. Through the sales dashboard, users can observe sales trends with temporal and geographical analyses, identify market preferences, and pinpoint products with the most appeal.
Monitoring Supplier Performance
To meet clients’ needs for monitoring the performance of raw material suppliers, Blue BI has conducted an analysis of various significant KPIs to monitor supplier performance. KPIs related to raw material quality, delivery times, and prices applied by suppliers were considered, including:
- Supplier Lead Time
- On Time Delivery
- Delivered Value
- Return Percentage
- Leather Quality
- Price List Variations
Combining all these KPIs into a rating system, a classification system for individual suppliers was organized. The final result is a Power BI Dashboard that allows clients to monitor supplier performance in various areas, determine the reliability of each supplier, and have additional leverage during price negotiations with suppliers. Thanks to the Dashboard, it is now possible to quickly anticipate potential issues and make decisions regarding their management and develop targeted strategies to better negotiate price list variations.
Monitoring Store Performance
With the goal of automating the allocation of incentive bonuses and monitoring seller and store performance, a client requested Blue BI to implement a report to meet these needs. Eligibility criteria for sellers to receive incentives were developed, based on HR data such as hire date, position changes, and roles, and incentive logic related to the performance of individual sellers and stores. By connecting information from the HR system, sales data, and incentive rules, a Dashboard was created that allows users to monitor store performance, individual sellers, and the amount of bonuses to be distributed to each client advisor and store.
Average Product Productivity per Square Meter of Store Space
Through a Power BI dashboard, our client can measure in real-time the average productivity per square meter occupied by each product or product category in the store. This way, the Store Manager or Store Planner can easily identify products with higher average productivity and allocate more space to them. Additionally, it is now easier to correlate the proximity of products, understanding how a product positioned near others can improve its own average productivity and that of other products. Thanks to the Dashboard, various Area Managers and Store Planners now have clear leverage to better define the products to display in the store, optimizing the space dedicated to them.
Why Adopt Power BI?
In a dynamic and ever-evolving sector like fashion, speeding up the data-driven decision-making process is essential. A tool like Power BI allows companies to fully harness their data’s potential, from understanding consumer behavior to optimizing warehouse management and improving marketing strategies. Blue BI boasts extensive knowledge in the field of BI and, particularly, in leveraging Power BI’s capabilities. This, combined with extensive experience in the fashion sector gained through collaborations with various major brands, enables us to develop Power BI dashboards and KPIs, as illustrated in the three use cases, that quickly, precisely, and comprehensively meet the needs of the fashion world and help our clients extract valuable insights from the available data.
We realize Business Intelligence & Advanced Analytics solutions to transform simple data into information of freat strategic value.
