Business Analytics Tools: Springboard Retail, Shopkeep, and GiftLogic
Topic description
Information researched and evaluated during weeks 5 and 6 of this course introduced students to Management Information Systems (MIS) referred to as ERP and CRM. These systems rely on data to be collected and evaluated in order to inform business decisions and manage business operations. The purpose of MIS is to use technology as an enabler for businesses. One of the primary challenges businesses face, however, is that there are so many different systems, each of which provides different services and uses different data.
For your final assessment, research and compare three different business analytics tools. Present a business case in which you determine the tools that are the best fit for the business. Justify your reasoning and selection criteria. You will present your case individually during the live class in Week 8. Your final paper needs to be at least 4-5 pages in length, adhering to APA formatting requirements, not including the cover and reference pages.
textbook reading
Rainer, R. K., & Prince, B. (2020) Introduction to information systems (8th ed.). Wiley.
Chapter 12: Business Analytics (p. 374-407)
Business Analytics Tools
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Business Analytics Tools
Technological advancements have changed the business environment in all sectors of the economy. The world is digitally connected; unlimited access to a huge amount of information and data has changed how organizations do their business. Organizations must be ready to adopt and utilize these technologies to improve and streamline their operations. Those businesses that have recognized the importance of utilizing these technologies in analyzing their businesses to make informed decisions have a competitive advantage in the market. At the advent of new business analytics technologies, most organizations responded by adopting them and capitalizing on any opportunity to reach new customers and improve and streamline their operations and processes. However, this unlimited access to information only stiffened the competition as organizations fought for a share in a dynamic world. Based on the current business environment, adopting the technologies was just half the battle; knowing how to utilize them is another half. Business analytic tools are must-have technologies to gain a competitive advantage. Understanding how to turn the gathered data into actionable decisions is how companies stay ahead of others in their respective industries (Rainer & Prince, 2020). This paper will compare Springboard retail, Shopkeep, and GiftLogic business analytic tools and explain how they can be applied to real-life business problems.
Springboard Retail
Springboard retail is a cloud-hosted point-of-sale (POS) management tool designed to help retailers maximize their resources and increase efficiency and sales. This tool helps organizations monitor their inventory in real time and generate a wide range of reports. Additionally, the tool has open APIs, enabling customization to meet the organization's needs, and is portable across various platforms and devices (Finances Online Reviews for Businesses, n.d). Moreover, the Springboard Retail tool enables retailers to track customer behaviors to help them in improving customer satisfaction and increase company profits. Organizations can access the location of customers to provide more customized services. It also enables businesses to integrate various stores as well as online platforms. The Springboard Retail tool gives organizations unlimited access to real-time data to help them make informed decisions and develop insights into customer buying behavior and needs.
ShopKeep
Shopkeep is a cloud-based point-of-sale tool that helps organizations manage their daily-store and online operations, pay their staff and vendors, and sell their products. Lightspeed designs the device. This tool allows organizations streamline inventory and staff management and provide sales reports and customer experience. Using the tool, retailers can improve their online operations to increase revenue. Shopkeep utilizes enhanced inventory management to streamline essential aspects such as shipping, delivery, supply, sales and marketing. It also enables organizations to get information about online orders and stock refills and send notifications such as confirmations and reminders to customers (Lightspeed.com, n.d). The tool allows organizations to manage their finances and business processes by integrating their accounting operations. With this feature, organizations can sync their point-of-sale systems to the organizations’ accounting system to receive a wide range of reports such as sales summaries and profit and losses. Moreover, the tool enables businesses to integrate their systems with third-party tools (Lightspeed.com, n.d). Based on the above features, Shopkeep provides organizations with analytical tools which provide insights into various metrics such as customer experience, stoc...