Benefits of Using a Sales Dashboard to Monitor Your Retail Business

One of the greatest benefits of a retail point of sale system stems from the multi-faceted reporting capabilities. At the forefront of a solid retail software reporting system is the Dashboard. Retail Dashboards are used to monitor key performance indicators, or KPIs, in real time and allow business owners and sales managers to take immediate action.

Think of a Retail Dashboard as a visual bird's eye view of your entire retail business. Much like the dashboard in your car gives you an overview of how the car is running, a Retail Dashboard lets you see how your entire business is running. Instead of gauges measuring fuel levels, temperature, and speed, you’ll find KPI gauges measuring sales dollars, tickets, average transaction amounts, profit margins, and more.

With a few clicks of the mouse, you can view anything from on-hand quantity to the lowest cost vendors. Retail Dashboards can help you identify crucial shortfalls in forecasting or missed quota targets. By keeping on top of your business with a Retail Dashboard, you can begin making smarter business decisions and improving your overall performance.

Views of a Retail Dashboard

A Retail Dashboard is typically equipped with multiple "views" of your business. Views may include:

• Company: View sales and profits for your entire company for a 12-month period
• Day: View sales dollars, average ticket amounts, and average number of items per ticket for a specified date
• Market Basket: View sales of related items (i.e., items sold on the same ticket) so you can identify cross-selling opportunities
• Period: View sales dollars, average ticket amounts, and average number of items per ticket for a specified period
• Product: View the best-selling items and how they contribute to overall gross profits
• Store: Compare sales and profit performance at the store level
• Vendor: Compare vendor performance and graphs sales trends

The data displayed in each view is based on specific date parameters that you establish. You can also establish performance targets and thresholds, thus controlling when the performance indicator shifts from green (good) to yellow (marginal) to red (problematic). By monitoring the various KPIs, you can quickly see which areas of your business are thriving and which ones require your immediate attention. Depending on the gauges available in your Retail Dashboard, you may also be able to "drill down" to the next level of detail to determine the best course of action.

If you're looking to gain an edge on your retail business, a Retail Dashboard may be the ticket. The power and convenience of a Retail Dashboard can make even the most critical business decisions that much easier.