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Retail |
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Some people call retailing, detailing due to the tiny details involved in budgeting and planning involved in the retail industry. Take for example a retail chain with 30 stores, 5 departments, 100 accounts and 15,000 line items. Chaos can strike when you ask a retail store to complete a budget. In retail, a top-down budgeting approach works best. Host Analytics enables retailers to create top-down budgets based on past performance and goals for the new year. By coupling the budget with projected sales forecasts, retail managers can clearly determine the labor required and adjust that as the actual are reported against the forecast.
The Host Analytics scorecarding application enables each store manager to track their performance against the plan and benchmark themselves against other locations. Scorecarding helps managers understand if the labor versus sales ratio is “off” so that it doesn’t become a profit leak. The application can also help minimize interstore transfers, deliveries and items out of tolerance to help improve profitability. The Host Analytics system for retail accommodates complex calculations including sales by labor, sales forecasts compared to labor and expenses.
Representative Retail companies using Host Analytics:
- Check Into Cash
- Garden Ridge
- McCoys
- Palen Music Centers
- Pamida Stores
- Pepsi Bottling Company of New Haven
- PRN
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