Sister store correlation can predict sales performance by site
Use correlation analysis and sales data from existing stores to predict the performance of proposed new locations.
The rapid use of Sister Store Correlations can help your clients gain the first-mover advantage in the marketplace. Sister Store Correlations (also known as fast benchmark sales forecasting) compare existing store locations and each sites' consumer profile mix to any new trade area a client might want to consider. When a strong correlation is detected, your client can expect the new location to perform comparably to any of their existing sister stores.
By using predictive analytics to secure the very best potential new business locations, you can help your clients make more nimble and reliable decisions while reducing financial risk.
Alteryx rapidly generates same-day or even on-demand Sister Store Correlations that can be shared with clients during an initial meeting. This is possible because Alteryx accesses, standardizes and applies only the key data needed from across multiple internal information silos, and from external data providers. Traditional business intelligence (BI) technologies typically take days or even weeks to collect, integrate and analyze such data.
The seamless integration of data within Alteryx enables the quick integration, processing and analysis of all types of data, reliably and without interruption. The necessary front-to-back BI functionality, such as data import, ETL and address cleansing, are built into Alteryx. Pre-loaded authoritative datasets, such as CHD, MPSI, STI and CSG can also be licensed with your Alteryx software.
Benefits for business leaders
Using Alteryx, you can give solid, professionally presented guidance to your clients with same-day turnaround, often within minutes. You'll also see other enterprise-wide benefits, including...
- No technical expertise required
- Fast & flexible ad hoc reporting with presentation-grade results
- Best-practice workflows automated across your business
- A single, easy-to-use BI environment that runs on top of your current IT assets
- ROI that's measured in weeks, not months
Benefits for analysts
- Use any trade area parameters, including drivetimes, radius, population density, consumer segmentation, ZIP codes, or any standard or custom boundaries
- Define non-overlapping trade areas that maximize consumer traffic and revenue
- Deliver same-day analyses that include interactive or presentation quality tables, charts & maps