Business Analytics covers a wide range of topics for sure. It is one of those things that means different things to different people. What does it mean to you? Financial analysis, Operations metrics, Business KPIs, Inventory information, supply chain measurements, warehouse information, and more. Pick one! Better yet, pick more than one or even all of them and you would be right. It really doesn’t matter. What matters is how it would help you and impact your business. The idea of course is to have one place to go for the truth. Isn’t that a refreshing idea today? Keep reading how modern technology solutions today help organizations with better decisions and 7 reasons why companies need business analytics.
1. It is Easy to use.
It really is. At least ones that are designed with users in mind. You don’t have to be a data scientist or data warehouse consultant to use them. In the correct world, you would simply point your mouse to the page you need and select the data you want to see. It is easy as that.
2. Merge multiple datasets into one dashboard.
If you are like most businesses, you have data in multiple systems. All this data is difficult if not impossible to pull together to get anything meaningful out of it. This is where you would be pouring through multiple reports or spreadsheets to get the information you need. After all the manipulation to get the data you need, do you ever wonder if it is correct in the end? In some cases, it probably isn’t. An analytics dashboard pulls all the data together in one place that is easy to read and always up to date.
3. Ask questions and get answers quickly.
Have questions about how your business is running and how healthy it is? How do you find out? A dashboard will help you to answer questions about just about any part of your business. Who is our most profitable customer and why? What is our best-selling item and how does it compare to others? Better yet, what is our worst-selling item and how many do we have remaining? Why are we ordering more? Get the idea? This information is available very quickly.
4. Identify weaknesses.
Look for areas of weakness. Yes, we all have them. This will allow you to easily identify these areas. Maybe you have a lot of dead inventory taking up valuable space that you are not even aware of. Believe it or not, you may even have one or more salespeople that are not pulling their weight. You may have customers using too much of your valuable resources for the revenue they provide. Let’s take a look to see who they are and see if we can improve that.
5. Fix potential problems before they arise.
Look at past patterns and compare them to what is happening today. This can be sales, inventory, customer, warehouse, or financial to name a few. Have an easy snapshot to compare your data and your business before you have a larger problem.
6. Forecast results based on possible decisions.
Ever think about some “what if scenarios”? You can and should have a dashboard to show what would happen if you would increase your margins on products or product groups, customer groups, etc. What would happen if you would increase sales in a particular part of your business? See the potential here?
7. Business Analytics Solutions Keep you Competitive!
If you are not using a business analytics tool today, you should be. Improve your business and your bottom line by knowing the most about your business. Your best competitors surely are.
The good news is that we can help you with this! You can find out
Posted by iCepts Technology Group, Inc. a