3 BI Tips for Inventory Data You’ll Never Forget
Are you getting the most out of your inventory data? You can use the data to make important decisions for your business. Understanding the numbers is the first step. There’s a lot you can learn when you analyze the data. Hidden within the numbers are three powerful tools for increasing your ROI and bolstering your bottom line.
1: Your inventory data can tell you what customers want.
It’s the age-old question in business: how do you know what customers want? Your inventory data can answer that question with ease.
It will show your product movement history precisely. If you’re wondering what brands are the most popular, which item was the best seller during a certain quarter, or what people generally buy in tandem, check your inventory data.
To understand your data, you’ll need to set up the right reports and follow specific processes to monitor the information you need. Once you have the data you seek, you’ll be able to keep products in stock, enhance customer satisfaction and drive up sales.
2: Inventory data can help you improve business practices.
Understanding what customers want is incredibly valuable, but when analyzed properly, inventory data can give you information that makes your processes a model of efficiency. For example, you’ll find out which tasks require urgent action. You’ll uncover ways to keep material handling on track. With the right analysis, product handling will become streamlined and flexible. Don’t risk falling behind and losing customers by clunky inventory tracking.
3: Your inventory data can help you forecast future sales.
Forecasting sales is key to a successful business. As technology develops, predicting sales is becoming more of a science than an art. Data shows patterns. These patterns are a guide to what may sell in the future. Understanding patterns requires making sense of various complicating factors. By using the right reports to analyze data, you can provide information on various trends related to in-store positioning, seasonality, geographic location, price optimization and anything that can be recorded and quantified.
Business intelligence gives you the opportunity to plan and grow a business. When you unlock the potential of inventory data, it can show you how to build a solid customer base and cultivate a thriving business that yields steady profits.
Organizations that better analyze their inventory data make better and more agile strategic decisions and can better adjust and respond to industry changes, needs and direction.
Advisicon is here to empower you. We’ll help you understand and use your inventory data to its greatest advantage. Contact us today to learn more about our services or sign up for training.