BUSINESS INTELLIGENCE- AN INTELLIGENT MOVE TOWARDS BUSINESS GROWTH

“Business intelligence is not just about turning data into information, rather organizations need that data to impact how their business operates and responds to the changing marketplace.”
                                                                                                        ~ Gerald Cohen

The data of the Bureau of Labor Statistics suggest that the number of American warehouses has risen by about 15 percent since 2010. As the distribution industry continues to grow, warehouse operators must ensure that their facilities are as efficient as possible. And when it comes to efficiency, inventory management for small business or any other business with a supply chain is vital.

Inefficiencies in inventory management can erode productivity, which will eventually hurt profitability. A study by IDC reveals that companies lose 20 to 30 percent in revenue every year due to inefficiencies. Hence, it becomes important to efficiently manage the inventory for profit maximization and stimulating customer satisfaction.

A utopian amalgamation of Business Intelligence and Inventory Management for small business is a one-stop solution that can help them to easily monitor inventory levels and enable inventory optimization decisions.

Sagacious decisions with NebuCore's “Business Intelligence” solution

NebuCore's Business intelligence is a technology-driven process that provides deep insights into product performance and customer behavior to executives and managers of an organization.

They analyze the data, address various challenges like excess inventory, out of stock, and lack of visibility, and present actionable information. The desired action helps in enhancing inventory control, improving marketing, and ultimately boosting sales along with a myriad of following benefits :

• Robust planning and analysis

A spreadsheet can intimate your organization about the sales of a specific product sky-rocketing.  But it is not competent enough to specify the color or another characteristic that is performing better than others and the hidden reason behind the same.

On the other hand, business intelligence enables companies to discover accurate and timely information that helps them to measure the performance of their processes. Employees get the liberty to access the detailed sales trends based on their customers’ preferences, reactions to promotions, online shopping experiences, purchasing habits, and patterns that affect sales.

By keeping a beady eye on the trends, a company can instantly make strategic marketing decisions to best capitalize on their products or services. A study says that 64% of companies ranked their ability to report, plan and analyze data as “good” after implementing a business intelligence solution.

• Streamline the process by hitting the right number of inventory

Anything that doesn’t add value to your company can be considered waste: this includes inventory getting stacked up unnecessarily. According to research, most U.S.-based retailers have $1.43 worth of inventory for every $1 in sales, implying businesses are sitting on the throne of too much inventory.

Business Intelligence can identify the waste in the overall operation of the business by pinpointing pain points, bottlenecks, and inefficiencies. This can help organizations to trim poor purchasing decisions by monitoring inventory-to-purchase ratio and stock-turns by product, territory, or manufacturer.

By analyzing the product selling patterns through palpable data and visualizations, you are able to refine your inventory management process and reduce or increase the excess or low level of inventory. Apart from maintaining an inventory balance, an organization will able to adjust the pricing by utilizing the information to increase the profit margins. 

• Informed sales reps imply more customer acquisition and retention

An organization employed with business intelligence solution get access to data on customer behavior patterns, previous customer feedback, customer preferences, and buying habits.

Fully equipped with relevant data and information, your reps will able to engage potential clients in more meaningful conversations that are of real value to them. And when the concerns of prospects are catered and heard, they get more inclined to become loyal and satisfied customers.

Moreover, business intelligence will allow managers to easily and quickly see a performance report of every sales rep. With the ability to customize these reports, you can find out how many quotes a sales representative has sent out, and how many orders she has generated, as well as the sum of the sales within that time frame.

Reporting, dashboards, advanced visualization, and end-user self-service are given the highest priority initiatives in enterprises focused on making BI a strategic foundation for growth. And NebuCore is meant to be an all-in-one dashboard for all your technological needs to succeed your business all day, every day.

Albert Einstein said “Any fool can make things bigger, more complex, and more violent. It takes a touch of genius-and a lot of courage-to move in the opposite direction.”

And with NebuCore's Business Intelligence solution, you get access to real-time reports of anything you can imagine; stock level, sales, conversions, employee activities, sales filtered by area, amount, representative, or source are just a few to name and keep the things easier and streamlined, thereby transforming the future of your business.