How To Create A Competitive Edge For Your Business With Business Intelligence

By Author: Bappaditta Jana
Total Articles: 69
Comment this article

In the current business era, many mid-sized companies are forced to compete with big enterprises and internet merchants who can set lower pricing. A good understanding of your company's operational and financial picture is necessary to make better decisions. Once you have a clear understanding of the facts, you are better equipped to decide how to reduce wasteful spending and boost operational effectiveness by using business intelligence (BI) tools.

Here are a few ways Business Intelligence can help you gain a competitive advantage.

Look for further sales opportunities

Sales managers can immediately determine which clients are making purchases and, more crucially, which products are losing popularity. By tracking client purchases on a daily, weekly, monthly, or annual basis, business intelligence (BI) enables you to rapidly visualize customer spending trends. Finding these tendencies reveals fresh sales prospects.

Reduce the number of clients you lose.

You can track your clients' purchases on a daily, weekly, monthly, or annual basis to determine their spending ...
... patterns. Giving your sales staff access to customer information like purchasing trends, prior comments, and behavior gives them clear insights into what your customers want and gives them the power to identify declining customers fast.

Most clients desire to be heard. You may show them that you are listening by having meaningful interactions with them. Customer retention and satisfaction are correlated with feeling heard.

Manage Inventory

The system you use to manage your inventory can be streamlined to significantly cut back on needless spending. Without overstocking, the objective is to keep enough inventory on hand to fill customer orders. Overstocking wastes money that would be better spent in another area. You can keep track of the turnover of your inventory by using BI tools.

Overstock also runs the risk of turning into dead stock. Stock that has been on the shelf for so long that it can no longer be sold or returned is known as dead stock. Dead stock can result from a product losing customers or from the release of newer models of the product, rendering your stock obsolete. Stock that has died can sometimes be referred to as dead stock. Deadstock not only wastes warehouse space that could be used for profitable products but also results in a loss of investment money.

Understanding of your financial performance.

Due to the possibility of inaccurate entries or data corruption, finance directors typically do not permit many people to access ERP or corporate financial data. Business Intelligence companies allow members of the finance team or other workers who want financial reporting access to financial data while safeguarding the integrity of the legacy data. All of this takes place outside of the ERP, allowing for flexible data analysis to spot problem areas and growth areas.

Improve reporting efficiency and precision

As BI eliminates the need for error-prone spreadsheets, reporting is quicker because it doesn't need to go via IT. This is due to the BI tool's ability to compile all of your pertinent data from several sources into a single source. As a result, there is no longer a requirement to export data into spreadsheets. From their reports, department managers can determine what they require.

Managers may now build reports, dive deeper, and view the underlying data that the reports are based on. They can develop custom reports with the help of BI tools and decide what to do depending on the most recent information.

Learn about trends

The majority of executives have a good understanding of how their company is structured generally. However, many people discover new information as a result of implementing a BI system. Having complete knowledge enables you to seize undiscovered opportunities and handle undetected issues before they have a significant impact.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.