Jay Leonard
In any consumer-driven industry, it is vital to have your statistics and figures up to date and easily accessible at all times. Keeping these numbers at the forefront allows you to follow market trends and more easily meet your consumer demand. Tracking sales, setting spending budgets, and following your investment returns has never been easier than it is now. Using a consumer business intelligence program is one of the best ways to manage all of the big data your business acquires on a daily basis. When you have control of your own statistics, you are better prepared to understand your consumer, and meet their needs.
Respond to Consumer Demand
Responding to consumer demand is the key to success in any consumer-driven market. Because your consumer’s demands may change on a daily or even hourly basis, it is important for you to be able to analyze your data in real time. Using a business intelligence software program is one of the most advanced mediums available on the market to track your company’s figures in real-time. This means you have access to game-changing information as it comes in. Watching and responding to consumer trends is the first help you create a following of loyal customers who rely on your business.
Track Sales, Spending, and Return on Investment All in One Place
Managing a business can be difficult, and finding the important connections between all of your records can be a challenge. Managing sales, spending, and investments all in one place can simplify your life. As you create important links between the spending and income records of your business, you will have the ability to clearly follow your company cash flow and determine where company finances are being best utilized.
Create a More Efficient Operation
When trying to create company efficiency, you need more than simple time management practices and budget cuts. Using a business intelligence program, you can instantly run reports using all of your gathered data to determine where effective practices are not being met. Whether you need to reduce transportation and shipping costs, or hire more sales personnel, the easy-to-generate info-graphics of a BI program can give you all of the information you need to get on the right track. Using BI to create efficiency may:
- Raise Profitability
- Uncover Wasteful or Unnecessary Business Practices and Spending
- Draw a Clear Picture of What Needs to be Implemented or Eliminated
Consolidate Information Into One Manageable Figure
No matter how many numbers, statistics, and data your company collects on a daily basis, it is all meaningless unless utilized and used cohesively. Many consumer-driven industries now rely upon their BI software to create figures that make sense and make a difference in their management style on a daily basis. Consolidating important facts into one place allows you to work carefully too meet all of the supply and demand your company faces on a daily basis.
By following market trends, company spending, supply costs, and customer demands, you will be better equipped to meet your customers’ needs and give them the products and services they deserve. Creating customer loyalty starts by getting a firm grasp and understanding of your company data, and utilizing it to understand your customers.
Image via: EMKOR
Read more: How Can Customer Intelligence Deliver the Vision?
This article was written for Business 2 Community by Jay Leonard.
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Let’s do it/ focus on simple olap solutions using [Cognos DMR] Zero* (Downtime/ Maintenance). Transform OLTP to OLAP – Data structure, as organized hierarchies and levels, to enable more effective business insight and decision-making.
Cheers,
Lak Palaniappan