Poor data interpretation can have a negative impact on businesses of all sizes, therefore, it’s important to be prepared with business intelligence tools to avoid missed opportunities. Sales and productivity, customer retention, marketing strategies, logistics, and management of fixed and variable costs can all be managed and optimised by consolidating relevant data.
Business Intelligence tools like Qlik® will assist in the management of raw data, by organising it and making it easier to read, interpret and report on.
The Competitive Advantage of Data Analytics
Modernising your business has always been recommended by experts, as staying ahead of the curve is much more advantageous than merely coasting along. Data analytics tools will assist in improving internal processes, which in turn affect the external results. Some of the factors that will give you competitive advantage include:
Customer information can provide insight for businesses to shape their products, improve user experience and optimise their offerings by viewing trends in behaviour. Using this information will allow marketing teams and sales teams to look ahead and plan around the trends, to offer an ideal, modernised overall customer experience, and to stay ahead of the competition.
Inventory management is imperative for businesses of all sizes, to manage ordering, avoid unnecessary waste and stockouts, keep records of stock values, and manage customer experiences (availability, etc.). With better visibility, you can take the guesswork out of inventory management. Qlik® provides the dashboards and drill-down capabilities to enable you to make data-driven decisions about inventory levels to optimise your inventory processes and avoid loss of profit.
3.Market Potential Analysis
To ensure the greatest possible return on investment for your business, it’s imperative that you analyse your market potential to gain new customers and stay ahead of the game. Qlik® enables you to analyse easy-to-read data to identify market opportunities. This allows you to monitor growth drivers and barriers in relevant markets, quantify market potential for a given product, and invest resources where they’ll have the greatest return.
For more information on business analytics tools, contact us!