Analytics can be as useful for small local businesses, whether they are brick-and-mortar or online-based, as they are for large retailers or department stores. With simple business intelligence for small businesses, business owners can now better understand their sales and inventory data and get more actionable information out of it. Here’s how in-depth analytics can help your business thrive.
- Goes beyond product performance to show you channel performance
Figuring out which products sell best and which are most in demand isn’t so hard, but understanding the best sales channels and their performance requires the long-term data tracking that an inventory control business intelligence solution can provide. Product performance alone, while a key metric, isn’t enough to make the right inventory and marketing decisions.
- Helps you identify and understand trends
With in-depth analytics it is possible to determine your best customers both by volume of purchase and by order frequency, your top-grossing sales staff, or your best sales locations. Through a cloud inventory application with built-in analytics you can tap into this data at any time and use it to inform your marketing decisions, promotions, or customer loyalty program rewards.
- Makes sure you have stock on hand
Understock can be caused by many different problems, from counting errors to poor order management, but very often it is the result of not tracking and understanding stock performance for every individual item you sell. A solution that offers simple business intelligence for small businesses, coupled with a cloud inventory application, is just what you need maintain an optimal stock balance without increasing expenditure, inbound transportation costs, or storage costs. Even if your small business doesn’t sell many products, analytics remain a cost-effective way for you to understand your stock.
- Simplifies the taxation process
An advanced inventory control business intelligence tool that integrates with your QuickBooks accounting app makes it easy for you to get revenue or COGS numbers when you need them, without having to call in an accountant or manually do the math. It helps you simplify the taxation process as well as get a better idea of how your business is performing at any given time. Through the power of online automation, you save time on routine operations.
- View profit margins for each individual item you stock
Profit margins are some of the most important numbers when it comes to understanding product reports, and with an online inventory app with in-depth analysis you can view instant profit margins whenever you need to. Having fresh and easy to access information about product performance enables you to make better restocking and inventory control decisions.
As you can see, analytics can be very useful for your small business. It is important to remember, however, that not all analysis tools are built equal. Enterprise-grade tools, for example, can be very expensive while offering tools you may not actually need. As a small business owner or manager, simple business intelligence for small businesses is probably what you need. A cloud inventory application, DataQlick was designed to scale down to the needs of small businesses. Learn more about its intuitive analytics tools.