Business intelligence used to be something that only big brands could afford, but today even small local businesses can take advantage of its many benefits to enhance inventory control, improve marketing, and ultimately boost sales. Simple business intelligence for small businesses comes in the form of cloud-based, mobile friendly solutions such as QuickBooks and DataQlick, packed with inventory analysis, planning, and control features. Discover how business intelligence can enhance inventory control to understand why investing in inventory control business intelligence tools is well worth it.
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- Business intelligence helps businesses refine an assorted inventory and optimize supply quantities and inventory allocation across stores, by analyzing detailed historical data such as buying patterns and the demographics of customers.
- Minimize the risk of out-of-stock situations by analyzing safety stock data and inventory and sales information to create accurate forecasts — business intelligence provides the valuable data that a forecasting tool for small business needs.
- Predict over-stock situations before they become a major problem by drawing on replenishment, sales, and forecasting data.
- Reduce in the long-term the number of inventory items with a slow turnover or which simply gather dust, by measuring demand and sale levels on a per-location and per-season basis, while taking into account the impact of price changes.
- Use physical inventory counts to generate inventory verification schedules and thus maintain highly accurate inventory data that can be used to inform the ordering process.
- Analyze and monitor inventory levels for both finished goods and the materials used to product the finished goods and better understand buyer behavior, in order to improve the cost-effectiveness of the inventory control process.
- Determine the most time-effective and cost-effective way to get rid of slow-selling inventory by identifying the discounts that have had the most significant impact in the past as well as the locations where specific products have sold best.
As you can see, business intelligence significantly enhances inventory control, but this happens only when potent inventory control business intelligence tools are used in the right way. Many businesses don’t have the budget for a specialised business intelligence team, so instead they should turn their attention to simple business intelligence for small businesses which can help them enjoy all of the benefits of business intelligence mentioned above, as well as many others.