As a small business owner with a tight budget and not much free time on your hand, data analytics may not sound too tempting. Surely your money can be better spent on other things, right? Business data analytics, and especially predictive analytics are now made easy by business intelligence small business apps that are easy to understand and use. Predictive analytics are valuable because they use the power of mathematics to solve common business problems such as slow sales, overstock, or high costs associated with item management.
Why Predictive Analytics
Predictive analytics have many uses and can be easy to implement through a simple business intelligence for small businesses. Let us have a closer look at the benefits of predictive analytics, and how they can help you better run your business and up your profits. With a good predictive analytics tool you can:
- Forecast sales and inventory demand based on geographic regions and the seasons.
- Determine which stock items are likely to sell first and replenish them in due time.
- Predict which stock items underperform so that you can gradually remove them from your inventory.
- Identify the profit margin for every item in your stock and view forecasts for individual items to make more informed stock replenishment decisions.
- Get accurate sales and inventory recommendations so that you can act early on, before warning signs become problems.
- Segment your customers more quickly in order to develop more appropriate marketing campaigns.
Small businesses don’t have the budget to hire predictive analysis experts, but today they don’t have to. Every small businesses has historical data which a predictive analysis tool can draw upon to improve demand forecasting and customer retention, as well as for identifying prospect groups to optimize marketing expenses. A business intelligence small business app such as DataQlick simplifies predictive analysis and presents it in a format that any small business owner can understand.
For local businesses, a business intelligence small business app is the most cost-effective and efficient solution to harnessing the power of predictive analysis. The best part is that a business intelligence small business app like DataQlick works online, sparing you the trouble of costly software installations and hardware costs.