Data is the hidden weapon of market leaders, and it should be yours too. Reporting and data analysis is one of the most powerful developments in tech for the businesses. In this blog, we’ll dive into real examples of how data can propel your business further than you thought possible.
Data is the hidden weapon of market leaders, and it should be yours too. Reporting and data analysis is one of the most powerful developments in tech for the businesses. In this blog, we’ll dive into real examples of how data can propel your business further than you thought possible.
Let’s start with tracking categories, the building blocks of high-quality reports and insights. Think big. If you had a magic 8-ball, what would you ask? Here’s an example:
“How can I improve my average customer value?”
Which items are flying off the shelves? Are any promotions or add-on products excelling? The right combination of accounting and reporting packages makes this achievable and automatable.
Adding relevant tracking categories allows you to splice the data whichever way you need. When selecting an accounting system or reporting package, consider the number of tracking categories needed. This can help you save a bit of money by only buying what you need, but if you don’t have enough tracking categories, you’ll be in the market for a new package.
Integrated data doesn’t lie. If statistics show people grab flapjacks at the counter, arranging the store appropriately will increase sales. Is there a popular upsell for a specific type of customer? Your stats will reflect this. The out-of-the-box thinking is now a reality – if the figures are accurate.
Minimising the risk of error is paramount, otherwise there’s no point tracking anything. Human error is a contributing factor, and eliminating manual processes drastically reduces the likelihood of errors. Integration potential should play a large role in your system selection process; if you can’t integrate your systems, you should reconsider.
Once the system architecture is succinct, all the data is flowing automatically, the tracking categories are assigned, and a quality check has taken place, the inputs are fixed. Now, onto the outputs…
Data-wise, this should be sorted. When the correct data goes into a report (the input), the correct insights will be displayed (the outputs). Let’s revisit the previous wish:
“How can I improve my average customer value?”
The resolution was to track sales, promotions, and time of income. With modern reporting and analytics tools, you can create a dashboard to answer this very question. You could use a bar graph to track average revenue per hour, a pie chart to show the items purchased across the day, and a separate table for the promotional items. Once it’s all set up, this will be updated in real-time to give you an up-to-date view of your performance.
The system selection process needn’t be an exhaustive process for your business. Understanding the ins and outs of each system demands a high time investment – the providers don’t often promote their flaws!
At 4PointZero, we take the time to get to know your business, your pain-points, your nice-to-haves and the functionality you need to succeed. We handle the implementation, migration and training of your systems – and we only recommend the systems that best suit your business.
The system selection process needn’t be an exhaustive process for your business. Understanding the ins and outs of each system demands a high time investment – the providers don’t often promote their flaws!
At 4PointZero, we take the time to get to know your business, your pain-points, your nice-to-haves and the functionality you need to succeed. We handle the implementation, migration and training of your systems – and we only recommend the systems that best suit your business.
