Companies have traditionally relied on ERP systems to collect and combine this information. While ERP systems are great at streamlining processes, and giving you a comprehensive view of the business from an operational perspective, combining it with a business intelligence (BI) solution can help you make even better data-driven decisions.
This blog looks at five ways BI can help you save time, reduce costs and improve profit margins.
BI helps you better understand your customers’ buying habits and identify where there is potential profit through effective cross-selling and upselling.
Cross-selling is when your sales team makes additional solutions available to the customer, while upselling is converting an initial offer into a more profitable order by the way of additional units, or a premium version. Both techniques are effective ways of increasing revenue from your existing customer base.
Uncover missed sales opportunities
BI makes it easy to identify missed sales opportunities. You can quickly see if customers’ buying behaviour is in decline and act before they stop buying altogether. You can also look at what products they are buying and use your data to identify where you can add value with cross-selling offers.
Enhance sales team effectiveness
BI lets you identify where sales are performing well, and more importantly where sales teams, and even individual salespeople, can improve with additional training and/or support. You can gain insights into the best performing region(s), and those that may require action.
Be in control of your data
A good BI solution lets you analyze data based on your train of thought.
You might want to see sales data for February and then drill down into specific brands and even products to find out more. BI collects and converts data locked away in your systems and gives you the flexibility to ask questions of it.
Use Phocas to closely monitor and react to your sales performance. You can quickly see how you are performing over a period of time and easily compare that to your budget for that period. Being able to monitor performance and budgets on a regular basis helps you adjust to trends and other fluctuations, and makes it easy to modify decisions and course of action to ensure objectives are achieved.
Why choose Phocas?
Phocas lets you do advanced analytics in an intuitive grid which becomes the single source of truth for company-wide analysis. Information is available to anyone, anytime and you don’t have to be a spreadsheet expert to use it.
If you’re interested in learning how to use your data to streamline processes, reduce costs and improve profit margins, check out this blog on the Metrics that Matter.