Are you looking for tips for growing your small business? If you’re not analyzing your business’s data, that’s a great place to start. There’s a business intelligence gap for small businesses, and only 16 percent of small businesses use analytics. Analytics give you the data you need to make smart decisions and improve your business operations. Without analytics, you need to rely on your hunches and intuition to make decisions.
Within your business’s cloud-based ERP system, you can find a wealth of analytics information. With this information, you can make the strategic decisions that help you grow your small business. Here are some of the ways analytics can improve your business operations.
Improve Issue Management
As small businesses grow, they encounter more issues that need to be resolved. Customers, suppliers, and employees will have issues that need attention. With a cloud-based ERP system, you can view all of your business’s issues in once place, and make sure nothing falls through the cracks. You can also view detailed analytics about your business’s issues.
For example, you can view the average resolution time by issue type. You may see that it’s taking a long time for your business to solve customer issues. With this information, you may decide to re-train your customer service employees or to hire more of them. You can also view analytics about your CSR team’s productivity. If some employees are performing poorly, they can be identified, and either trained or replaced.
Improve Customer Management
Customer management is essential for any business. Without happy customers, you can’t grow your business and become more profitable. To keep your customers happy, you need to know more information about them. This is where analytics come in.
You can view analytics reports about various aspects of customer management. For example, you can view reports based on product categories. This can let you know which product categories are most popular with your customers and which are least popular.
This information can help you plan your future product offerings. By offering new products in categories your customers have shown they like, you can grow your business.
Improve Expense Management
As businesses grow, their expenses grow, too. Your employees and contractors may have expenses that need to be reimbursed. For example, they may need to be reimbursed for flights, taxi rides, meals, or other expenses they incurred at work. They may need to be reimbursed for small items they bought for your company, like office supplies or kitchen supplies.
If you don’t pay attention to these expenses, they can get out of hand. With analytics, you can spot potential problems earlier. For example, you can view a report of expenses by expense category. With this information, you may discover that employees are overspending in certain categories. You can then take action to reduce those expenses. Analytics can also help you see how much each employee is spending. If certain employees are submitting excessive expense reports, you can take action.
Improve Inventory Management
For small business owners that have retail stores or warehouses, inventory management can be one of the more challenging business operations. Managing your inventory across multiple locations can quickly become frustrating and inefficient. Analytics can help you make better inventory-related decisions and reduce frustration in this area.
Through analytics, you can view information about your inventory, like your turnover rate. Turnover rate refers to the number of times you turned over your stock during the year. A low turnover rate means your business has excess inventory and not enough sales. With this information, you may decide to order less inventory or to offer discounts to move your products more quickly.