Business data helps you to develop an evidence-based approach to your company strategy. Who are your target customers? What stock should you reorder? What needs to be sold off quickly? These are the kinds of questions you can only answer accurately with data.
However, business data can be notoriously unwieldy. If you're feeling overwhelmed or confused about where to start, that's natural. Fortunately, ERP software can make your data transparent and easy to understand. In this post, we'll explain why data is integral to your business, and how to manage your data with cloud-based ERP software.
According to a study from Forrester Consulting, data-driven companies are 162% more likely to surpass their revenue goals than organisations that don't analyse their data.
But is this always put into practice? Statistics from SCORE suggest that only 45% of smaller businesses track their data analytics. Meanwhile, a research study from Strategic Finance found that Excel was frequently the sole tool used by SMEs for data formatting and analysis. In many other cases, these tasks were simply not performed at all.
Although business data is integral to establishing a successful, profitable organisation, it's often neglected. Why? There are many roadblocks to creating a data-driven business. One of these can be the data itself. Your company might store data in more than one location. Or you might also have different kinds of data in multiple databases or software, for example.
Unfortunately, that can make it confusing when different departments need to access the information. It also makes it more challenging to analyse the data and understand how it relates to your overall business strategy. In other words, you've lost control of your business data.
First, let's be clear on what ERP software does. ERP stands for enterprise resource planning. This type of software is used by businesses to streamline and connect their daily business processes.
By joining together everything from stock control to accounting and customer relationship management, the information your team needs is always at hand. Plus, as it updates in real time, you'll always know your data is relevant and up to date.
ERP software can reduce manual tasks, cut down human error, and make analysing your data simple.
When it comes to putting that into practice, there are several ways ERP software can make managing business data simple. Here's how it works:
When you're in business, you can't leave things to chance. Decision making shouldn't be made on a hunch. Instead, it needs to come from data. ERP software, like OGL's Profit4, provides your team with a constant stream of accurate business data in real time. That means you'll know what's selling and what's sticking to the shelves. Equipped with this information, you can make better choices from stocking to sales.
For example, if a product seemed to be selling well, your team might decide on gut instinct to purchase more but what if those sales were seasonal or related to a one off event? This could mean that this time, the product barely makes a sale. Utilising ERP software would have enabled your team to take a closer look at where those initial sales were coming from. They might have spotted that the item in question sold like hot-cakes - but only to a couple of customers and only at a certain time of the year. With this information, your team could have focused instead on stocking evergreen products - or promoting the product through a targeted campaign.
There's nothing more worrying than losing your grip on your company's financial performance. Whilst reports from your accounting team can shed light on the details, you can't always afford to wait for them. With Profit4, you'll have all the information you need at your fingertips.
You'll have a clear overview of your finances right from your dashboard, including current funds and weekly, monthly and yearly financial targets. Plus, within a few clicks, you'll also have access to financial documents, such as the profit and loss sheet.
As this information is constantly updated in real time, you'll never have to worry about missing a financial change when it happens.
As well as your finances, ERP software also offers you an at-a-glance view of your stock. That means your team will know exactly which warehouse or store a product is kept in, along with its specific location. That makes sales calls easier, as staff will know what's in stock. It also makes things easier for your warehouse picking and packing teams, who will be able to find the BIN number for an item without a hitch.
If avoiding stockouts is a priority, you can take this a step further by automating elements of stock control. With Profit4, you can set a minimum stock level for your products. When the stock reaches this level, a purchasing order will be requested automatically.
Upgrade your customer service with detailed data insights
Fewer stockouts make for a better customer experience. However, the customer service improvements don't have to stop there. Without ERP software, customer enquiries about an order can take a long time to process. Your customer service team may need to check details with the warehouse team, for example, before confirming how long an order will take to ship. These delays can be very frustrating for customers, especially if they're waiting on the phone.
Thanks to Profit4, your team will instantly be able to see the delivery and stock status for any order. They'll also be able to see the customer's order history for upselling and cross-selling. That makes customer service calls quick and informative for customers.
Business data can either be an unruly mess - or it can be a font of knowledge for your business. Cloud-based ERP software makes the difference. That's especially true when it provides access to the myriad of features that Profit4 offers. From increasing profits to eliminating stockouts, Profit4 puts your team in control of your business data.
Want to learn more? Watch our 3-min online demo to see the software in action. Alternatively, you can get in touch with our friendly team today.
