For business owners just starting out, it may be easy enough to keep track of business KPIs and metrics such as sales records and trends, inventory turnover and more without much outside help. However, as a business grows this process can become more and more complex and time consuming.
At the same time however, it is essential that business owners not only have full oversight of such information, but more importantly that they understand it. Moreover, it is vital that business owners and inventory managers understand what each piece of information means for the business, so that adjustments can be made wherever and whenever necessary.
One of the most effective ways to manage and digest this type of information is with a BI dashboard.
These are essentially like a summary of all the key data about the business that business owners and inventory owners need to know to make decisions: it is a tool which helps you to visualise data about the company, most often kept to a single screen display. This makes it an excellent tool for informing important business decisions and helping business owners and inventory managers identify what tweaks need to be made and where.
In this article, we’ll walk you through why BI dashboards are so effective.
One of the biggest benefits of using BI dashboards is that key information such as sales trends can be captured in an easily digestible format. The benefit of this is that when it comes to making stock decisions for the future, inventory managers and business owners can make informed decisions about which inventory stock to order — and which to avoid as it falls out of demand. This solves the issue of overstocking and understocking.
This process will help the business to ensure inventory is in line with what the customer base wants, which helps with customer satisfaction and retention. Alongside this, BI dashboards capture information about whether key performance indicators are being met, and again this helps business owners decide where more effort is needed.
Identify problems in the supply chain
Lastly, BI dashboards can help identify issues in the supply chain. Fast and accurate order fulfilment is vital for customer satisfaction, and an effective supply chain is key to this. The BI dashboard can convey information about processing times, including manufacturing and delivery times of each item. From there, business owners can easily identify problems and make the necessary adjustments with poor performing suppliers.
If business owners are spending way too much time pulling data from disparate spreadsheets, papers and software when they want to create a report, it’s time to consider a BI dashboard. Great business dashboards show real-time results for each report, saving precious time and resources.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.