Business Reporting and Business Intelligence: What’s the difference?
Business reporting and business intelligence (BI) are often referred to interchangeably, but the two are not the same. Both are designed to serve specific business purposes and should be viewed in terms of the purpose they serve. Business reports give a snapshot of a specific business period and many factors must be considered when preparing [&hell ... Read More
March 3, 2020 inventory reporting, real-time reportingHow Do You Distinguish Between Reporting and BI?
Reporting and Business Intelligence (BI) are both incredibly vital tools for your business and each has a strong suit. In this article, we explain the difference between the two, in what contexts they are both respectively useful and how to ensure the data underpinning them both is of a high and reliable standard. Reporting Reporting […] ... Read More
February 27, 2020 inventory reportingCashflow Best Practices For Inventory Managers and Business Owners
To help your business become more financially free it pays to keep close attention to cashflow (among many other metrics and KPIs). While most businesses have this staunch focus on profits, cashflow is equally as important to focus on. Profitable businesses generally have positive cashflows, and a great deal of that depends largely on attention [&h ... Read More
February 24, 2020 inventory reporting4 Business Reports to Steer Your Business in the Right Direction
When a company is going from strength to strength, it can sometimes be difficult not to get caught up in the successful wave of action, of accepting orders, celebrating increased demand, fulfilling orders and reaping more success. But investing the time to analyse each business function and creating business reports allows a business to measure [&h ... Read More
January 20, 2020 inventory reportingBusiness Intelligence: The key to better decision making
Decision making in any area of life or business is best done with all the pertinent facts on hand so that it can be informed and trusted. In the world of business, these facts are termed business intelligence and it provides a meaningful platform from which a company can formulate accurate and beneficial decisions to […] ... Read More
January 14, 2020 BI, business intelligence, inventory reporting, real-time dataThe Necessity of Tracking Average Order Value
Owners of small businesses don’t always see the need to track and record every piece of information when the business is just starting out. While this may be the case while the business is reasonably new and you are still building your customer base, as the business begins to grow these things will become more […] ... Read More
January 9, 2020 inventory reporting, sales orders, sales revenue3 Top Tips for Choosing the Right Business Intelligence Tools
Data is omnipresent — it’s everywhere we look and intertwined in everything we work with. The biggest obstacle that companies face is how to make sense of all this data! If you have mountains of data but aren’t able to decipher what it means, then what’s the point? Data can be an invaluable resource if […] ... Read More
January 8, 2020 BI, business intelligence, inventory reportingAverage Order Value: What Is It and Why Is It Important?
Average Order Value (AOV) is a metric that helps retailers understand their customers’ purchasing behaviours. An average order value tracks the average dollar amount spent every time a customer places an order. Like with all other key metrics, AOVs can be tracked over any time period, but most companies prefer to monitor their AOVs as [&helli ... Read More
January 6, 2020 inventory reporting, pricing strategy, retail, sales ordersHow Business Managers Can Hack Decision-Making
Business Intelligence (BI) helps companies with rich data resources to make informed strategic decisions, improving operational efficiency and business productivity. While systems such as Business intelligence can help different aspects in a company, here we take a look at the main benefits of business intelligence that helps businesses grow by enh ... Read More
December 13, 2019 business intelligence, inventory reportingA Comprehensive Checklist for Choosing the Right BI Tool
Many businesses understand the importance of data. However, with the sheer amount of data flowing in, how do companies make better sense of this information? Without the correct Business Intelligence tool, businesses will have a difficult time finding a usable piece of data. To enhance your prospects of extracting useful information from large chun ... Read More
December 11, 2019 BI, business intelligence, cloud-based, inventory reportingHow to Choose the Right Business Intelligence Tools for Your Business
Business intelligence tools (BI tools) help companies to extract important facts from a huge amount of unstructured data. Transforming this rich data into actionable resources to help those organisations to achieve business goals and targets by guiding timely strategic decisions. BI tools help optimise operational processes, inventory control and t ... Read More
December 6, 2019 business growth, business software, integrated software, inventory reportingOptimise Business Decision-making With Business Intelligence Tools
Technology has created a range of new business intelligence tools that provide SMEs and large enterprises with the same opportunity to utilise the power of big data for business growth. The purpose of business intelligence is to optimise strategic decision-making within your organisation. With the help of this technology, organisations can improve ... Read More
December 4, 2019 inventory reportingSetting Good Business Goals: The impact on your business
If a business is small and just starting out, it may seem unnecessary to think about and define the goals at all. Small family-run businesses, for example, may feel they are trucking along just fine, with a small inventory to manage, a small consumer base and a manageable level of demand. A business may not […] ... Read More
December 3, 2019 business growth, inventory reportingWhy Your Organisation Needs to Know the Difference Between KPIs and Metrics
As strategic organisations, we want to make sure we’re creating the right inventory reports and making the right decisions based on the data we are using. With that, we know that Key Performance Indicators (KPIs) and metrics are important. The problem is that many organisations use the terms KPI and metrics interchangeably. However, each ter ... Read More
December 2, 2019 inventory reportingThe Value of Business Intelligence For Your Business
In the current environment of big data, many business owners are finding themselves overwhelmed by large volumes of information. They are constantly seeking ways to gain a better understanding and control of this information to derive the best value for their organisation. Business intelligence (BI) is a combination of the tools, technologies, appl ... Read More
November 26, 2019 business success, customer satisfaction, eCommerce, inventory reportingWhy Business Reporting Is Important For Business Success
Business reports are valuable and essential tools for any enterprise regardless of size or industry. They provide a means to track and analyse the performance and overall health of the business while identifying areas for improvement and opportunities for growth. Some business reporting is necessary as part of a regulatory requirement. For example, ... Read More
November 25, 2019 inventory reportingLet Business Intelligence Support Your Decision Making
If you have a business then you undoubtedly have an endless amount of data about your business. But what about analysing and reporting on that data? Sometimes creating meaningful answers from your piles of data can be challenging and time-consuming. When you have data pilling up, the data doesn’t end up being very helpful. An […] ... Read More
November 22, 2019 customer experience, inventory reportingWhy You Should Be Using Business Reports
Writing a report might not be at the top of your priority list at the moment, but business reports are a critical part of running a successful company. When you’re able to produce good business reports, you’ll be able to save time, money and see a tangible shift in the way your company runs and […] ... Read More
November 21, 2019 inventory reportingUnderstanding The Difference Between Lead Times and Inventory Cycle Times
Lead time and cycle time are widely used terms in the world of lean manufacturing processes. However, people are often confused when trying to understand the difference between the two and their significance to lean operations. Lead times are an external process that start when a request is made for a product or service and […] ... Read More
November 20, 2019 inventory control, inventory reporting, lead timeInventory Cycle Times: What They Are and Why They Matter
Inventory cycle times are an important component in manufacturing operations, production scheduling and inventory control. Cycle times represent the speed by which your organisation delivers its goods or services to the market. The cycle time of your inventory can be defined as the total time taken from the start to the finish of manufacturing acti ... Read More
November 19, 2019 inventory reporting, manufacturing, productivitySeparating Your Metrics and KPIs: What They Are and How They Differ?
When discussing analytics, the terms metrics and KPIs (Key Performance Indicators) are often treated interchangeably, however, they should both be approached differently because both can have a huge impact on how your business strategy is designed and implemented, as well as impact your inventory reporting. Metrics are a quantifiable measure of tac ... Read More
November 18, 2019 inventory reportingGoal Setting: Looking to the future of your business
Goal setting is an important aspect of both your personal and professional life. You might have personal athletic pursuits and goals of buying a house. When it comes to your professional life, you might be reaching for managerial roles or be seeking that yearly bonus. In order to reach your goals, they need to be […] ... Read More
November 15, 2019 business challenges, business growth, inventory reporting