How many utensils do you have at home? And how many among them do you use?
How often have you been clueless about where that particular ABC-shaped, XYZ-coloured utensil is?
You definitely don’t know the answer to these questions.
Imagine if your utensils are like your business data.
How many data points of your business do you capture? And how many of them do you effectively use to make data-backed business decisions?
How many times have you been clueless about where to get a particular set of data?
The answer is probably the same as before.
It’s often said that managing a home is like managing a business.
So what do mothers do to keep track of their utensils? They use kitchen racks.
It’s the same for FMCG businesses.
Any FMCG company produces innumerable data points each day. These get stored in multiple platforms creating an unequal flow of information, different sources of truth, and perplexed managers who are unsure of what to trust.
Not having access to the right data at the right time, is like finding a fork when you’re looking for a spoon.
When businesses create a unified view of data to track the movements of products, SKUs, channel partners and sales teams, it becomes possible to keep a check on the pulse of the business at, anytime.
For example, when Hershey started using Bizom’s retail intelligence platform to accumulate all of their retail data and analyze it regularly with Bizom’s reporting tools, the company competently boosted their store productivity.
Intelligent data dashboards provide an end-to-end impact on business efficiency and proficiency in strategy building.
When a manager asks a sales rep how many hours they spent on the field, they can look at their dashboards and reply promptly instead of doing guesswork and giving answers that their managers would doubt.
When the manager’s manager questions which products and what quantities are sold most today and from which locations, or how much inventory each store hold currently has, the manager can open their retail reporting dashboard and know the right numbers instead of going through pages of Excel sheets to find the answer.
Next, when the manager’s manager is questioned by the business owner regarding which trade promotions have rendered the maximum ROI and from which regions and sellers, the answer can be quickly found in the dashboard reports.
This is one of the many examples of how organizing data creates a faster and more efficient working environment, saves companies a huge amount of time and money, and brings the overall business more in control.
Is your company managing retail data optimally? Don’t be in doubt.