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Every retail company should be in the business of intelligence gathering. Collecting meaningful and useful data about consumer trends, forecasts and other important metrics allows retailers and distributors to make big decisions about marketing and sales. Cloud based ERP solutions now offer more real-time data to business leaders creating an even greater opportunity to translate numbers into effective strategies.
Cloud ERP solutions such as Microsoft Dynamics AX allow retailers and distributors the ability to see sales trends up to the minute. As the ERP collects data from all areas of the organisation and brings it together, it is easier to identify strong trends and major shifts in consumer behaviour. More data means that leadership is able to see big picture problems as opposed to only seeing the tip of the iceberg, allowing for more concise and comprehensive decision-making.
Business intelligence is only useful if everybody in the organisation is able to understand what it means and how it is used. Fortunately, Microsoft Dynamics AX organises data in graphs, visuals and tables that make it easy to share data points with every level of the company and across every department. Visual displays of trends make it easy to pinpoint issues that arise, whereas plain text numbers are hard to decipher and require sorting. Eliminating these challenges from the discovery process of business intelligence makes it easier for management to reach real solutions and track improvements as changes occur.
As your company gets familiar with the business intelligence that becomes available with the implementation of ERP software, there will be a greater ability for the business to remain flexible no matter what challenges arise in the future. As ERP has become more accessible to businesses of any size, small businesses are able to get onboard early in their growth and take advantage of the scalability of the cloud-based system for long term planning. Expansion, entry into new markets and the addition of new teams will all benefit from the business intelligence that has been gathered going forward.
Distribution and Retail
Distributors and retailers in particular can enjoy great success as a result of their business intelligence gathering efforts. Since many of the metrics gathered through ERP have a direct impact on the customer experience at the end of the line, it will be easier for retailers and distributors to find areas where their inventory controls have caused issues or where sales and marketing strategies need more work. By focusing in on those issues, the team of customer service representatives who are getting face time with real customers will have a better support structure helping them to do their jobs.
No matter how big or small your current retail operation is, it is never too soon to adopt a flexible cloud-based ERP system that provides actionable business intelligence data. The information you gather will be invaluable in helping you to analyse your strengths and weaknesses, and allow you to make changes before your business ever experiences a downturn. You will have up to date data in a presentable and coherent format that can be used to unite both your retailing and distribution energies into one shared effort toward a future goal.
AlfaPeople offers specialised ERP implementation support to help companies capture and transfer data into actionable business intelligence. To learn more about Microsoft Dynamics AX and how it can help you get a better handle on your performance metrics, contact AlfaPeople today. BOOK A Conversation with Us Today.