Inventory management for manufacturing, wholesale and retail business
Joyce Software, Cloud based invoicing software
 
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5 ways Analytics can help run your business

Friday, September 20, 2019

5 ways Analytics can help run your business in 2019

Struggling to find the right data to help you boost your business? What if it has been hiding right under your nose the whole time?

As unlikely as it sounds, at Joyce Software we have seen time and time again that seemingly minor details that are often overlooked can in fact be nuggets of pure gold when it comes to finding – and replicating – a strategy for success.

For example, is a new item selling well in one location, but not so much in other stores? It may well be because of placement within the store, upselling opportunities, a proactive member of staff or many other possible reasons.

This is why jInventory gives you easy access to sales trends, buyer insights, helpful charts and personalised data to help you run your operations efficiently.

Here’s what jInventory can help with:

1. Keep tabs on what you’re selling

You may think that people are cuckoo for cupcakes, but it could be that plain old loaves are actually your bakery’s best-selling item. With jInventory, you’ll see real-time charts that show you exactly which items are flying off the shelf, so you can adjust your inventory accordingly.

 

2. Identify your top salesperson

You can now view staff sales to keep tabs on each employee’s performance. When someone’s shift ends, you can run a employee sales report to see how much that staff member sold. And as jInventory is cloud based, so you can check in on your staff while on the go.

 

3. Find your Average transaction value

This metric gives you a general idea of how much people are spending. A high Euro amount could mean that shoppers are purchasing your more expensive products or they’re buying larger quantities. Having a low average Euro per transaction could indicate that you need to rethink your pricing. Or, it could mean that you have to implement new sales tactics such as upsells, bundles, or other offers to get shoppers to spend more.

 

4. Your year over year growth

Continuous improvement is a goal you want to strive for, and the best way to track your progress is to measure your current results against the previous period. This will help you track how your business doing so you can react accordingly. For example, if you find that you’re falling behind and your business isn’t performing as well as the previous year, then you can strive to change that.

 

5. Get real-time insight into how business is going

See how your business is growing with every new sale. Visit your jInventory Dashboard to see sales charts and reports update in real time with each transaction. You no longer have to sort through lists of sales in spreadsheets and create your own pivot tables just to get a clear picture of how your business is going.

Your data becomes truly valuable once you are able to use it to gain insight, especially in cases when you are trying to replicate success in one store across several others. Your data can also help you understand key differences in locations so that you can tailor your strategy to each individual store.

Not all inventory management systems are created equal, so it’s important to know all the facts before you dive in and choose one. If you’re ready to grow your business and simplify your inventory and order operations, start your free trial with Joyce Software today.

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