Inventory management for manufacturing, wholesale and retail business
Joyce Software, Cloud based invoicing software
 
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Sales data you should be tracking Daily

Friday, September 20, 2019

Sales data you should be tracking Daily in 2019

Starting and running a business involves a 50/50 blend of instinct and fact-based decision-making. And whilst you can rely on your own intuition and the wisdom of others some of the time, it’s cold, hard data that leads to strategic, informed choices.

As intelligent inventory management systems replace traditional cash registers, owners and managers can track, analyse and explain how well and why their business is working rather than merely recording transactions. Things make much more sense when everything is centralised. But with so much data available, where do you begin?

Here are 6 pieces of sales data you can track using jInventory, helping you improve daily cash flow and plan tactically for long-term growth.

1. Sales reports by location

The view you have of the entire business can get disjointed when you have multiple locations. Reports by location join up the dots between your various stores without you having to visit each one individually.

How to use the data:

  • See which of your locations perform best and when
  • Replenish stock at one location from another
  • Check up on staff performance remotely
  • Decide when and where you could open a new location

 

2. Sales reports by hour

Hourly reporting goes deep into the mechanics of what’s working in your business and what isn’t. It helps you see how even the smallest factors might be creating fluctuations that cumulate and impact you over time. These fluctuations might not be visible in week-to-week or even day-to-day reports.

How to use the data:

  • Understand when your busiest periods are each day
  • Rethink your staffing arrangements and opening hours based on demand
  • React quickly to lulls, low stock and other immediate challenges

 

3. Sales reports by employee

Sales reports by employee reveal how your staffing arrangements are affecting sales down to the individual level.

How to use the data:

  • See which of your employees are performing well or not so
  • Strategically rota staff according to when they perform best
  • Make long-term staffing decisions such as whether to grow your team

 

4. Sales reports by category

Categories are groups of items, for example: sandwiches, soups, cushions or home-visit services. They are less specific than items. This data can be viewed in real-time to make responsive changes, or over a period to influence how you curate your ranges.

How to use the data:

  • Specialise your category offering
  • Focus your marketing accordingly
  • Develop a new or more specific brand identity
  • Restock or get more staff on preparation duty before whole categories run out

 

5. Sales reports by item

Items sit within categories. For example, where coffee is a category, a flat white would be an item. Itemised sales reports offer similar insights to category sales reports, with extra detail. Gauging the popularity of specific items and when they sell throughout the day.

How to use the data:

  • Manage inventory with more efficiency
  • Add or remove items from your offering
  • Focus your marketing accordingly
  • Understand how customers like to modify items

 

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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