Business Intelligence, along with big data analytics, is an aspect of enterprise technology that has generated significant discussion. Small businesses to large manufacturing corporations are seeing the value in collating data from all points in their processes, going beyond the typical records generated by sales. By adopting this concept of data analytics, they can accurately pinpoint various friction points and areas of improvement within their workflow.
The reports generation features in Connected Business takes advantage of the enormous amount of data generated by transactions across multiple channels. Retrospective analysis is one of the tools that can help managers assess their business' health at a glance, based on information that is intelligently filtered by our data sorting technologies. These are then presented through beautiful and intuitive graphs and charts. This type of analysis looks at a company's transactions at certain periods in the past, which helps decision-makers see trends from their data and guide them in making better-informed decisions for their business. You can examine the pricing of acquired inventory, customer purchases, preferred payment or shipping methods, rate of returns, and other business operations.
In this webinar conducted by developer team lead Emily Gatbonton, she breaks down the various possibilities for extracting relevant data from past transactions, comparing them to different data points, and configuring the layout and variables to convey maximum insight.
Another aspect of business retrospective analysis that focuses on analyzing inventory is called Stock Valuation Analysis Report. When used in conjunction with other BI tools, it can help retailers, distributors, and wholesalers alike in determining if their current inventory holdings are on solid ground.
While opportunities abound for companies to leverage their years' worth of data, it's also important to keep in mind that retrospective analysis is simply a tool that a discerning manager or CEO can use to make sound business decisions. According to Harvard Business Review:
"Using Big Data successfully requires human translation and context whether it’s for your staff or the people your organization is trying to reach. Without a human frame, like photos or words that make emotion salient, data will only confuse, and certainly won’t lead to smart organizational behavior."
Learn more about Retrospective Analysis and other Connected Business features by requesting a free demo today.