Data cleaning, data purging, finding correlations – Data analytics has been a buzzing word for a long time. Business analytics (BA) refers to the practices for continuous investigation of past business performance to gain insight and drive business planning. Enterprise resource planning (ERP) software generates a lot of data and though more data has greater opportunity to discover business-changing insights, it requires a more thoughtful analysis to capture the most granular details of your business transactions.
Where should you start?
Perhaps, your operating software is able to process data for your small business.
What happens when you want to scale up and grow? Do you just say that your system is unable to process large chunks of data or do you look for a solution?
With the evolution and adoption of new-age automation tools like NetSuite ERP, business data analytics have become a must strategy to understand business performance and forecast the growth. In this article, we discuss the significance of business analytics and its prime benefits in optimizing the resources, predicting growth, understanding the user behavior, and decision making.
Financial management: Application of Business Data Analytics
Most small to medium enterprises face challenges in maintaining and keeping financial aspects up to date. Inability to maintain and keep up with financial aspects leads to poor planning as well as revenue and opportunity losses. Advanced business data analytics enable you to track and improve:
- Cash flow
- Working capital
- Cost base
- Borrowing and
Efficient Decision Making:
Despite the scale and industry, the right decision at the right time will proliferate opportunities. Modern ERP software solutions embrace business analytics features that process legacy data and helps you in understanding how the business is moving ahead. Therefore, you can plan and schedule the production, inventory, and marketing on par with market trends.
Competitor analysis can make or break your marketing strategy. Since you have been running a business for a while, it’s vital to conduct competitor analysis. Unfortunately, legacy systems lack in analyzing competitors and their marketing approach practices. Whereas business data analytics helps in understanding and establish an edge over competitors with a descriptive analysis. It certainly improves your brand value and trust factor.
Tracking Market Trends and Customer Behavior: Business Data Analytics Feature
Marketing trends and customer behavior are dynamic. Knowing them would help you in planning market strategies to reach the right audience and nurture them. Modern Cloud ERP solutions like NetSuite comes with SuiteAnalytics features that provide real-time customer behavior and on-going market trends. With the advent of business data analytics, you can customize marketing and sales approach that meets the needs of customers.
Business Strategy Revamping:
That being said, business data analytics is a comprehensive approach to collect every speck of the data and transform it into actionable items. Business analytics together with Artificial Intelligence ensures timely review on:
- The market performance and direction
- Products & Services
- Operational matters
- Financial matters
NetSuite is a leader in providing comprehensive analytics by enabling its customers to discover hidden information that can be used to make the right decisions.
Amzur is a trusted NetSuite alliance partner in Tampa, Florida, helping many growing companies with customized NetSuite solutions and business analytics. We have been in the ERP industry for 15 years by ensuring growth proliferated with ROI.
We have helped CG Squared, Inc. to enable Trade Promotion Management for Consumer Goods companies on NetSuite. Amzur Technologies developed a SuiteApp to enable Consumer Goods companies to efficiently manage all aspects of trade promotions – right from promotion planning and budgeting, all the way through to post-promotion analysis within a single application.