“Who is your customer? What do they like? How often do they visit your store? What do they like purchasing?”
The answer to these is captured all day at your point of sale (POS). BI tools help convert this data into meaningful information to make strategic and effective business decisions for your current business problems. The analysis is based on previous and current data.
Small and medium-sized retailers use excel as a tool to analyze this data. This makes the decision-making process difficult. Here are 7 reasons why you should pick BI tools over Excel-
1. Visualization is important
Excel captures data but all those cells and tables can be overwhelming while interpreting it. BI tools allow users to visualize and understand the story from the data. This way they can easily interpret and most importantly, use the information to make rational decisions.
2. Dynamic data
Excel lacks dashboard refreshment. In BI tools, the data is dynamically updated. The moment there is a sale, it is reflected on the interface.
3. High-level analytics with a cross-reference to multiple tables
The user can view the business at 40,000ft to understand which category of food products is in demand for the season and grill it down to a zeroth level to understand the brands in demand!
4. Users and reports
BI tools allow users to customize their dashboard and view data relevant to their department.
5. Processing speed
The hassle of feeding the data and refreshing it is reduced, instead, the data is dynamically updated once a sale is made and the user can see the live impact it has on his/her dashboard. Most importantly, BI processes table, graph and filtering faster than Excel.
6. Ease of use
A BI tool is easy to use as compared to Excel. The user can modify their dashboard with ease and the interface is very intuitive.
7. Easy for collaboration
Excel lets specific users access the reports, but BI tools allow sharing of these reports to a broad range of readers in varying degrees of analysis. Therefore, making it easier for collaboration.
While excels are useful for simple analysis, why expose your business to loss of productivity due to significantly slower time-to-insight. As competition is raising their stakes, businesses worldwide are trying to reduce their inefficiencies and are turning to BI.
To learn more about getting the most out your sales data, click on- https://getpy.biz/