Reporting & Analytics
Businesses all around the world are growing at a marvelous speed, be it the product-based or service-based. The competition is increasing every day with companies trying to increase their productivity and finances all at a time. But doing so, only a few companies succeed and capture the market. So, what’s different in them? They differentiate themselves in one aspect and that is Reporting and Analytics. All the successful companies in the world report and analyse everything. This gives them a competitive edge over others and that’s how they remain at the top of the ladder. There are many scenarios where you can utilize the features of such reports & analytics. You can see the competitor’s analysis as well as your product forecasting. So, some essential features that reporting & analytics provide to new businesses are:
Advanced Insight & Reporting
Data Insight is an integral part of any business going through a developing phase. It is one thing that helps you keep a check on your growth, downfall, statistics and ideas. It brings all the key information on your fingertips via the use of graphs and charts. This information can also depict other important facts such as your sales each month, week, or quarter. All this data helps you perfectly analyze the condition of your business.
So, what’s new in this advanced insight and reporting?
The thing that makes it different is that it provides a more accurate and detailed version. The advanced reporting feature provides you with extensive details like inventory specs, product counts, sale details with quantity and price altogether. It also helps you filter through the haystack via advanced options like sales number, GST levied or any custom option you want.
In 2006, a renowned mathematician and architect Clive Humby gave a statement to the entire world, “Data is the new oil”, and the importance of this statement is still vivid. Real-time data transfer is the most essential feature that must be present in any POS system. This feature ensures that there are no discrepancies in the data which is offline stored on your system and which is uploaded on your servers.
Humby also said that the data is valuable, but it can’t be used unrefined. So, to make your business’ data usable, you have to transmit and store it properly using cloud reporting & analytics tools. These tools help you store, manage and retrieve each and every bit of your business information effectively.
For a long time, there has been a problem with traditional POS systems. The problem was of retrieving the data from your main system. The problem has been finally resolved by the newer and better cloud POS systems. What they provide to you is a server to bank upon. And from there the term Multi-Device Support comes to the limelight.
In this feature, you can choose multiple devices to upload, download and track your expenses on the go. Every device can use and access the insights and analytics from the merchant service provider’s server.
As a POS System is incomplete without payment platforms and billing tool, a reporting & analytics feature is incomplete without a multi-location reporting feature. Using this, you can read and extract any data from your company sales and purchase records on-the-go. The feature helps you in auditing of your finances and inventory without coming to the office itself.
The on-the-go or anywhere reporting also removes the continental barriers from data accessibility of your organization. You can continue to access, upload or download the data from any network whatsoever. So, don’t worry if you are traveling abroad for a business meeting and forgot to carry the reports by your side. Now, reports travel with you anywhere, everywhere.
It is one of the trending features in the market right now. The reason for its increasing demand is that it not only provides the data and statistics of your company but also provides that same metrics for your competitors as well. The reporting format used in the comparative analysis is that how you as well your competitors fared. The data is shown by the same dates and products to know how customers are reacting to your marketing strategies.
Comparative reporting can also tell you how your products are compared against each other in the same scenarios. This reporting helps you find out your best selling products according to the seasons, dates, weather, prices and marketing.
Major Advantages of Reporting & Analytics for New Business
All the features mentioned above some kind of advantage to any new business. Not only do they provide traditional data storage facilities but also happen to grow your organization in many different ways. The use of such tools and features not only help you grow your business but also provides a cushion of error-less financial transactions.
Some of the best pros of having a reporting & analytics tool are:
- Reporting all the sales and purchases keeps you secure from the online and card-based frauds. All this data will help you find the lead regarding any in-house or online scam of any kind.
- The analytics of your business will help you keep track of your growth over time.
- It also helps you find your most selling and trending products/services.
- Having reports can help you find your data on-the-go, that too in much simpler overall formats.
- Analytics can help you build graphs and charts to show your investors the progress of your business.
- It also helps you forecast your future sales and purchases.
- They also benefit in certain areas such as keeping your inventory up-to-date, regular account audits as well as keeping your staff in check.
- Compare your business to your competitors to find a comparison between both sides.
- Find which products sell faster in which time slots.
- Facility to download or access your reports from anywhere in the world, anytime.
- Secure servers will help you store your confidential data with highly encrypted protection.
So, after reading this article, you will be able to understand the need for Reporting & Analytics for New Businesses. You can also find the best POS system for your business, that could provide you with an inbuilt inventory manager and cloud report tools to help you grow your business marginally.