Sales data is one of the valuable assets any company has as it provides useful insights on the internal business functions. Companies use their sales data to make informed decisions like when to raise or lower prices of their products or services. These decisions should not be driven by “gut feeling” rather companies should perform detailed sales data analysis to identify trends and patterns in their sales data. This can, further, help in determining both opportunities and potential threats. Also, with the help of sales data analysis, businesses can track the performance of individual product or service in real-time. Such insights can help businesses to make timely decisions in case of decrease or increase in sales of any particular product or service. Sales data analysis can also help companies to determine if they are meeting their sales goals by providing them with an easy, measurable way to track their performance. In this article, our sales analytics experts have highlighted a few important ways in which sales data analysis can help businesses to improve revenue growth and profitability.
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How to use sales data to boost revenue growth?
Centralized Database to View Data
To utilize sales data optimally, businesses need to have a unified view of sales data that includes all orders and inventory by product and category. If there is a lack of centralized location of such data, businesses might fail at defining the impact of one of their sales channels or product lines on their entire business. Also, a unified location of data allows companies to perform proper sales data analysis that can further facilitate accurate and timely decisions like when to move inventory from one location to another or markdown products.
Utilize Real-Time Sales Updates
To uncover potential opportunities and threats, businesses need to track their sales every day even down to the minute. This is the reason why sales data needs to be updated in real-time. Sales data analysis in real-time can help businesses to analyze how price changes can impact the customer’s decision. Data visualization tools like sales dashboards can help in analyzing information quickly and respond to changing sales trends in real-time.
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Drill Down Sales Data by Location, Product Type, or Channel
To derive the desired result out of sales data, businesses must gauge their sales data by specific locations, product lines, or sales channels. Such granular insights can help businesses to understand what’s contributing the most to their revenue growth or causing the loss of revenue. Also, this helps to understand more precisely every aspect of sales and analyze sales trends over a period. Furthermore, this can aid in managing inventory, marketing, and finance functions efficiently.