How is it possible to take charge of sales and also grow your business by outperforming the competition? One essential factor is to optimize order management.
There are 3 main points that can help companies inject efficiency into their logistics. The 3 key aspects of order management: sales, returns and procurement.
How to do it with Zoho Analytics?
- Procurement
Out-of-stocks have always been a reason for companies to underperform. Therefore, it is necessary to keep a close eye on inventory to ensure optimal stock levels and meet revenue targets. One of the strategies commonly adopted to optimize inventory is ABC analysis.
With Zoho Analytics it is possible to make an actionable report. It allows you to analyze inventory by sales volume and sales value.
The report takes into account sales volume, the industry in which you operate, seasonality and other factors, to classify inventory as A, B and C. Category A is fast moving, B is constant moving and C is slow moving.
By doing so and digging deeper into inventory data, companies are more likely to be well prepared for the future. The area will know what products need to be purchased, stored and shipped to maximize revenue.
- Sales
One of the key KPIs is sales. By analyzing sales by multiple dimensions and adding a layer of granularity to them, salespeople can even better target their downstream sales efforts.
How can they be analyzed?
- YTD analysis to evaluate current business performance.
- Historically by region to understand the best performing markets.
- With a sales forecast to align the area's efforts proactively. Determining what sales figures will look like in the future to plan business activities, such as investments, marketing expenses and acquisitions.
Zoho Analytics enables reporting and in conjunction with ZIA (Artificial Intelligence Assistant) can provide real-time search and forecast results.
- Returns
Returns management is crucial in supply chain management. Therefore, the more comprehensive the returns analysis, the better the handling and the lower the losses associated with returns.
Zoho Analytics, being an advanced BI platform, has an integrated formula engine. In this way it is possible to measure losses and implement actions to optimize them. Based on the categorization as recoverable (or receivable) and non-recoverable (or credit only), returns are analyzed based on the amount and value of returns.This makes it easier to identify the most returned products by value and volume.
A company that needs to improve online order management by performing advanced analytics can add a useful layer of information to its inventory data. This will lead to transforming simple business data into actionable decision making insights to grow your business.
By implementing Zoho Analytics with Etixen's technical team, it is possible to achieve reports according to the required level in a very simple way.