Today, more than ever, successful companies are using many pieces of information to make decisions that affect their businesses. This information can help a company with growth, cost and other issues as well.
Its important to note that if you are not performing some kind of data mining, you may be falling behind your competition faster than you might think. So, what data can you use to help your business be more profitable?
One of the most important pieces of information you have is your company’s sales history data. When ‘mining’ this data, it is possible to increase revenue, identify new customers, and provide better customer service. Let’s look at this a little closer.
Sales data can help you identify customer trends in your industry and markets. This is important when it comes to product development and engineering. Identifying trends in your industry can help you enter segments on the front-end of the ‘profitability curve’ and possibly gaining more profit.
Below is an example of Sales History Data.
But sales history data, although extremely helpful, are not the only important pieces of information available to a company. If the company can analyze past demand, procurement, and supply chain data then the Purchasing and Supply Chain group may be able to make important contributions.
Tracking domestic and international industry trends for raw materials and services helps this group better understand the supply and demand. This can help procurement plan for periods when supplies may loosen or tighten, as costs will change and they may need to adjust their sourcing plans.
Likewise, using this data, the procurement group may be able to find opportunities allowing them to leverage their buying power.
Manufacturing and Supply Chain Services
We are Manufacturing and Supply Chain Services, MSCS, specializing in enterprise-wide production and operations management programs. Our company’s proprietary processes and services promote organization, control and cost reductions boosting your company’s bottom line. How can we help you?
Learn more about MSCS’s production operations and supply chain programs. Please follow this link.