”Data mining”, ”Business analysis”, ”Point Of Sales collection” etc. – all abbreviations on performing the same task of collecting sales and inventory data from your sales channel. In lack of a simpler and more commonly understandable term, we use ”Business Intelligence” – or B.I. in short.
Knowing the sales/runrate and inventory situation of your partners is essential to:
- Forecast production
- Pinpoint marketing possibilities
- Foresee over- and understock situations
Can you do it yourself? Yes - absolutely.
Is it efficient? No - definetely not.
Because just as you would outsource IT hosting, telecommunications, security, car leases and cleaning, B.I. works the same way. 95% of B.I. is tedious administration work that will not grow your business. The last 5% is where you analyze the data and base your decisions on whether to rethink a marketing campaign or increase production/purchases.