“Ignorance is bliss.” — Would you apply this statement when it comes to your business?
When small to medium businesses become proactive in implementing technology-enabled information solutions, you know they’re serious about growing and winning in business. The information solutions are made affordable to SMEs and even seem like spending pennies for large enterprises.
But to SMEs in the Philippines, every peso counts. This is why it is imperative to unlock the value from the unearthed wealth of data from information solutions.
Within a couple of months after implementing point-of-sale solutions, a small Filipino drugstore chain of four provincial area stores saved about 400T pesos in inventory losses through analytics.
The starting point was to visualize sales and inventory data from their point-of-sale and organize them in meaningful dashboard formats. Through cloud technology, the owners could access these dashboards anytime, anywhere, using any device. The dashboards were informative tools that grew their appetite to know more about their business.
However, being informed is one thing, selecting the right concerns that must be addressed is another story.
When professional analysts saw the dashboards, a critical red flag was found: the chain maintains about 4,000 stock keeping units (SKUs) as part of their 5-month old inventory but only 3,690 SKUs are selling items. The non-moving inventory is valued at 400T pesos! Immediately, the owners returned non-moving items and exchanged those for fast-selling ones, enabling them to get quicker returns from inventory.
If they didn’t find out about the issue sooner, the items would have expired and no supplier/distributor would have accepted the returns — imagine, that’s 400T pesos down the drain!
Their realization: Few additional pesos spent on information solutions and analytics prove to be invaluable when real returns are realized from the delivery of transformative insights.
Indeed, ignorance of your business will certainly hurt it — Would you want to hurt your own business?
How can we help? Accelerating your analytics journey is the core objective of RAPID INSIGHTS ZONE — premium analytics professional services, made available to all business types and sizes. Our services will help you KNOW MORE through analytics, so you have MORE TIME and resources to focus on growth. When you are ready to accelerate your analytics journey and inevitable business transformation, contact us!