Good business intelligence is crucial to the success of a growing business. A business cannot understand how and why it is being successful and where it is failing if it does not have access to good reporting and analysis tools.
However the problem many businesses face is in trusting the data they have, if their processes are largely manual it may take time to gather reliable reports detailing vital information. The collection and analysis of large amounts of data is extremely challenging without specialist software. By investing in software that allows data to be managed effectively companies can gain access to vital information that will ultimately provide them with a competitive advantage. So what is the most important information you need to know about your business in order to help it grow?
Business expenditure: How much are you spending?
Keeping a close eye on costs is crucial to business success but few organisations have a good understanding of what they are buying and how much they are spending. Carrying out a spend analysis program is a good way for your organisation to start to address these problems. Carrying out a review of purchases and summarising the data into supplier, category and department will enable your company to identify where you are over spending and highlight areas where savings can be made.
Do you know what your most popular products are or who are your best customers? Reporting and analysis of your customers profiles and behaviour is the best way to anticipate future demand for your products and drive marketing strategy. A good start would be to analyse the characteristics of your customers by company size, location and sector. A good ordering system that allows you to track the spend of your customers historically is essential if you want to be able to understand what is going on with your business.
Keeping track of suppliers
Do you know which of your suppliers are the most reliable or offer the most competitive prices? Using the most appropriate suppliers for your business will allow your company to be more profitable but you will only know which suppliers are the best if you can track information about the service they are providing. Software which allows you to rate and monitor the performance of your suppliers will allow you to build up a good profile over time of the best suppliers for your business.
How we can help
Claritum is a leading provider of spend management software-as-a-service for complex categories such as print and related marketing services. The solution streamlines the processes of sourcing, procurement and invoicing to deliver significant, measurable and sustainable cost savings and process efficiencies to leading enterprise and public sector clients. Claritum’s reporting and analysis tools can help you get the information you need about your business.