A lot of companies are switching from traditional communication methods (such as email) to collaborative chat applications to boost the effectiveness of internal communication.
These apps promise improved team efficiency and collaboration and a lower volume of emails. They also aim to be easy to use and learn. (more…)
What will the future of business analytics look like? If only you could ask someone from the future for advice—or better yet, see it for yourself.
But you don’t need to be a time traveler to take a good guess: the future of business analytics is small business. (more…)
[This article was originally published on March 3, 2016 and has been updated with products based on the methodology outlined at the bottom of this piece.]
If a company doesn’t know which software to use, it will usually default to Excel. When starting out with sales, for instance, all you really need to capture is a customer’s contact details and credit card info. Excel seems suitable enough to do that.
But, as your business starts to grow, managing your sales pipeline quickly becomes more than a simple spreadsheet can handle.
Data analytics is no longer carried out by data scientists alone. Every employee—from salespeople in the field to your HR manager—needs to understand and participate in data-driven decision-making.
Collaborative analytics is the key to shared data insights. This includes the components within the data analytics process that help analysts and other team members work together to achieve shared goals. These elements include:
- Data sharing
- Collective analysis
- Joint decision-making
Despite potential benefits, such as increased revenue and speedier decision-making, 41 percent of organizations lack the collaboration needed between analytics and business teams.
What is stopping businesses such as yours from collaborating on data? One issue is that the different teams within your organization don’t even know what resources other teams have and may be unaware of shared goals.
Inventory management and inventory control are not the same thing. Though they might sound similar, they serve distinct business objectives—and you’ll need to know the differences between them to serve your business well.
Retailers that aren’t efficiently tracking their inventory run the risk of suffering losses of up to 12 percent of their annual revenue through inefficiencies such as preventable returns, out-of-stocks, and overstocks. This is why knowing the differences in inventory software—as well as what business purposes each type serves—is crucial for small retailers.
At present, 43 percent of small businesses don’t track their inventory at all, or are using manual processes. No matter how small your store is, you won’t capture the intricacies and complexities surrounding your inventory as it moves through the supply chain without using dedicated inventory software.
If you’re here, you’re probably asking yourself, “Which one does my small business need?”
The answer is, it isn’t about which one you’ll need—you’ll almost definitely need both—but about when you’ll need which tool.