Why is business analytics so important for companies dealing with used mobiles?

Business intelligence is the key to success!

At the beginning of entrepreneurship, particularly in the used phone industry, luck and intuition could be relied on. As a company grows, it should change the focus to data analysis that helps to achieve maximum efficiency at minimum cost and risk.

Today, business intelligence is not just a set of tools and technologies to process data, but rather a whole system of data analysis aimed at generating valuable insights for making strategic business decisions.

Turning raw data into visual analytics consists of 4 steps:

  • data mining;
  • analytical processing;
  • reporting;
  • Interpreting results and making decisions.

Of course, this can also be done using manual methods such as Excel spreadsheets. But this is not efficient because:

  • It is expensive. Several people are involved in this process. Processing the data, compiling the report sheets, and writing the reports is not done by one person, but by a whole team on a continuous basis.
  • Takes a lot of time. With a large amount of input data, a person can’t process it quickly. The volume of information is quite large;.
  • Can be error-ridden. A person can make mistakes due to inattention, fatigue, and numerous tasks;

Organizations need to be more agile

For companies dealing with used phones, business analytics can be helpful in increasing profits and reducing costs, promoting business transparency, effectively allocating responsibility among employees, and both enhancing and simplifying control.

The data that a modern organization generates is enormous. It can be obtained internally from employees, customers or suppliers. Your interpretation and use of this data have a profound impact on your company’s future performance and success on the market. Working with Excel spreadsheets is time-consuming: linking all the tables, applying formulas, entering data, etc. The time spent on such activities is of great value and deprives you of the opportunity to work on other business processes and ideas.

To simply transform complex data into actionable knowledge, we need tools with a broader scope. Here business intelligence tools, which automatically analyze data, provide visuals of the business performance and give you a clear view of all the information, come into play.

NSYS Inventory helps businesses dealing with pre-owned mobile devices automate these processes, saving time and effort.

For example, to evaluate the effectiveness of a sales manager, we need to see data on the results of his activities — the number and total amount of sales for a certain period. In order to create a comparable level of analytics in Excel, making a table once is not enough. It also requires updating it and making sure the data is not lost and is displayed correctly. If you design tables and links incorrectly, the process of updating data can be disrupted.

One more disadvantage deals with the fact that the number of mobile devices as well as users is constantly increasing. Excel has a complex interface, poorly adapted for smartphones and tablets, so viewing analytics directly via Excel is inconvenient.

Another example, a supplier profitability chart. Tables with data on sales, repairs, and returns in Excel do not allow you to draw conclusions about which supplier is more attractive to work with. Another problem is updating the data. A large number of sales occur every day and with the manual method, employees have to update tables weekly or even daily. NSYS inventory solves this problem. Tables are updated every time new data comes in, structuring all the information.

NSYS Inventory is best for companies that want to manage their information seamlessly.

No losses, no shortages & no more spreadsheets. Do away with huge, unmanageable spreadsheets. NSYS Inventory gives you a transparent, easy-to-use warehouse management system

Get a holistic view of your inventory flows. Take absolute control of your cash flow. Trace the most profitable sales channels. Seamlessly follow all your financials with an advanced built-in money tracking system. You can make the right decisions for your business due to data analysis.

Scale your business with multiple locations. Don’t limit your growth with complicated warehouse logistics. Manage multiple locations with ease, seamlessly controlling your products flow among warehouses.

Send us a request to try NSYS Inventory in action! Our representative will contact you to schedule a free demonstration where you can see how it works and ask questions you may have.

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