Using Business Intelligence can give you a hedge above your competitors in the perishable foods business. Fighting for space in the retail world is critical for expanding the reach of your product. Modern perishable food business owners are in search of technologies that can give them an advantage that retail buyers will notice. Whether you are new to the industry, or have been running your business for years and are trying to adapt to the new trends, what can you do to ensure you stay at the top of your field? That is where Harvest Food Solutions is here to help.
To help sway your retailers, perishable foods companies need to understand one thing – data. Data controls everything about your business, both in the present, and the future. Data analysis supports critical decision-making capabilities in order for greater sales effectiveness. Additionally, it greatly improves product innovation and – maybe most importantly – it enhances profitability. But, as important as big data can be, it can sometimes be tough to understand, and even tougher to realize the depths to which data can benefit your business. Throughout this post, we will share with you some ways to properly utilize business intelligence (BI) in your operation, and how that can give you a serious advantage over your intense competition.
Business Intelligence Removes Guesswork
Imagine this scenario: you are faced with cutting prices to gain market share and, instead of relying on data, you go with your gut and take a gamble. In a field where one mistake can cause not only a backup in production, but the complexity of the program means logistic costs are through the roof. This can bring companies to their knees. This is where BI tools come into play.
Each decision you make is backed up with data and, without it, you are leaving the future of your company up to chance. With BI, you are given accurate data, updates, and changes in trends in real-time. BI even provides data visualizations that can help you to forecast the “what-if” situations. Understanding predictive analytics in your business allows you to remove the guesswork from your decision-making and provide you with the information you need to make a strong, calculated decision every time.
Business Intelligence Allows You to Obtain Business Reports Wherever and Whenever
If you are running a successful perishable foods business (or any successful business for that matter), it probably means you have a trusted staff of professionals to support you in different areas of the job. By incorporating business intelligence tools into your daily routine, you and other business users can access and utilize data anytime, and from anywhere. This is extremely helpful for teams that maintain multiple data warehouses or struggle to tie together unstructured data from across departments. BI makes analyzing data easy, and accessible, for the whole team.
BI Allows You to Gain Insight in Consumer Behavior
The customer is always right. That mantra is true in any business that wants to be successful. A business owner must be able to cater to the needs of the customer. Data analytics allow you to look into what the average consumer is purchasing or how the market for certain products is fairing. By properly utilizing this business data, you can keep your valuable clients happy, while at the same time figure out what you need to do to bring in new business.
BI Helps Develop Efficiency
There are plenty of easy-to-notice factors that can ultimately result in the failure of a perishable foods business. Lack of clientele, lower-tier products, and a general lack of business knowledge are just a few; however, one big problem in the perishable food industry that often gets overlooked is an inefficient business model.
Too many times, businesses essentially throw away valuable time looking for pertinent information from within their own data marts. Even if they do find it, business owners still have to take the time to convert that raw data into a report that can be read and distributed to a team.
By implementing an information management tool, like HarvestBI, this data would all be gathered from one source, accessed from one dashboard, and all converted into an
easy-to-read report. This allows the business owner to focus on more day-to-day operations and keep his or her company moving forward.
Give us a call to see a demo of our business intelligence software and how it can make an impact in your perishable food business.