Using intelligent reporting tools is a smart way to know whether a business strategy is working or not. You can get a better idea of how your business is doing by analyzing transaction details, promotions, and other aspects that affect sales. Fortunately, retail software engineers provide a wide range of applications that provide reporting tools.
When used correctly, these tools can provide instant information about sales and business performance. You can use this information to make decisions and improve your business even more. But, not all reporting tools are alike. Below are some of the top 3 qualities that you should look for before investing in any business reporting solution.
When you mention business data analysis, the first thing that comes to mind for most people is complicated graphs that attempt to asses sales trends. Keep in mind though that reporting tools should not complicate your understanding on how well your business is faring. Instead, these tools should simplify things. They should help you quickly learn about the latest trends, patterns, impending risks, and opportunities affecting your business. This can be best achieved by deploying reporting tools that are easy to use.
Before investing in any application, whether it is a POS system or accounting software, first find out what kind of reporting features are available. Does the app allow you to quickly access reports for daily, weekly, monthly, and quarterly sales? Can you group sales by category, product, date, promotions, and other parameters? Are there ways to filter inventory records? Is it possible to pull out VAT reports or lists of poorly performing products?
Ideally, go for reporting tools that provide intuitive interfaces and a host of features. These tools should make it easy to use and access menus, interprets chars and print out reports. An easy to use business-reporting tool will reduce training time for your staff. It will also help managers to understand vital business reports easily and enable them to make decisions when you are not around.
Templates or Custom Reports
Business intelligence reports are generally of two types. You can make use of templates or create custom reports. Templates are built-in reports that allow you to look at common data types instantly. Such reports save time since you do not have to create them from scratch. On the other hand, custom reports allow you to design them based on your specific criteria. This option is ideal for those that want advanced reporting tools. Check to see your business software to understand what kinds of data output it supports.
The good thing about cloud connectivity is that it makes business reporting quite convenient. Having your business information stored in the cloud means that you can access it anywhere. For example, you can use your Smartphone to access back office data about business sales. This makes it easy to check on stock levels, edit product prices, and a host of other managerial tasks. The best part is that accessing business data remotely means that you do not have to visit your business premises or have data exported from a point of sale terminal and sent via email.
Indeed, there are many benefits of deploying intelligent business reporting tools. Keep in mind though that a good reporting application should be easy to use. It should also provide templates or advanced reports and allow you to back up your business information in the cloud for easier access.
Andrew Thompson has been running a retail business based in Edinburgh for several years. He is also a blogger that loves to share his passion for tech and business through writing. Andrew likes to use intelligent business solutions such as the I-POS.