/ Using BI tools to build a powerful inventory management app
Using BI tools to build a powerful inventory management app
Are you finding it increasingly difficult to keep track of your company’s inventory? Are you wasting valuable time and resources tracking down products that are out of stock?
As companies continue to move toward digital-first sales models, the need for an efficient and accurate inventory management system has never been greater. Running out of stock and facing inventory shortages can lead to lost sales and decreased customer satisfaction.
Combine these struggles with supply chain crunches and you have a recipe for disaster.
With the right BI tool, you can develop a customized inventory management app that’s tailored to your specific needs.
In this article, we will explore how to build a powerful inventory management app that can help your business stay on top of its stock levels and avoid costly inventory shortages.
Why inventory matters in today’s market
Inventory is a critical part of any business. Not only does it represent a significant financial investment, but it’s also essential for ensuring that customers can access the products they need when they need them.
As companies move away from traditional brick-and-mortar sales models and toward digital-first sales models, the importance of inventory management becomes even more apparent. When customers can’t find the products they’re looking for, they will often turn to your competitors instead.
Yet far too many businesses treat inventory as an afterthought. They invest time and resources into building a catalog of products, but they don’t put the same effort into managing that inventory effectively. This can lead to lost sales, decreased customer satisfaction, and even inventory shortages.
Data is playing an increasingly important role in inventory management. In the past, businesses would track their inventory using manual methods like spreadsheets and pen-and-paper records. This meant that businesses often had to rely on gut instinct and experience to make decisions about inventory levels.
However, data-driven inventory management systems are quickly becoming the new norm. These systems give businesses the ability to track their inventory in real-time, identify patterns and trends, and make more informed decisions about stocking levels.
Moving in this direction offers a variety of benefits
1. Increased accuracy
Data-driven inventory management systems are more accurate than manual methods. This is because they allow businesses to track their inventory levels down to the individual SKU.
2. Increased efficiency
Data-driven inventory management systems can help businesses save time and increase efficiency. By automating the process of tracking inventory levels, businesses can free up employees to work on other tasks.
3. Increased agility
Data-driven inventory management systems allow businesses to be more agile and respond quickly to changes in the market. This is because they provide businesses with real-time insights into their stock levels and buying trends.
4. Reduced costs
Data-driven inventory management systems can help businesses reduce costs. By tracking inventory levels and patterns, businesses can avoid overstocking or understocking their products.
The benefits of using a BI tool for inventory management
Business Intelligence (BI) tools are designed to help users collect, analyze and present data in a variety of different formats. These tools can be used for a wide range of tasks, including data analysis, report building, and data visualization.
Creating custom apps
BI tools can be incredibly helpful for businesses that want to develop a custom inventory management app. By using a BI tool, businesses can collect data from a variety of different sources and create an inventory management system that meets their specific needs.
BI tools offer incredible customization and flexibility, which is perfect for businesses that want to create a unique inventory management app. With a BI tool, businesses can tailor their inventory management system to track the specific data that they need to make informed decisions about their stock levels.
Building on a BI platform
In addition, BI tools offer a wide range of features and functionality, which can be used to develop a powerful inventory management app. BI tools can be used to create custom reports, graphs, and dashboards that provide insights into inventory levels and trends.
Overall, BI tools offer an impressive level of flexibility and customization, which makes them the perfect tool for businesses that want to develop a custom inventory management app. With a BI tool, businesses can collect data from a variety of different sources, analyze that data, and present it in a way that meets their specific needs.
How to use a BI tool to develop an inventory management app
Now that we know the benefits of using a BI tool for inventory management, let’s take a look at how to use a BI tool to develop an inventory management app.
When choosing a BI tool, businesses should consider the following factors:
The type of data that you want to track: Some BI tools are better suited for tracking specific types of data than others. Make sure to choose a tool that can track the data that you need to manage your inventory.
The frequency of data collection: Some BI tools collect data in real-time, while others collect data on a schedule. Choose a tool that fits the frequency with which you want to collect data.
The features and functionality: BI tools come with a variety of different features, which can be used to develop an inventory management app. Make sure to choose a tool that has the features that you need.
Step 2: Know your data and data sources
The next step in creating an inventory management app with a BI tool is to know your data. This means understanding the data that you want to track and where it comes from.
In order to track inventory levels, businesses need to collect data from a variety of different sources. This data can come from internal sources, such as sales data and purchase orders, or external sources, such as supplier data and shipping data.
It’s important for businesses to understand the different data sources that they are using and how that data is collected. By understanding the data sources, businesses can create a system that accurately tracks inventory levels.
Step 3: Collect data and create reports
Once you have chosen a BI tool and know your data sources, the next step is to start collecting data. This can be done by importing data from your data sources, or by manually entering the data into the BI tool.
For inventory management systems, this data includes:
Sales data: This data includes information about the products that have been sold, such as the product name, description, quantity, and price. This data can be used to track inventory levels and sales trends.
Purchase orders: This data includes information about the products that have been ordered, such as the product name, description, and quantity. This data can be used to track inventory levels and purchase trends.
Supplier data: This data includes information about the suppliers of the products, such as the supplier name, contact information, and website. This data can be used to track supplier information and trends.
Shipping data: This data includes information about the products that have been shipped, such as the product name, description, quantity, and shipping date. This data can be used to track inventory levels and shipping trends.
After the data has been collected, businesses can use the BI tool to create reports. These reports can be used to track inventory levels, sales trends, purchase trends and shipping trends.
Business intelligence tools are incredibly powerful and offer businesses the ability to collect, analyze and present data using a variety of different formats. When you have greater insight into your business data, you can make better decisions about inventory management.
With the right tools, you can build an inventory management app that is tailored to your specific needs. This app can include data about sales, purchase orders, supplier information, shipping data, and more. With this data, you can track inventory levels, sales trends, purchase trends, and shipping trends. Armed with this information, you can make better decisions about your inventory and improve your bottom line.
Check out some related resources:
Domo Ranked #1 Vendor in the 2022 Dresner Advisory Services' Self-Service Business Intelligence (BI) Market Study
Nucleus Research names Domo a Company to Watch in 2022
Eckerson on Actionable Intelligence
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