Consumerism is at an all-time high, especially after the economic lull in 2020. Since 2021, e-commerce sales have grown exponentially, to the point that in 2024 we are looking at a forecasted 6.2 trillion US dollars in e-commerce sales. This puts pressure on retail companies to optimize their data collection and analytics to respond to demand forecasting and warehouse growth needs. So where does Power BI come into picture?
The collection and analysis of data is an important part of any business because it makes the business run. By analyzing data you can make important decisions within your business, it helps keep your customer data safe. and most importantly it helps propel your business forward to greater heights.
When you are dealing with e-commerce and warehousing, you will have to deal with a lot of information and data in order to make accurate decisions. If you do not manage it affects a lot of your operations like your KPI, synchronizing data from different sources, and it can also cause security risks for your customer data.
Overall it will affect the company’s performance because you will not be able to make proper decisions in the end, and it will affect your brand reputation with your customers. Currently, there is an increased use of AI in business data analysis which aids these processes. Tools like Power BI harness these tools to make data management more efficient.
When it comes to demand forecasting, it means you would need to be able to know in advance the amount of products you need to supply to your customer for different time periods in the year. You will need to be able to discern whether or not you will be able to meet the consumer demands of a period of time, like the holiday season.
Data management will help you know when to restock products when to have a surplus on hand, and the capacity of the products that you can hold. You need to be able to note how much capital you will need or be able to project sales information in months or even years. Data management affects all these factors.
Another aspect of e-commerce that is affected by consumer demand and requires data management is the ability to store these products before they are dispatched and orders are fulfilled.
With the increase in online shopping, there will be an increase in demand for products, and this will require warehouses to expand. This needs to be done accurately as an overestimation or underestimation can have an effect on your bottom line – which once again requires means of data management.
Tools like Power BI can help in data management which makes the decision-making process easier. This is due to its ability to collect, store, analyze, and visualize the data captured on the program. In addition to this, Power BI has several security layers in order to keep sensitive data protected and help prevent any data loss.
It has numerous data capabilities, can provide interactive visualization of date reports, and can provide real-time analytics in order to make up-to-date decisions at all times. You can integrate and transform your data with its interactive dashboards. It allows for you to grow with your business, and is cost-effective.
If you can upskill yourself or your team with a business intelligence training course that will help you free up a significant amount of time for other business matters, and help you make much more informed, data-driven business decisions.
Forecasting will allow you to collect the relevant data and analyze it in order to make efficient decisions. Decision-making is a key aspect of forecasting, and a lot of the company sits on tenterhooks regarding the outcome of this.
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