How do you make critical business decisions?
Trusting your gut feeling or relying on analytical data, what do you prefer?
While some business owners have made a fortune by following their instincts, there is also the iconic case of Bob Galvin, the CEO of Motorola, who went against all signs of mobile phone boom and invested significantly in satellite phones, leading to massive losses. The dilemma with trusting your gut instinct is that it is dependent on personal prejudice and subjectivity. For example, if you own a retail store, the designs, and outfits you encourage may be influenced by your own preferences rather than sales trends.
That is where analytics can assist you determine what is working and what needs to be modified to improve your business!
ZikZuk, an SME Neobank, offers Business Finance Manager (BFM), which syncs with your Tally account and offers analytics for Tally data on mobile. Helping you gain better insights that will assist you to make better business decisions with just a click!
Here are some of the benefits the BFM platform offers that can help your business:
Better Inventory Planning
BFM offers a dedicated inventory dashboard with stock movement and ageing analysis of the stocks. Movement analysis displays the complete outward and inward flow of inventory stocks and assists in making quick decisions on sales quotations and prospective projects.
The aging analysis identifies slow-moving or obsolete stocks in the inventory. This allows for the storage of only the essential amount of inventory while removing superfluous elements that have a negative impact on the company’s profitability.
Identify Customer Payment Behavior
Your business may be successful, and you may be getting a lot of new customers. However, even if your business works well, one problem can prevent it from thriving – cash deficiency. One of the main reasons for cash deficiency is late customer payments.
BFM helps you track customer payment trends and identify consistent late payers. With the help of this, you can tighten credit standards for these customers or offer cash discounts that make them pay sooner.
Stay Updated on Cash Flows
Cash flow is the lifeblood of any business. Keeping track of the inflow and outflow of money, either at hand or in the bank, is essential to know whether the company will be able to cover its expenses and other payables.
BFM helps you stay updated on your cash flows with real-time cash flow data. A cash flow dashboard gives a clear picture of the business’s spending activities, assists in short-term planning, and helps analyze cash planning efficiently. These are some of the ways BFM’s analytics help your business. To know more about BFM and how it can help improve your business functions, contact us today!