Intelligent Reporting: A Powerful Analytics Tool

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1 Intelligent Reporting: A Powerful Analytics Tool

2 Introduction INTELLIGENT REPORTING Intelligent reporting offers businesses a comprehensive performance report through sophisticated data analysis. By identifying the most crucial factors of any organization s success, a business owner can change operating behaviors to cut costs and make more profitable decisions. This white paper provides a look at the foundation of intelligent reporting, explores best practices and outlines specific industry examples of successful usage. Understanding Intelligent Reporting WHAT IS INTELLIGENT REPORTING? Intelligent reporting is the act of collecting and analyzing data to make informed business decisions. Reporting may be as integral or incidental as a user chooses; they can be centrally initiated or user-driven, an essential part of a business or an occasional tool to meet special needs. However, failure to use any data reporting can result in huge losses. In 2009, information technology research and advisory firm Gartner, Inc. predicted that in the following four years, more than a third of the top 5,000 worldwide companies would fail to make the right choices about changes in their industries. Lacking the information, processes and tools to make smart decisions due to underinvestment in business tools and information infrastructure, the firm said, businesses would not be able to keep abreast of new developments or be able to face ongoing external demands. 1 Intelligent reporting can be customized to meet varying user demands. Larger companies may want to look at supply chain costs and transaction rates, and small business owners may simply want to track employee hours better or know exactly how many tomatoes they need to order for the following week. Reporting is simply a process that a business owner can use to better organize and manage people, inventory, and costs. Regardless of reason, however, demand for intelligent reporting is on the rise. 1

3 Do I need Intelligent Reporting for 1. Factors to Consider my business? Before deciding to integrate intelligent reporting into a business, it s well worth the time to assess your needs. There are some areas of consideration: Assess the need for an intelligent reporting system Collect of high-quality data Pull out Insights from data sets Create New Operations Strategy based on Learning from Data Collection It s easy to be overwhelmed by data. You can track every item and minute of your business, but you don t want to allow for the data to paralyze day to day operations. Decide what types of data you want to track. Many businesses look at Sales data, inventory reporting, and labor reports at different scales. Based on the specific pain points of your business, you must decide what you want to track and what areas of business you want to improve upon. Many POS terminals have the ability to track all of your data in real time, to make data collection very easy. Thus you can easily generate reports based off your daily activity and you can examine the performance of your business. Explain the role of reporting to your staff so they understand their part. The participation of senior management is essential, since it is their vision that will drive the project. However, your sales team is equally as important since they process orders and restock inventory in your store. Everyone plays a role in creating the culture and foundation that makes Intelligent reporting possible.

4 2. Quality of Data Small Things High quality of data is required to do any type of reporting or analytics. Early data profiling is crucial in order to evaluate existing data and, if it is found that quality is lacking, the project should be shelved until stronger figures are available. For example, if you currently do not track ingredients used in a dish at a restaurant, it s impossible to comment on if you are ordering too much or too little on a monthly basis. The same applies to any retail establishment. Before you can truly reap the benefits of intelligent reporting, an establishment needs to setup for tracking items and labor, so that management can assess the data later on. The more accurate your data is, the better your predictions can be moving forward. Global research and advisory firm Forrester Research has outlined three additional best practices in intelligence reporting 2 : Be sure the relationships and processes are in place to support the project Decide on the frequency of your reporting and how you are going to assess your data. Enact solid governance of both data and administration Essentially, businesses must understand why intelligent reporting will be beneficial along with feeling confident that their data is of a high enough quality to be useful. Add Up 2 business_intelligence_success

5 3. Types of Reporting SALES REPORTING Employees are a large cost for any business. Labor reports can give managers a great overview of how a store is staffed over the course of a week or month. Management can view if certain employees are taking excessive breaks, receiving extra overtime pay, and at a minimum capture accurate hours of work for correct payroll count. Labor reports can also be very interesting when combined with sales reporting. For example, at times the highest periods of sales correlate with certain individual employees. In this way, an owner can identify star employees and have them share their wisdom and best practices with the rest of the team for better store performance. Retail Example: One of my employees always puts in for overtime, but he rarely works Tuesdays, how many hours is he working the other days of the week? Hospitality Example: One of my employees always sells more desserts than any other employee I wonder what she is doing differently? Profitability at the simplest level is a combination of revenue and cost management. Sales reporting can help you identify trends in sales and costs to better plan for future operations. Many POS systems can help you identify what items are selling the most, and what the profit margin is on each item based on your inventory inputs. Sales reporting can often help managers decide what to order, when to staff, and even what to avoid in the future. Sales reporting can also save owners hours of time when it comes to tax preparation at the end of the year. Retail example: What is my most profitable item, and do I sell that most frequently? Hospitality Example: What percentages of my profits come from alcohol vs food? INVENTORY REPORTING Inventory is the heart of every retail and hospitality business. For a retail store, matrix inventory is important to making sure that the right sizes and variety are available to customers. For restaurants, ingredients need to be available just in time, but not too early where they can go bad. Sophisticated inventory management can track items across stores, or even go down to the ingredient level which can add up over thousands of transactions. Retail Example: How many holiday sweaters did we sell last year? In what sizes? Hospitality Example: How many cases of wine do we go through in a week? How much bread did we have to throw away last week because no one ordered it? LABOR REPORTING Employees are a large cost for any business. Labor reports can give managers a great overview of how a store is staffed over the course of a week or month. Management can view if certain employees are taking excessive breaks, receiving extra overtime pay, and at a minimum capture accurate hours of work for correct payroll count. Labor reports can also be very interesting when combined with sales reporting. For example, at times the highest periods of sales correlate with certain individual employees. In this way, an owner can identify star employees and have them share their wisdom and best practices with the rest of the team for better store performance.

6 4. Increased ROI Industry Snapshot No. 1: Restaurant With 200 stores in 11 states and an estimated 50 to 60 stores added yearly, Potbelly Sandwich had to struggle in the past to keep an analytical eye on performance. However, in 2012 the firm added an intelligent reporting solution that empowered both managers and store operators to keep a close eye on the everyday workings of each store, pushing up revenues 2.5%. 3 Industry Snapshot No. 2: Retail In 2008, business intelligence research firm the Aberdeen Group found that retail firms classified as Best-in-Class overwhelmingly (74%) had implemented intelligent reporting guidelines. 4 Moreover, these retailers were found to be twice as likely as those who had not implemented such a program to collect, analyze and integrate this data on a near-real or realtime basis. 74% of Retail firms classified as Best-in- Class had implemented intelligent reporting guidelines. Intelligent Reporting = Profitability Industry Snapshot No. 3: Grocery According to the 2012 National Supermarket Shrink Survey 5, poor planning resulting in business shrinkage comprises a significant percentage of revenue loss in grocery stores. Shrinkage could result from losses from spoilage, theft, or other circumstances that leave inventory unsellable. Moreover, the survey found that firms that incorporated a means of improving their planning reduce their shrinkage by 6 to 14 percent over those who have not done so. Intelligent reporting is a major part of today s grocery business because it reduces waste by using their reports in a smart way, grocers can gauge customer demand and make purchases in line with it Partner%20Documents/Aberdeen%20Research/Increasing_Retail_Productivity.pdf 5

7 5. Intelligent Reporting On the Revel POS Revel offers a suite of intelligent reporting, acting as a powerful analytics tool to help you make informed business decisions. Receive up to the minute information on your business, delivered straight to your . Check reports on your mobile device, and always stay informed on what s going on with your business. Up to the minute intelligent reporting includes: Sales Summary A global breakdown of all financial payments and transactions Hourly Sales Sales totals broken down by the hour or time period Product Mix A listing of all products sold in a given time period with easy to read graphs and figures Order History A comprehensive history of all orders, including any and all relevant information Payment Summary Detailed breakdown of payment types received Conclusion Across industries and around the world, intelligent reporting systems are providing professionals with the insight they need to make mission-critical choices. By storing, scrutinizing and interpreting company data of all stripes, these programs are revolutionizing the way people do business.

8 About Revel Systems Revel Systems ipad POS was founded in 2010 in San Francisco, CA with the goal of changing the point-of-sale market. Founders Lisa Falzone and Chris Ciabarra developed a quick, intuitive and secure ios-based point-of-sale system by combining cloudbased technology and the mobility of the ipad. Revel Systems software offers a feature-rich POS solution for restaurant, retail and grocery establishments with integrated payroll, inventory tracking, customer relationship management and more. With the introduction of the Revel Marketplace, Revel ipad POS users can now integrate directly into third-party enhancements, including mobile payments, online ordering, gift or reward cards and advanced financial software suites. Connect With Us: Web: revelsystems.com Blog: revelsystems.com/blog Phone:

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