Opportunity Analytics helps business in Sales and Productivity

1. HOW OPPORTUNITY ANALYTICS HELPS IN EVALUATING AND ENLARGING SALES AND PRODUCTIVITY OF A BUSINESS FIRM What is opportunity analytics? Every person in this world gets specific opportunities in their life. Every individual gets the chance to achieve their dream, pursue what they want to. And while choosing their profession they want to go for, they will have to consider the factors that come in their way. Weighing these factors is what we call opportunity analysis. For example, we will assume that a person named Meghna wants to start a bakery in India of her own. Now, she will have to think about specific factors before starting her bakery business. She has to research whether the bakery business is profitable in India or not. Meghna will have to decide on an appropriate location for her bakery and decide the type of customers she wants to attract the most. Then there are other factors to think about like buying the pieces of equipment, licensing of the bakery, hiring staff, costs for marketing, etc. Each element needs investment and Meghna has to make careful decisions. This process is called opportunity analysis. In the case of business, a company needs to think about every little factor while making a decision. By using the concept of opportunity analysis, they can make the right decision and earn the amount of profit they desire. An example of opportunity analysis is the craze of people all over the world to stay fit and healthy. People are realizing that by adopting some healthy habits, they can lead a long comfortable life. And after that lots of companies came out with products which promote fitness and health. Eateries started serving healthy options, and apparel shops came out with fitness clothes and shoes. And the businesses earned a profit after they adopted these methods. Benefits and downside of opportunity analysis  Opportunity analysis can help a company to grow as the company can venture into many fields.

2.  The company will have better margins because it will get the opportunity to get into different areas. As the company grows and starts having better margins, their brand will build faster. They can invest more in activities that will make their brand name. As there will be overall growth in the business, the fixed cost will remain the same while the variable cost will keep on increasing. Thus the reputation of the firm will keep on building.   However, there are some disadvantages of opportunity analysis too.  To err is human. And not everyone makes correct decisions always. There can be instances where the company will invest a lot of money in a product, but the product won’t work in the market. The company will have to consider the probability of failure, too before investing. If the company makes the wrong decisions and suffers a huge loss, its reputation will crumble down. If they do not accurately do opportunity analysis before investing money, the decision will turn out to be a wrong one. The company will invest in a product which does not work in a market. This kind of investment is called a dead investment.   Analysis process Opportunity analysis is not an easy process. It needs a high level of thought process, attention to details and planning of strategies. We need to understand the requirement of the customers in the market and narrow down our options to arrive at the correct one. Mentioned below are a few steps which describe the procedure for market analysis.  The first step is to know about the trends in the market at present. We need to look out for any patterns or factors that can make an impact on our business. The situation of the market is very volatile at present. The legal conditions and the technology developments are forever changing, and it is best to keep up with it. We need to analyze the size of the market, the rate of expansion or contraction of the market, the number of potential buyers, limitations, how well the suppliers can bargain, the competitions and many more.  The next step is looking into the competitions and the customers in detail. It will give an idea if investing in a product is worth the time and money or not. It is also a smart move to keep an eye on the products of the competitors as well. We need to know the strengths and weaknesses of the rival companies. It will give us an idea if we are moving in the correct decision.  Defining the target market is another essential step. To know the target market, it is necessary to find some vital information. We need to know our potential customers, the need of the potential customers and how long they are willing to wait for the product. We also need to know the distribution channel that sells the best, the factors customers consider while buying any product and the development of the market today.  The next step is considering the environment of the business. This step includes factors like developments in technology, imposed regulations by the government, economic conditions, norms in the society and culture, etc. Brexit is another crucial factor to look out for. When we come up with any new business opportunity, we will need to evaluate every element and potential challenge. After gathering all the information, we will gain enough data to decide whether we should go ahead with the business idea or not. Moreover, intuition can also help in making the correct choice. KPI’s in opportunity analytics

3. Any business runs on numbers. These numbers help us to determine whether the company is running on profit or not. These numbers change regularly, and it is challenging to keep track of them all the time. In business terms, these numbers are called metrics. There are specific metric which tells us explicitly that if it falls below the limits, the company may be in a wrong position. These metrics are performance indicators. KPI’s are the most crucial type of metrics. KPI stands for Key Point Indicators. They help to determine the level of performance of any individual or a firm. People report these KPIs regularly, and everyone understands them. Some examples of KPIs are- the number of new customers, the total revenue of a company, the average value of the orders, etc. KPIs vary from company to company. A good KPI is reliable, and we can measure them. KPIs can profoundly impact the goal of a company. Since they update KPI regularly, they are available at all times. Here are some critical KPIs for companies-  Sales growth every month- Using this as a KPI, we can get an insight into the company. We can get to know whether the strategies are working and how we can optimize sales.  For a sales company, it is essential to know how many people the company is contacting daily. The more the number of people, the better are the chances of increasing the rate of sale.  After knowing the customer requirement, it is essential to know which region is attracting more number of customers. Then we will identify the campaigns they are using and the reason behind their high rate of sale. There are three types of KPIs- Business KPI or high-level KPI is the first type. We can know the overall performance of a company using this KPI. It can help us to measure the performance of the goal of the organization. External KPI or low-level KPI is the second type of KPI. We can measure the performance of an external goal using this KPI. We use this KPI at the department level. Internal KPI is the third type. This KPI can help us understand the performance of a particular individual. Space productivity and it’s working process The retailer uses the term space productivity index to compare the annual margin of a company to the amount of space used. The higher the space productivity index, the better it is for the customers. Many companies that help to improve the space productivity index of a firm. The retail space and design of a store are essential in enhancing the rate of customers and increasing the rate of sale. The interior design of a store, the shelf design, the aisle design, can attract customers or make them uninterested. Nowadays, companies and stores put a lot of thought into making the interiors of their store look good. They design it according to the needs of a customer and the demand for particular products. Here are ways to improve space productivity-  It is important to know the size of the store or the area. It is easier to draw a blueprint first and be accurate in measuring the dimensions. We should also mention all the electrical outlets on the diagram itself.  Also, it is vital to consider the position of air vents and windows before placing the furniture and other accessories.

4.  We need to allocate the space according to the flow of customers and the traffic.  It is better to install removable equipment so that we can remove them or change their position to maximize the space of the store. What is measurement process in business? Measurement is basically the numbers which matter in a business. It is also called metrics. Using this system, we can track and understand the status of a company. It is essential to check the metrics regularly because they are variable and change very often. In a business organization, we measure parameters like rate of sales, online marketing, campaigning via magazines and emails, activity on social media, etc. If a company is advertising their product on social media, but no one reads it, it is pointless. So by measurement, we will know if the campaign is working. Useless activities without measuring is the same as wasting money. In business, doing something just for the sake of feeling good does not matter. The actions should produce results in the form of profits. But we should make a habit to do this daily, and it is better to save the data in a spreadsheet. It will help in developing better strategies for marketing. How opportunity analytics store data? When we collect data, we use it to extract information. But storing such a tremendous amount of data is a tedious process, and we need to do it carefully. In earlier days, people used tally to store and record data. But as technology is evolving, people are developing new methods. These methods help to store the data quickly and more systematically. Nowadays, we use Ethernet hard drives and disks with helium to store data. Storage of data helps us to understand our target audience and their preferences in a better way. We call this type of data “big data”. Storage of data plays a critical role in business. Cloud is another excellent option for storage of data. The most significant advantage of using the cloud is that there is no limit to storage capacity. We can link the data to many other sources. Moreover, there is a possibility of deleting data by mistake as the cloud has a backup. Big data can help a business in many ways. By selling the big data to some big industry, a company can earn good revenue. There is a lot of new technology available for data analytics. We can use a phone system that uses the cloud to store and retrieve essential. This method is less costly and very stable. Moreover, the method is extremely safe. When a company has so much data in hand, they can estimate the threats beforehand. The companies dealing with risky business like debit cards need to pay attention to the involved risks. Using this big data, we can quickly analyze the reports and information related to the company. How can storage of data improve the productivity in a business? Apart from the business sector, every company uses data. It is crucial to have proper strategies for storage of data as this information goes a long way. Here are a few ways how the storage of data can promote productivity in a business.  Storage of any data of a company can reflect the performance of the employees both individually and team wise. They can understand the areas that they need to improve on and develop strategies accordingly. And if done correctly, the productivity of a company will definitely increase.

5.  The stored data can help in making important decisions. After having a proper look at the information, they can have an informed idea about the benefits and risks before making any plan.  The companies can get to know about the lack of talent in the firm. They can understand the skills that the employees need to have to contribute to the success of the company. Hence, the data can help in the hiring process of the new freshers. Other than these, there are many different reasons how big data analytics can help in the productivity of a firm. We can research more about the topic and learn about it in depth. Conclusion Opportunity analysis is essential for every developing company. According to surveys, storage and analysis of data are necessary for every step. The companies need to develop smart and practical strategies to increase the productivity of their firm and take it to new heights. As they say, it is not important to just work hard. Smart work is equally crucial.