Data Structure for Measuring Metrics #7
Why it is important to structure the data for measuring metrics?📊
As the principle of Garbage in, Garbage out suggests, without structuring the data, defining and measuring metrics will not give the desired results. By ensuring data accuracy at input stage, we set the stage for reliable and actionable insights that helps to drive sales growth.
About Nutan Industries, Chennai!
Nutan Industries, located in Chennai, is a renowned supplier of an extensive range of food products. They are also prominent distributors of renowned Brands like Britannia, Cadbury, Parle, ITC and many more.
How Nutan structured their data in ERP?
Mr. Hardeek realized that without structuring the data, defining and measuring the metrics will yield very low results and will always be challenging. Before structuring the data, there was a perception that it is going to be a tough task and that only larger companies have the capability. But after getting into the details, he observed that there are majorly 3 elements that needs to be taken care of for structuring over 90% of the data.
1. Item Master
2. Customer Master
3. Invoice
Item Master
Every item belongs to some group (brand, category, sub category). He just put this information in-front of all his items. As daunting as it may look, one person from his team got this done in less than half a day.
Customer Master
Just like items, customers are also bifurcated – Retail, Wholeseller, Food Chains, Restaurants etc. Also, there is a sales team in place that have their customers bifurcated for making sales calls. By simply putting these two details in-front of their customers, the customer Master got set up and ready in no time.
Invoice
In some cases, salesperson is defined per invoice. Depending on the ERP that a business operates on, this may require a minor customization.
After doing this activity in excel, we helped them to push the data in their ERP and also provided the required customization. They also ensured that from this point onwards every new item or customer code created had these variables defined.
This simple initiative helped them to structure their data and add depth to data-analysis for sales growth. Now, tracking Brand-wise outstanding has become an important metric for their business operations – Thanks to the 1-day data structuring effort put in By Mr Hardeek and team.
Whenever You are Ready! 🔑
"Your metrics don't just reflect the past; they lead the future."
At Magenta, we specialize in turning these metrics into actionable steps.
Our Business Intelligence software seamlessly integrates with ERPs like Tally, Busy, SAP, and can help you to structure your data and also measuring the key metrics around it for your business. If you haven't already signed up for Magenta Insights, now is the time!
Stay tuned for next week's edition of "One Metric for Growth" as we delve into another crucial aspect of business. Until then, seize the opportunities that lie within your data!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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