What is the No. 1 problem that’s keeping many small businesses from achieving more success? According to the Business Application Research Center, it’s bad data.
The article “Survey: Poor data quality most common business intelligence problem” notes that this is the first time in the BARC survey’s 10-year history that businesspeople have said poor data quality is the biggest problem they face. Most of the time, software speed and capabilities have been their biggest complaint.
According to the survey, businesses that improve the quality of their data are more likely to enjoy “soft” benefits, which include the ability to make quick, well-informed business decisions, rather than “hard” benefits, such as significant cuts in business expenses.
Why does this matter? Because if you are being fed inaccurate data, you’re less likely to know the right direction to steer your business. Even if it’s hard to measure exactly how much faulty information affects your bottom line, it doesn’t change the fact that it can have a powerful influence on how well you run your business.
For most businesses, large and small, inventory is their biggest expense. That’s why it’s critical to get that part of your business right. And you need accurate business intelligence to do it. That’s where inventory management software, such as Fishbowl, comes in handy.
Fishbowl, coupled with barcode scanners and QuickBooks accounting software, helps you instantly update your inventory records as you order, receive, ship and sell products. It also helps you estimate how much inventory you need at different times, so you don’t wind up with overstocks or shortages.