Data and Automation are the two elements without which businesses falter in modern times. The best decisions and most effective results occur from the use of data analytics.
Especially when the decision-making relates to sales generation and distribution, the importance of data is paramount.
This aspect is what Sokrio is tapping into. Sokrio DMS, or Distribution Management Software, the flagship product of Sokrio Technologies, utilizes advanced data analytics as it competitive advantage over other market players.
Sokrio DMS, a mobile and web-based software solution that helps retail brands achieve their sales and distribution goals in the FMCG, Consumer Goods, and Manufacturing industries, is continuously setting trends and achieving commendable results through its DMS.
Here, we will go over a new, riveting feature of DMS – Advanced Data Analytics – and learn about its benefits and impact.
Let’s start the journey then!
Understanding Sokrio’s Advanced Data Analytics
Advanced analytics goes well beyond basic business intelligence (BI) software by using techniques like predictive modeling, statistics, machine learning, and automation.
It uses data science to analyze data and business information to not only understand what’s happening now but also to make predictions about future trends.
Sokrio DMS offers solid advanced analytics that will help you make well-informed and accurate decisions about your order management, inventory management, sales representative deployment, route optimization, and all the other features that could enhance your supply chain.
Currently, Sokrio’s advanced data analytics centers around three elements:
Market Basket Analysis
Customer Segmentation Analysis
Identifying Sales Generating KPIs.
Let’s look at these three subfeatures in detail as follows:
Market Basket Analysis
Market Basket Analysis (MBA) is a method used in data mining for data analytics to analyze purchasing behavior of customers by identifying patterns and relationships in the products purchased together.
It is an extremely powerful tool for retailers and other FMCG businesses to understand their customer’s buying habits and make informed decisions about product placement, promotions, and inventory management.
Sokrio’s MBA feature is based on the principle that customers who buy certain products together are likely to buy other products together in the future. This information, when fed into the DMS, can be used to create association rules that describe the relationships between products. These can be used to predict future customer behavior.
For example, an association rule might state that “customers who buy sauce are likely to also buy frozen shingaras.”
Other patterns and relationships MBA identifies include:
Product affinities: Which products are frequently purchased together?
Purchase sequences: In what order do customers typically purchase products?
Basket sizes: How many products do customers typically purchase in a single transaction?
Customer segments: Which customer groups have similar purchasing habits?
MBA can be used to improve a variety of business outcomes, including:
Increased sales: By identifying products that are frequently purchased together, retailers can place these products near each other in the store or on their website, making it easier for customers to find them and purchase them.
Improved customer satisfaction: By understanding their customers’ buying habits, retailers can offer more personalized promotions and recommendations, which can lead to increased customer satisfaction.
Reduced inventory costs: By identifying products that are not frequently purchased together, retailers can reduce their inventory levels, which can lead to lower costs.
Identify new opportunities: MBA can help businesses identify new product opportunities by identifying products that are frequently purchased together but are not currently offered by the business.
Improve marketing campaigns: MBA can help businesses target their marketing campaigns more effectively by identifying the products that are most likely to be purchased together by their target customers.
Reduce customer churn: MBA can help businesses reduce customer churn by identifying the products that are most likely to be missed by customers if they switch to another retailer.
With the help of predictive connection using machine learning models and AI, Sokrio’s MBA tool is an excellent predictor of purchasing behaviors.
Customer Segmentation Analysis
Customer segmentation analysis is an essential component of any successful marketing strategy. It involves dividing your customer base into distinct groups based on shared characteristics, such as demographics, psychographics, and behavioral data.
This analysis provides valuable insights into your customers’ needs, preferences, and buying habits, enabling you to tailor your marketing efforts accordingly.
The benefits of conducting customer segmentation analysis include:
- Improved Targeting: By understanding your customer segments, you can target your marketing messages and campaigns more effectively. This leads to increased relevancy and personalization, which can boost engagement and conversion rates.
- Enhanced Customer Experience: When you understand your customers’ needs and preferences, you can create products and services that are tailored to their specific requirements. This results in a more satisfying customer experience, leading to higher customer loyalty and retention.
- Optimized Marketing Spend: Customer segmentation analysis helps you allocate your marketing budget more efficiently. By focusing your efforts on the segments that are most likely to convert, you can maximize your return on investment (ROI).
- Identification of Growth Opportunities: By analyzing your customer segments, you can identify new opportunities for growth. For instance, you may discover underserved segments or emerging trends that present opportunities for product development or expansion into new markets.
- Competitive Advantage: Customer segmentation analysis gives you a competitive advantage by enabling you to understand your customers better than your competitors. This knowledge allows you to develop unique value propositions and differentiate your brand in the marketplace.
Sokrio’s advanced data analytics uses factors like:
Number of Users
Average of Working Hours
Count of Total Visits to an Outlet
Sum of New Outlet
Unique Visit
Coverage of Business Area
Average of
Facetime
To predict and set customer segmentations.
Customer segmentation analysis is an ongoing process that requires regular monitoring and refinement. Sokrio scales this feature as the customer base evolves, By continuously analyzing your customer data, Sokrio DMS ensures that your marketing efforts remain relevant and effective, driving business growth and success.
Identifying Sales Generating KPIs
Key performance indicators (KPIs) are crucial metrics that measure the effectiveness of sales efforts and track progress toward achieving sales goals. By focusing on the right KPIs, businesses can gain valuable insights into their sales performance, identify areas for improvement, and optimize their sales strategies.
Sokrio DMS executes business analysis to identify metrics like:
Which Routes have the most impact on the ‘Amount of sales
Visit Coverages that have the least impact on sales
Average number of working hours of sales reps, etc.
Here are some essential sales-generating KPIs that Sokrio considers when generating reports:
Revenue Growth:
Track the percentage increase in revenue over a specific period, such as monthly, quarterly, or annually.
Monitor the contribution of each product or service line to overall revenue growth.
Identify trends and patterns in revenue growth to understand seasonal variations and market fluctuations.
Sales Conversion Rate:
Calculate the ratio of closed deals to the total number of leads generated.
Analyze the conversion rate at different stages of the sales funnel, such as lead qualification, proposal submission, and negotiation.
Implement strategies to improve conversion rates by optimizing the sales process and addressing bottlenecks.
Sales Cycle Length:
Measure the average time it takes from the initial lead contact to the closed deal.
Analyze the duration of each stage of the sales cycle to identify potential bottlenecks.
Implement process improvements to shorten the sales cycle and accelerate deal closure.
Sales Productivity:
Measure the revenue generated per sales representative or team over a specific period.
Evaluate individual sales performance and identify top performers.
Provide training and development opportunities to improve sales skills and increase productivity.
Customer Satisfaction:
Collect feedback from customers through surveys, reviews, and social media monitoring.
Analyze customer satisfaction scores to identify areas for improvement in the sales process and customer experience.
Implement strategies to enhance customer satisfaction and build long-term relationships.
Return on Sales (ROS):
Determine the net income generated as a percentage of sales revenue.
Compare ROS to industry benchmarks to assess the efficiency of sales operations.
Implement strategies to increase ROS by optimizing sales processes and improving cost management.
By tracking and analyzing these sales-generating KPIs, retail businesses can gain
actionable insights into their sales performance,
identify areas for improvement,
Generate real-time reports, and
make data-driven decisions
To optimize their sales strategies, drive growth, and achieve their sales goals.
The Effect of Advanced Data Analytics on Other Features
Because of the streamlined functions of advanced analytics, other features of Sokrio DMS get a boost.
For instance, data analytics helps in gaining real-time visibility into stock levels, locations, and movement, enabling accurate demand forecasting and minimizing stockouts. This in turn optimizes inventory levels, reduces carrying costs, and enhances order fulfillment accuracy.
Also, with the help of advanced data, Sokrio DMS monitors sales team activities in real time, gaining insights into customer visits, interactions, and order placements for better decision-making. You can also keep track of sales team attendance, ensuring accountability and enabling effective workforce management.
Besides these, you can generate reports to your specific business needs, offering relevant data and insights for informed decision-making. You may also transform complex data into easily understandable visualization.
Know about all the features of Sokrio > Best Feature of Distribution management System (DMS).
Summing Up
Sokrio’s advanced data analytics, backed by machine learning capabilities provide valuable insights for businesses to optimize their sales strategies.
By identifying product affinities, purchase sequences, market basket analysis, customer segments, sales-generating KPIs, and conducting customer segmentation analysis, Sokrio enables businesses to make data-driven decisions that drive growth and success.
Sokrio’s advanced technology streamlines complex data analysis processes, helping businesses gain a competitive edge in today’s dynamic market landscape.
You can reach out to Sokrio for top-notch DMS support and enjoy some amazing services.
