If you told business leaders they could have any superpower of their choosing, most of them would probably ask for the ability to read their customers’ minds. The reasons why should be fairly obvious.
While you may not actually be able to peer into the thoughts of your target audience, it’s possible to predict their behavior with a high level of accuracy — provided you have the right tools and technologies in place.
To reliably predict and act on customer behavior, you’ll need to combine a robust enterprise resource planning (ERP) software with a cohesive strategy that incorporates established best practices. Here are a few tips to jumpstart your efforts.
1. Identify Your Goals
Simply stating that you want to predict customer behavior isn’t enough. If you want your efforts to have a measurable impact on the success of your operations, you need to define the “why” behind them. Otherwise, you won’t be implementing strategies that deliver real value to your business.
Establish clear goals that outline what you hope to achieve by analyzing and predicting consumer habits. For instance, do you want to increase sales, or are you looking to reduce waste and prevent stockouts? Different objectives will involve different approaches, timetables, and troubleshooting strategies.
When setting your goals, keep them specific and focused. If you have a broad, high-level objective, break it down into smaller, more specific components. After setting your goals, identify key performance indicators (KPIs) to measure your progress.
For example, imagine your goal is to prevent stockouts by predicting demand for each inventory item.
To determine whether you’re moving closer toward this goal, you’ll need to monitor KPIs like on-time delivery percentage and order cancellation rate. Once you know which metrics are relevant to your objectives, you can monitor them through your ERP software.
2. Gather Customer Data
You’ve set some clear goals and are ready to start achieving them by analyzing and predicting customer behavior. Now, you’re ready to begin collecting data about current consumer habits.
If you’re not sure which data sets to focus on, “cast a wide net” and scoop up as much customer information as possible. You can figure out what to do with it all later.
However, gathering customer information and storing it in a consolidated location can be tough if you rely on disparate technology platforms. That’s why it’s important for your data management solutions to be up to par.
Adopting a unified solution like cloud-based ERP software will not only make it easy to collect data but also provide the tools you need to put that information to use in a way that delivers the maximum benefit.
3. Perform Advanced Forecasting
Your ability to apply this tip hinges solely on the capabilities of your ERP software. Leading solutions like Acumatica include sophisticated artificial intelligence and machine learning tools, which you can use to conduct extensive forecasting.
Acumatica is also equipped with user-friendly reporting tools. You can create custom reports that convert complex forecasting data into easy-to-digest visual graphs and charts.
With advanced forecasting tools at your fingertips, you’ll be able to identify emerging behavioral patterns and capitalize on new growth opportunities. You can also adapt to shifting customer trends and differentiate your business from the competition.
4. Sunset Your Legacy Platform
If your organization wants to accurately predict customer behavior, you’ll likely need to say goodbye to your legacy platform.
Aging on-premise solutions that can’t communicate with your other tech tools simply don’t provide the necessary features to gather, analyze, and leverage customer data.
When you’re ready to upgrade, Acumatica’s ERP software is waiting to transform your operations.
Acumatica provides several industry-specific modules designed to meet the needs of organizations in sectors like:
Thanks to its wide range of modules, Acumatica can be customized to align with the unique needs of your business. As such, it can deliver a great return on investment and empower you to predict consumer behavior.
5. Partner with ASC
Acumatica ERP software can support all of your business goals and help you accurately predict customer behavior. And Advanced Solutions & Consulting Co. can support your transition to Acumatica by providing comprehensive planning and implementation management services.
To learn more about our Acumatica deployment and migration services, contact our team or schedule a personalized demo today.