Revenue is the most critical factor in measuring a company’s bottom line. Much of a company’s marketing, sales & advertising initiatives are designed with the goal of positively impacting revenue. As a result, the more granular the tracking of revenue, the better positioned the company is to make the most informed decisions across the organization.
Unfortunately, tracking global revenue at a granular level can be quite complicated. Due to the wide variety of product variations, channels and complicated reimbursement processes, data must be collected, synthesized and analyzed across a variety of sources. Most business functions have six to eight data sets that they would want to analyze. For this company, it is also important to track the product specifics being purchased. Variances in quantity, dosage, etc. can have a major impact on the revenue driven by each prescription.
How does a global company track daily brand revenue?
Today’s story shows how a leading global vision care company uses Outlier to identify a decrease in sales for a specific lens brand in their portfolio. Due to the vast amount of revenue data available to this organization, this dip, although significant for this specific lens, could have gone unnoticed amongst the noise of the total revenue data overall. Because of this insight, the brand was able to identify the key driver behind the decrease and address the issue which helped mitigate negative impact on total revenue.
Without Outlier, these kinds of insights would require hours, days, weeks or months of analysis. Or, worse this insight would never be uncovered and the company would continue to miss positive revenue opportunities buried in their data. Automated business analysis empowers businesses to take a deeper look at their data and uncover unexpected trends in their revenue mix. Sign up for a custom demo to see how.