Introduction “Good plans lead to good outcomes” is a statement that is only half true because it takes execution out of context. Planning is only one half of the success story; executing the plan is an entirely different challenge. Only good plan execution can produce good outcomes. Businesses start with impressive ideas only to struggle during the planning execution, mainly because good plans often consist of ambitious objectives and fragmented instances of brilliance in the various areas of marketing, customer service, operational innovations, etc. But they lack a coherent and cohesive imple ..read more

Introduction In the world of retail, there might be situations where you may feel like you are stuck between a rock and a hard place, this out-of-stock (OOS) situation is one such scenario where you might deal with a detrimental effect on both customer satisfaction and a company’s bottom line. To assess the financial impact of out-of-stock events, businesses utilize a key performance indicator (KPI) called Out-of-Stock Loss. In this blog, we will explore the definition of Out-of-Stock Loss KPI, its importance, the formula used for measurement, and the overall impact on businesses. Definition o ..read more

Introduction Imagine walking into your favorite retail store. As a shopper, you’re trying to find that perfect item. Now switch roles – you’re the store owner watching the sea of customers. What’s going through their minds? What makes them fill their baskets? Units Per Transaction (UPT) is the magnifying glass that brings customers’ buying habits into focus. In the world of retail, understanding customer buying behavior is paramount. Units Per Transaction (UPT) is a vital metric that can provide insights into consumer spending patterns. This guide is your trusty sidekick that breaks down UPT t ..read more

Introduction For a growing business, structuring teams for maximum efficiency is imperative. An effective business unit model can make a difference in success. A business structure ensures better financial efficiency and organization. This guide explores what a business unit entails, the types of business units to choose from, and the pros and cons, and informs you how to create an effective strategy framework. Let’s dive into business units and how implementing a strategic framework could benefit and streamline your organization. What is a Business Unit? A business or strategic business unit ..read more

Introduction Managing inventory is akin to walking a tightrope; you must maintain enough stock to meet demand, but not so much that your capital is tied up and gathering dust. Improving material management is a continuous process that is aided by helpful metrics. Inventory Carrying Cost is an essential metric that sheds light on the true cost of holding inventory, including storage, insurance, and obsolescence. By mastering this, businesses can optimize inventory levels, reduce costs, and skyrocket profits. Efficient inventory management is critical for business success. One vital metric to ke ..read more

Introduction Onboarding new employees efficiently ensures a smooth transition, maximizes productivity, and fosters long-term success. Organizations that adopt a structured onboarding program have the potential to experience a significant improvement in employee retention rates, with a potential increase of 50% among newly hired individuals. In this blog post, we will explore the concept of employee onboarding, answer some frequently asked questions, and provide a practical example of using Objectives and Key Results (OKRs) to optimize the onboarding process. What is Employee Onboarding? Employ ..read more

Introduction In today’s fiercely competitive business environment, measuring key performance indicators (KPIs) is crucial for organizations to evaluate their success and identify areas for improvement. One such important KPI is the Reopen Rate. In this blog post, we will explore the definition and formula of Reopen Rate and understand its significance in tracking customer satisfaction and operational efficiency. When customers experience high-effort issue resolutions, they are 96% more likely to be disloyal to brands and 81% more likely to share negative word-of-mouth. So this blog helps you t ..read more

Introduction Making the correct decisions can be intimidating in everyday life, especially regarding business. Business decisions involve numerous data points, team feedback, and leaders’ preferences and biases. Business leaders can fall victim to the availability heuristic bias instead of taking actionable steps to attain understanding. The only way to achieve decision clarity is to rely on facts to make the right choices and confront biases. This guide to improving business decisions with data-driven decision-making strategies will guide you toward making decisions confidently. What is Data ..read more

Every important decision can make or break a business, and the success or failure of an organization depends on how sound your decisions are. So the importance of collecting relevant information, listing options and potential alternatives, and considering everything before making business-critical decisions must be balanced. Decision-making is neither simple nor straightforward. You need to study the data, analyze the inferences, and understand the various aspects and implications of your decisions, including financial implications, market conditions, legal and regulatory requirements, operat ..read more

Introduction We make multiple decisions daily, potentially impacting our actions and everyone around us. Executives feel this pressure more and may develop decision fatigue as they face critical decisions with ever-increasing risk. It’s crucial to have strong decision-making abilities. What can you do to perfect your decision-making skills? This guide explores proven techniques and decision-making best practices to give you the confidence to make intelligent decisions within a split second. The most important decision you make are not the things you do, but the things you decide you not t ..read more