One of the simplest – and most powerful functions manufacturers can take advantage of in CRM is This Year/Last Year (YoY) comparisons.  And (again salesforce centric) in salesforce – its so easy to do!  Manufacturers can gain valuable insights by simply comparing data from the current year with the previous year.  Here are some ways manufacturers can use this comparison in their analytics decision support:

Comparing KPI’s such as production output, sales revenue & inventory levels between the current year and the previous year allows manufacturers to assess trends and performance.

Analyzing YoY sales data can help manufacturers forecast demand for their products in the upcoming year. Understanding how demand fluctuated in the past can aid in production planning and inventory management.

Many manufacturing clients experience seasonal fluctuations in demand and sales. By comparing sales data from the current year to the same period in the previous year, manufacturers can better understand and prepare for seasonal variations.

Getting here isn’t all that complex – in fact it’s simply a matter (again in salesforce) of building Formula fields.  And you can find links to how to build these fields all over salesforce communities.  Once they’re built, manufacturers should:

Study the analysis to identify any trends or anomalies in the data. Look for percentage changes, year-over-year growth or decline, and areas where significant differences occur.

Then, Interpret the findings of the analysis. Look for patterns or seasonality in the data.  If you notice significant changes, try to understand the factors that contributed to them. For example, an increase in sales might be due to a successful marketing campaign or improved customer service.

Finally, take action – based on your analysis, formulate action plans to capitalize on positive trends and address negative ones. Use the insights to make data-driven decisions and optimize your CRM strategies.

Overall, year-to-year comparisons in analytics decision support provide manufacturers with historical context and meaningful insights that enable them to make informed and strategic decisions for their business.