Although small companies often face an uphill battle against large and well-established competitors, they can actually gain an edge over such companies by starting out being data-driven. In contrast, companies with legacy systems may need to endure time-consuming and disruptive processes as part of a digital transformation. Odele, a recent startup based in Minneapolis, manufactures and sells a line of beauty products that is intended to streamline the number of different products a family needs to buy for hair and skin care. Rather than have different versions for men, women, and children, Odele designed products to be safe and practical for all family members, as well as affordable.
For a brief interval, Odele relied on spreadsheets to track sales and model its data, but quickly realized that a more powerful application was needed in order to understand the dynamics of its business. The company identified Domo, an end-to-end data app platform, as the solution that would provide the insights the company needed to support its decision making. After having successfully marketed its products to major retailers such as Target, Odele wanted to build relationships with these companies and the customers who were buying its products.
A high priority was inventory management, because as a relative newcomer in the market, Odele recognized the competitive importance of keeping its products available. Domo lets Odele track the inventory in each store and adjust distribution as needed. In addition, Domo provides visualizations that reflect the impact of price changes and promotions. The data that Odele collects and analyzes is very detailed, allowing for precise forecasts. Graphical representations of inventory allow Odele to understand at a glance what the inventory turnover in each store is as well as basic metrics, such as sales by store.