Posted by Dawn Aldwinckle on November 2nd, 2015
How do you harness your business data for effective business intelligence (BI)? You may be surprised to learn that ERP is the place to start.
ERP software and business intelligence (BI) can be a match made in heaven, especially if you have an ERP solution that is specially tailored to the needs and features of your business. Think about it: your ERP is a rich vein of data ready to mine, if only you had the right tools to collate and present it in a useful manner.
The value of BI…
BI tools can help bring your business to a higher operating plain by adding strategic value. With an increasing amount of data been created and stored by manufacturers, it is vital that the data is being harnessed to support critical business decisions. BI has the ability to provide better decision support with integrated enterprise data, an important factor in turning data into actionable intelligence.
…plus better ERP
In recent years, ERP software has developed to be more dynamic. With more automation, it allows staff to make better use of their time and focus on strategy and improving operations. With increased transparency in operations, it is easier to collect accurate information. With real time visibility into the business, you are able to drill down into the more granular ‘everyday’ activities and see where improvements can be made. And with mobile applications, staff and senior management have instant access to critical information wherever they are, enabling faster response and quicker decision making.
…evolutionises your business strategy
ERP system and BI therefore should no longer be seen as separate entities. When ERP is integrated with BI tools, it revolutionises the way you analyse your business operations. As older, standalone systems don’t provide enough visibility, you end up with confusing reports on multiple systems, which may not even be presenting the correct information, as the system is not communicating with other areas that may impact on the data.
However, with more intuitive, modern ERP systems, that are BI-focused and integrated with your entire manufacturing process, you can get customer reports related specifically to the needs and activity that is impacting your business. A sure fire way to make sure you are getting a BI-focused solution is to seek out ERP software that has specific BI modules as part of the package.
And as your ERP and BI system tools are integrated, so should your approach be. Don’t just leave it to IT to collect the data – your team needs to have an understanding of BI and the value of the information available. Create cross-functional teams that focus on both ERP and BI projects within your business, and not only will you have information that is more readily available and reliable, but the know-how to make better use of the insights it offers.
For more information on purchasing ERP software to help revolutionise your BI, download our free guide to selecting ERP for a competitive edge.