One key element that differentiates businesses utilising BI (Business Intelligence) technology from the rest, is the reduced amount of time it takes them to make a purchasing or other stock change decision.
Using accurate analytics of detailed data you're able to forecast trends before they happen and plan your cash flow to act more quickly and take advantage of purchasing opportunities.
Business Intelligence equals purchasing power
Food and Beverage businesses collect data every day. How you use that data can either give you an edge on competitors or see you fall behind. Unlocking the potential in your business can be as simple as reading your data in the right way.
Conversely, if you ignore the important information you already hold but might not know how to use, and you could be missing crucial opportunities that could make a huge difference to your business.
Accessing the data stored in your ERP software can be done with the help of a simple software update. Would you like to be ahead of the curve and able to identify and forecast industry/marketplace trends early on? Imagine never missing out on seasonal offers and minimising wastage by being able to plan properly for the months ahead!
So how does BI software help in forecasting and Food and Beverage trend analysis, and why should you use it?
Five key reasons to integrate BI into your ERP
- Visualisation – A good Business Intelligence tool should present data in easy to read and understand charts, graphs and maps that allow you to drill down to deeper levels of information. Your reporting can get as granular as possible without using a single spreadsheet if you don't want to.
- A Holistic Overview (Big Picture) - BI systems not only pull data from your ERP system, they also collect data from other silos across your entire enterprise. BI brings together information from all systems so that you can see the big picture. By using this easily-integrated resource system, your planning benefits as you're looking at things from all angles and with a consolidated view. Nothing will ever go missing or get overlooked again.
- Time Travel – Business Intelligence systems allow you to go back and forth in time as you collect past and historic data that helps to improve your current performance.
- Want to know why a specific stock performed well during a certain period? Check the collected data for that time frame and map out a similar scenario for current and future purchasing patterns.
- Answer "Who, What, When, Where, Why, How" - Using BI dashboards, your team will be able to identify a variety of business opportunities. Your sales team is then quickly able to determine what products are selling, what regions are in need of attention, and who would be key customers to focus your attention on. BetterBuys.com reckons that over 40% of companies plan on deploying mobile BI in order to constantly track their analytics.
Efficiency - With BI, you can make smarter decisions, faster, by generating better reports, identifying new sales opportunities and finding ways to reduce costs. In addition, the actionable insights mined from your data will help eliminate the uncertainty of the future and allow your team to focus on meeting key business objectives. With better data, you'll be able to get things done with more confidence.
Enterprises that include Business Intelligence systems as part of their industry tools have a better chance of identifying and predicting factors and elements that contribute to a healthy, efficient business than those who don't - a reason why the BI and analytics market is forecasted to grow from $9 billion in 2016 to $20 billion by 2019.
As much as 85% of business leaders believe that big data will change the way they do business, and with the level of competition in the F&B Industry, the benefits of BI extend beyond self-preservation.
As you're able to monitor and fully scope marketplace activity using Business Intelligence tools, you can differentiate yourself and your business from what competitors in similar markets are doing or offering. By establishing yourself as a unique solution, you can use the proper BI tools to save you money by identifying what your target market is looking for and meeting those specific demands.
In short, it seems like Business Intelligence is forming an essential part of successful business and planning. As the technology progresses, these software systems will become integral to any business, in order to remain competitive.