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Business Intelligence and Data Insights in ERP
 Business Intelligence and Data Insights in ERP

Business Intelligence and Data Insights in ERP

ERP software has long been a tool for companies to centralize their data and improve data governance. Organizations are shifting their focus to big-data initiatives, and Enterprise Resource Planning is the number one sophisticated business intelligence for the operations of any company. Analytics is one of the standard features of ERP. ERP has built-in tools and easy-to-integrate add-ons that allow companies to make a quick shift towards real-time measurement, increased oversight and predictive analytics. The three main benefits of analytics for ERP include:

Faster decision making process

Improved product development

Reduced cost for organizations

Once companies apply business intelligence to high-quality data insights in an ERP that leads to opportunities to increase operational efficiency. For example, real-time dashboarding and data intelligence can facilitate improved decision-making among leadership, thereby increasing the organization's profits. Furthermore, shifting to a predictive model that includes social listening and other unstructured data analysis will allow businesses to discover new opportunities and quickly respond to customer demand. Interested? Learn more about the benefits of implementing an ERP with a robust BI tool, including dashboarding, reporting and data integrations.

Reporting and Dashboarding

Dashboards are simple data reports which provide clear oversight into operational performance by displaying a small set of key performance indicators (KPIs) that reveal company health.Using ERP BI tools to produce a daily or weekly data dashboard can allow organizations to:

 Display the status of "mission-critical information"

 Provide interactive features for improved decision-making

 Allow users to sort by time period or other "drill down" functions

For many companies, simply moving towards a system of frequent, comprehensive oversight represents a significant improvement. However, the interactive nature of many ERP-driven data dashboards represents a new era of understanding for many business leaders. By being able to sort and interact with insights in real-time, leadership can gain a new and intimate understanding of how their decisions are impacting business outcomes.

Perhaps best of all, generating custom reporting in many ERP environments is not complex, and doesn't require the extensive custom code needed for reporting in many standalone BI applications. Analysts can benefit from a point-and-click, drag-and-drop environment to create custom insights at a moment's notice. The centralized nature of ERP eliminates the need for costly and time-consuming data integrations and quality checks, allowing data analysts to focus on simply telling the stories management needs to make decisions.

Data Integrations

In many organizations, siloed data insights represents a key challenge. Organizations are often kept waiting for intelligence due to lengthy internal data sharing processes, or technology that's difficult or unreliable at integration.Five most common problems reported includes:

 Poor automation

 Difficulties in "drilling down"

 Data discrepancies

ERP has the power to solve each of these problems. Analysts with the proper credentials are able to access insights from across the enterprise, from manufacturing to sales and accounting. This transparency can facilitate an immense amount of efficiency for reporting.Eliminating discrepancies and achieving the ability to "drill down" to answer specific questions requires deep integration, which is not only possible, but even simple, when your BI is backed by an enterprise-wide tool.

Summary

Implementation of a standalone BI resource can be costly and time consuming, and can also lead to mixed results. If your data assets aren't integrated and standardized across your enterprise, appreciating benefits quickly from an analytics initiative can be challenging due to the time required for integration, data standardization and the necessity to resolve quality errors.

For organizations with an existing ERP, using one of the robust BI plugins can allow for real-time decision-making and predictive capabilities. For other companies who have yet to implement ERP, it can represent a powerful way to quickly achieve total transparency.

For more information please contact us.


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