Enterprise Resource Planning (ERP), on its own, is an excellent way to keep track of data and record business transactions. Companies can save a great deal of time by automating all informational processes and storing them in the easily accessible computer applications provided by an ERP system.
While an ERP implementation can make traditional processes much more efficient, it is important to note that other programs might also be necessary to interpret the wealth of information that an ERP system can provide. Many executives turn to analytics, dashboards and business intelligence tools to help them sift through the gigabytes of data provided by their ERP systems, and get to the bottom line faster.
Analytics judge the strength of business transactions and endeavors by looking at a set of criteria and analyzing the data relative to current trends and industry standards. For instance, if a company wants to view every payment it has made in the past fiscal year, as well as the resulting impact on gross income; results can be produced which highlight all operations in this light. Analytics such as this are useful for comprehending past actions so that future decisions can be made more effectively.
Dashboards measure current processes. A dashboard can be used to view operational metrics such as daily output totals of certain products; monitor resources and the speed at which they are consumed; or simply to see how quickly orders are being processed. Dashboards identify current trends andpotential problems to help your organization function at the highest level possible on a day-to-day basis.
Business intelligence, like analytics, can be given certain criteria with which to form calculations. When provided with resource levels, product expectations and other variables; business intelligence applications indicate ways that actions can be taken to improve desired results. Important decisions that impact your company can be made more easily through the use of a business intelligence solution. While analytics peer into the past and dashboards monitor the present, perhaps the most valuable tool is business intelligence due it its ability to assist you in anticipating the future.
Alerts enhance communications from your company’s back-office, front-office, and e-commerce systems by monitoring data fields for a significant activity. The program automatically communicates specified activities to appropriate personnel. For you, that means automated processes that reduce delivery cycle time and accelerate revenue. For your customers, that means doing business with a company they can count on for efficient, reliable, and attentive service.
When used together, all of the above components will transform your company into a fast reacting and nimble enterprise that makes sound business decisions using reliable and factual data
To learn more about the best options available to enhance the information you get from your ERP system, contact your local Axis Global Partners office today.