This quote by late management guru, Peter Drucker highlights the importance of investing in analytics. Without analytics, any business is vulnerable. To measure something & manage the same, the starting point is data. Businesses thrive on data.
According to IDC Research, digital data will grow at a compound annual growth rate (CAGR) of 42% through 2020. In the 2010-2020 decade, the world's data will grow by 50x. This gives us a glimpse, to the heaps of data that will be available in years to come.
The most important asset anyone can have in business is data. Success in the business world is not just about making decisions but making them quickly and efficiently. With data never previously available on the scale it is today, the art of success has shifted from being good at acquiring it, to being good at processing and extracting value from it. To stay ahead of the pack, businesses really need access to real time data. Real time data can help in analyzing the past, present of a business and predicting its future. A comparative analysis can be obtained, to make better business strategies and effective decisions.
Real-time business intelligence (RTBI) is a concept describing the process of delivering business intelligence (BI) or information about business operations as they occur.
The businesses that streamline operations, better business intelligence, will be well prepared to handle new opportunities with ease. According to the survey by Gartner INC., global revenue in the business intelligence (BI) and analytics software market is forecasted to grow to $22.8 billion by the end of 2020. According to Gartner, modern BI and analytics continues to expand, to meet new organizational requirements for accessibility, agility and deeper analytical insight.
Any business can cultivate the speed and quality of its decision, by focusing more on the decisive factors. In other words, having access to relevant information at the right time. However, just because you measure something, won’t guarantee that you can actually manage it. However, measurement is the starting point.
An ERP, is one such integrated decision making tool that empowers businesses with data, insights and analytics that form the basis for decision making. Being the central warehouse of all the data, modern ERP solutions integrates the processes real-time, for effective forecasts by businesses.
The slower an analytics system processes data, the more data points it has to ignore in order to form a real-time analysis. A faster system is the one that processes more data, and has the ability to keep updating the same. The rapid progression of the today’s businesses towards industrial revolution is supported by robust technologies like advanced robotics, artificial intelligence (AI), Internet of Things (IoT), mobile technologies etc. Additionally, advanced analytics, and intelligent algorithms are providing powerful new inputs and methods, for making effective decisions. Real-time data analysis, changes the ways systems can use data, to predict outcomes and suggest alternatives.
To meet the expectation of quick decision making, with correct inputs, ERP solutions are empowered by real time data, that helps provide information that facilitates in business growth and better customer engagement. Sales field agents can provide customer with accurate information and close orders more quickly with a holistic view from production/inventory & distribution teams.
Real time data is needed not just by the top management but the need runs across the organisation in different departments. Analytics gives you valuable insights into what is and isn’t working.
If your current solution, does not provide real time data, you will never know how your business is performing. Thus, leading to making decisions that may not be, in the best interest for your business. Take a minute, ponder on the missed revenue opportunities and potential cost savings you would be giving up.
Empowering the workforce with real time data, helps companies to get more productive results. This real time data sharing is what an ERP can help in. Modern ERP solution providers are now providing mobile solutions, that are facilitating real time decision making and improving the inter departmental coordination. Thus resulting in greater efficiency and encouraging the culture of sharing within organizations’.
With mobile ERP applications, even when you are on the go, approvals/decisions/tracking/analytics/reporting etc. can be made with ease, ensuring work does not get stuck.
The famous saying by Sir Arthur Conan Doyle- “Data! Data! Data! I can’t make bricks without clay!” illustrates the importance of data. Data forms the crux for- the reports we refer to, the analyses we do, the decisions we influence, and the optimizations we derive. Without real time data your business may be sailing on tough waters.
It’s important to be able to understand & communicate analysis data from different departments, successfully to others. Your solutions, should simplify the use of date & the analysis formats. So that, it resonates with employees across departments and they can act, on the real time insights with ease.
EPPS provides an easy to use, robust, mobile & scalable ERP solution that provides real time data integration across your different processes thus facilitating in efficient, effective and agile decision making.
At the end of day, it’s what gets measured that gets managed. Companies that have cracked the real-time code are winning. Are you one of them?