Top Benefits of using Business Intelligence in your ERP software.
What is Business Intelligence?
BI is a term that “includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information” – Gartner
In simpler terms, Business Intelligence(BI) provides a comprehensive overview of your data through business analytics, data mining, data visualisation and best software practice. Having developed exponentially over the years, BI now provides data-driven solutions that empower businesses for better decision making. It helps companies to improve the critical decision making at all levels of the organization. Over a short span of time you can gain insights into consumer buying, employee productivity and various other departments, through permutation and combination by using BI.
What is the value of Business Intelligence?
Businesses can leverage BI to improve business performances using quality data accessed from various avenues. Here’s how:
- Identifies market trends
- Identifies issues or challenges within the business
- Tracks business performance in various areas
- Analyses customer behaviour
- Notes ways to optimise operations
- Seeks avenues for increased profits
How can ERP assist your BI?
The ERP and BI systems can work together to convert business data into useful information that can propel your company forward. ERP software can organise your business data which BI software will then mine and present into usable visuals. Effectively, BI requires ERP to function fully and, in fact, some ERP systems will have built-in BI functionality.
What are the benefits of BI in an ERP software?
Here’s a look at why the symbiotic relationship of BI in ERP is truly beneficial for business:
Enhances business predictions – BI provides you with a complete overview of your real time ERP data through easy-to-understand dashboards.
Increases productivity in employees –Where businesses used to have dedicated teams of employees committed to data analysis, BI will generate accurate reports without such input, giving ample time to your staff to work on other critical business operations.
Accuracy in data and reporting – The automation of data analytics also reduces the risk of human error that could have disastrous effects. It also prevents the creation of multiple reports leading to time consuming activities and headaches.
Predictive and prescriptive analytics – An ERP system with BI functionalities allows effective historical data analysis and future trend predictions. BI can also prescribe analytics for future business decisions.
Historical insights –Through ERP and BI, you can analyse your company’s previous data such as sales’ performance as a way to analyse your numbers and identify areas of growth. Post mortem of past transactions allows you to judge pros and cons of your business.
Identifying Market trends – With BI connected with your ERP it becomes easier to research and compare the trends happening in the market. It can be easier to plan and sort out the future processes accordingly.
BI gathers and consolidates data from multiple sources –Your business no doubt uses a variety of databases to collect your financial and operational information. If you need to compare data from one program with that obtained from another, a BI solution will provide the bridge you need in order to make sense of the interaction between the two. For instance, to make long term decisions about inventory or sales processes, you need to see the correlations between your product database, your advertising campaigns and your sales results. The BI solution should take care of the extract, translate, and load (ETL) process and the BI solution itself can be used to check the data.
BI facilitates management – Good management is based on good decision making. A BI solution will give your managers the information and insight necessary for making the best decisions quickly and easily. Key performance indicators, visible on your BI dashboards, will provide even non technical managers with a view of the department or company’s overall health and identify areas of concern before they become problems.
Business intelligence software is not just a way to sort and view data; it is an essential tool for advancing your business by providing the insight you need in order to make intelligent business decisions.
Why use Expand BI?
ExpandsmERP has been empowering its users over the last 16 years. We understand your business needs and plights and customise your ERP software according to your specific needs. Expand Business Intelligence provides a comparative view with real-time data in the form of charts, graphs and table format. This is very useful for the top management to calculate and make decisions and plan accordingly within a short period of time. It thereby saves a lot of manual labour and time resulting in substantial business growth. Secondly, users can create their own desirable reports with Expand BI, which provides the management a mindful insight of the business and take prompt decisions to solve any problems or challenges.
If you’re looking for a suitable ERP software, it is advisable to consider a system that has BI functionality which enhances your business operations. ExpandsmERP pioneers in fully integrated ready to use Business Intelligence in ERP software. Use ExpandsmERP solutions in the industry and watch your organisation shape your dreams.
To know more details contact us at +91 9007026542.