What is Business Intelligence, and how does it work?
Business intelligence (BI) is the process of transforming raw data into actionable information about your company for make smarter decisions. BI solutions are the tool, and practices that are used to capture, evaluate, and organize data. You can get a complete picture of your business and use it to drive change and remove inefficiencies.
How Does Business Intelligence Affect Growth?
Business intelligence will help you cut costs, improve decision-making, and increase efficiency, allowing you to expand your company. Learning to sift through and analyze data using BI will help you become a more effective, leaner, and profitable organization.
Live dashboard data will provide you with all of the information you need to set the right goals and complete jobs. Real-time data provides decision-makers around the organization with the information they need to make the best decisions possible to move your company forward. Development scheduling, inventory tracking, financial management, and more can all benefit from BI.
BI also provides clear statistics, figures, and details to senior management, allowing them to make strategic decisions and steer the business in the right direction. Getting access to the right data—data that you can get from your ERP’s built-in BI tools—is arguably the most important factor in making good decisions.
Using business intelligence to enhance your operations will significantly increase your profit and position you for future growth. ERP software that offers reliable, real-time information about daily activities can help businesses save 23% on operating costs and 22% on administrative costs.
Business Intelligence Will Help You Avoid These Mistakes
You already have access to linked real-time data for your custom manufacturing shop if you use an ERP to handle it.
Unfortunately, many manufacturers still rely on manual processes and Excel spreadsheets to sort through data and make important decisions when it comes to BI and analytics.
Learning to use the built-in BI tools that an integrated solution, such as an ERP, provides can help your business operate more smoothly and efficiently.
If you don’t use a business intelligence strategy to direct your company, you risk missing out on important market trends, failing to introduce efficiencies that will keep you competitive, and making poor strategic decisions. For years, several manufacturers have been sitting on reams of data produced by their machines and systems, unsure what to do with it. Understanding how to use this data and mastering business intelligence in your shop will help your company become more effective, efficient, and competitive.
How to implement BI to Work in Your Company
To successfully carry out business intelligence tools in your company, you’ll need to resolve employee resistance to change, as with several major changes.Perhaps your general manager has been relying solely on gut instinct to make crucial strategic decisions and steer the company in the right direction. While she may have extensive experience and knowledge of your business and industry, depending solely on gut instinct is dangerous.
When implementing BI, consider how you make decisions and what type of information executives and key decision-makers need to make smoother, more confident decisions, as well as the best way to present the data (i.e. reports or dashboards).These conversations about the types of data you’ll need to enhance operations will help you figure out what data you’ll need to collect and analyse.
You won’t reap the benefits of business intelligence, as with many other technology ventures. if consumers feel intimidated by or suspicious of the technology and fail to use it as a result. Ascertain that you have key stakeholders in place, as well as a project champion who can successfully drive the adoption of the innovative business intelligence tools.
For several manufacturers, implementing a BI strategy would entail learning to fully use and execute their ERP framework. Manufacturers must take the time to understand the full capabilities of their ERP system and work closely with their ERP provider to take advantage of these complex resources, which are integrated into today’s ERPs.
If you’ve mastered it, you’ll be able to extract useful information and generate dynamic reports to better understand your market, make better business decisions, meet your objectives, and eventually develop your company.
Learn more about the many advantages of SAP Business One ERP’s and analytics software for SMEs. Today to get your company on the right track. Schedule a demo today!