Business organizations generate a bulk load of data regularly concerning in-house operations, sales reports, consumer activity, etc. While most of the data is derived from HR, CRM, finance, accounts, including other crucial business operations, other sources like the web platforms, company servers, IoT devices, etc., play their part in data accumulation.
Quantifying such massive amounts of data, also known as Big Data, has become an integral part of business management, considering that study of the data helps a business make a significant improvement in the production, not to mention make strategic decisions towards furthering of profit-generating functions. Nevertheless, sifting through mountains of data is easier said than done. According to a study, out of all the data collected, only 12% gets analyzed, while the other 88% stays unused.
Any company is at the risk of losing valuable insights by leaving out such a massive chunk of data. The inconsistency mostly happens due to the lack of technical support because analyzing Big Data takes some significant elbow grease. This brings us to ERP software, another staple for modern-day companies. We know that ERP is great for the running and management of businesses, but it is also great for analyzing Big Data.
When brought together, ERP software and Big Data Analysis tools are known to enhance the functionality by unfolding valuable insights, enabling the businesses in strategic planning and smarter decision-making. It is a win-win combination that streamlines data analysis, reducing the time-frame for auditing, and reporting the same. Before delving any further, let’s do a quick recap on ERP software for Big Data analysis.
What is ERP Software?
Enterprise Resource Planning or ERP aids the businesses to connect multiple operations and processes via a single platform dedicated to enhancing productivity and efficiency by streamlined planning, budgeting, accounting, reporting, and likewise. Due to such contributing attributes, the software has become a lifeline to business enterprises, aiming to maximize organizational growth through increased profit generation by upholding seamless operations.
What is Big Data Analytics?
Big Data is a comprehensive accumulation of data related to market trends, consumer activity, operational input and output, financial graphs, etc. When analyzed, it can help an organization chart a better business strategy for growth and profit. How one evaluates that data is what Big Data Analytics is all about. It is a complex process of analyzing Big Data to extract valuable insights on the hidden market patterns, correlations, changes in customer behavior or preferences. It improves the decision-making ability of an organization.
How can you transform your business with ERP for Big Data Analysis?
ERP has been ruling the business world for almost three decades now. But with the advent of Big Data, the software has found a new case of utility. Till now, ERP was just used to streamline a business organization’s internal operations; with the incursion of Big Data and its high significance in creating business strategies, ERP can be utilized to its full potential.
Enterprises that have already utilized ERP software for Big Data Analysis convergence have experienced a transformational impact on respective businesses. It has enabled these enterprises to increase the business processes’ efficacy and simplified regular auditing and reporting operations. Here’s breaking down the effect of ERP for Big Data analysis:
Scheduling and Management of Projects
It has already been established that ERP software can analyze bulk loads of data in a short period, providing more precise insight into the efficiency and the inefficiency of various internal operations. This empowers businesses with enhanced efficacy in scheduling projects and relocation of resources to where it is needed, by assessing the lags. For instance, let’s take the example of a manufacturing unit.
The functioning of these units relies on the production schedules so that the goods’ delivery can be made in time. With ERP software integrating the required data points across multiple verticals, reviewing the production status and making adjustments as needed becomes easy. Besides that, the clear insight helps in optimal use of resources, both human and machinery. Such a comprehensive streamlining of critical processes cuts back the time in production, distribution, delivery, and final auditing.
Accuracy and Improvement in Sales Forecast
Predicting consumer behavior is crucial to forming sales strategies. The integration of ERP software for big Data analytics presents advanced reporting through predictive analytics for sales projections. For instance, a retail enterprise will gain insight in terms of consumer demand for a certain product. While Big Data analytics accumulates the relevant data, running the same through enhanced and integrated ERP software will help produce sales patterns. According to Gartner, more than 65% of the businesses will be using such ERP strategies by 2022.
Enhanced Supply Chain Management
Supply chain management is one of the most critical and complex business processes that need optimization to avoid chaos. Keeping a record of all supply chain operations and maintaining accuracy is a magnanimous job streamlined with ERP and Big Data integration. ERP offers visibility to the supply chain, from sourcing to distribution, conducting a continual analysis of the generated data, discovering any procedural loopholes, and fixing the same. The software is instrumental in fleet tracking and management, not to mention optimization of the distribution route.
The emergence of new-age technologies has significantly improved the scope of business processes, simplifying the complexities. That said, it is only applicable if the technology is utilized well, exploiting every opportunity of improvement that it proposes. With the advent of Big Data analysis, ERP has found a fresh ground to utilize its potential for data quantification to bring down both the cost and time involved in traditional processes.