Business intelligence tools such as DataSelf Analytics offer a powerful way for your entire company to use the data from your ERP system.
Consider how much data your system collects. ERP systems collect data from every area of the company including accounting and finance, operations and fulfillment, and sales and marketing. Such a large amount of data can be overwhelming to many people. And, if people aren’t taught how to read and interpret data, they can make mistakes when they review reports.
Business intelligence tools take the guesswork out of data analysis by making it easy for all to understand and interpret the information. Here are three great reasons why adding BI to your ERP system can take your business to new heights.
3 Benefits of Business Intelligence Tools
Business intelligence tools take the raw data from your system and transform it into useful information that’s easy to read. They do this by creating graphs, charts, and other pictorial representations of information.
There are many benefits from using a BI tool, but these three stand out.
- Eliminates guesswork. Few people are trained in the art and science of data analysis. Even companies who have someone on their staff who is skilled at analyzing data may find it challenging to find information hidden within endless streams of data. Business intelligence tools like DataSelf take the guesswork out of data analysis by making trends and patterns clear for the layperson to understand. When everyone in the company reviews the same BI report, the data interpretation becomes clear for all.
- Reduced costs. If your current ERP system doesn’t provide the depth of reporting you need, you may be tempted to hire a custom programmer to build the necessary reports. However, a BI solution may save you a great deal of time and money by offering you a group of reports right out of the box that meets your needs. DataSelf, for example, shares (with permission) other users’ reports so if you don’t see the one you need from the company, you may be able to find one from a company in a similar industry. It’s a huge time saver and a feature that also eliminates costly custom programming.
- Improves decision making. Busy managers thrive on the quick, easy-to-interpret reports from a business intelligence system. These reports improve decision making by helping managers see at a glance what they need to know before making a decision. Rather than spending hours working out what the data says, they can understand it at a glance, make a decision, and move on to the next task.
Multiple Data Streams in One Reporting Tool
Business intelligence tools have one huge advantage over reports run directly from any system. They can combine multiple data streams into one report.
Most accounting and ERP systems run basic reports just fine. Challenges arise when the best data for decision making comes not from one system but multiple data streams. That’s where business intelligence tools really shine. These dedicated resources can handle multiple streams of data, combining them into one report that provides the desired level of information. Rather than juggling multiple reports and trying to figure out the best way to combine them, the BI system does it for you.
Business intelligence tools offer transparency and simplicity from complex data sources. If your company struggles with multiple data streams and the need to use data to drive decision making, it may be beneficial to find a BI tool to support growth and efficiency.
Emerald TC provides software and consulting for manufacturing companies. We can help you choose the right accounting software, ERP system, payroll, or other software for your needs. Contact us or call 678-456-6919 for more information.