In a fast changing business environment, it can be difficult to predict the next move. This is where data analytics and data collection come in. Companies generate a staggering volume of raw, complex data everyday. ERP software can help organizations unlock their value on an unified platform, no matter where the data comes from or how vast and diverse it may be.
The benefits of using ERP software for data analytics and collection are numerous. Let's take a look at some of them:
- Data-driven insights – Get accurate insights about what happened in the past, what is happening now, and a prediction for the future.
- A single source of truth – An ERP is a unified platform that integrates data for reporting, discovery, analysis and recommendations from numerous sources.
- Improved productivity and data integration – The best ERP solutions optimize all steps in your data workflow and accelerate data and analytics processes.
- Data visualization – Teams can make sense of all structured and unstructured data to easily understand trends, patterns and relationships.
- Automation – Identify the parameters of what you want to examine, which model to apply and which column you want to predict, and the solution will take over.
- Solving problems within the organization – The challenges you need to address will become apparent through data collection and analysis.
- Self-service analytics – Modern solutions don’t require expert IT involvement. Point-and-click or drag-and drop functionality and easy navigation should enable users to load, import and analyze data.
Data analytics in IT: A strategic advantage
There is a direct relationship between data analytics and strategic advantage. Data analytics can discover inefficiencies and flaws that would be impossible by conventional means. Companies can develop new cost-cutting measures, focus on removing inefficiencies and pass the benefits onto customers. Data analytics allow IT companies to work smarter and deploy resources more effectively.
Every company needs to take big data technologies and advanced analytic capabilities seriously if they want to compete in a digitized world.
What is ERP software and how does it enhance data analytics?
A modern ERP software generates a vast amount of operational data that can be used to improve operations, predict trends, and give new insight into the market they operate in, but much of that information is hidden. By adding analytics to your ERP, this data is unlocked and its value made apparent. A comprehensive ERP software with data analytics can discover areas hidden from view, providing valuable insights into operational effectiveness.
The role of ERP software in business intelligence (BI)
ERP software combined with business intelligence can bring powerful results. With the right BI tool, you can accurately analyze the legacy data collected from the ERP. BI can help businesses interpret relevant trends and patterns based on accurate data, enabling management to make informed decisions fast. Markets can be volatile, and BI can predict future trends and suggest actions for your business.
How ERP software simplifies data collection and analysis
Using a conventional method to evaluate your end-of-quarters numbers, such as using an Excel sheet and assembling all the data into one format in order to recognize a trend, is extremely difficult and prone to errors. This is where an ERP solution can help. An ERP system will extract the data and present it visually in graphs and charts for easy understanding.
Improved data accuracy with ERP software
ERP software generates data that is accurate and fast. The beauty of an ERP is that it tracks various KPIs to assess business activities and how they impact the bottom line.
The tool you choose should be GDPR-compliant. Find out how GDPR impacts ERP tools.
Real-time data analysis with ERP software
The ideal ERP software will use real-time data analysis to analyze, correlate and predict outcomes. Real-time data is collected as soon as it is created and required. The data is not stored but immediately available and forwarded to users. Examples of real-time data include data from cameras and sensors, or alternatively data from sales transactions, social media, software applications and machines and devices that your business uses.
Predictive analytics with ERP software
Let’s assume your business is profitable and you have the right resources and planning in place. The question is, how long can you sustain this scenario? Can you predict your future revenue in the ever-evolving market? To avoid the unexpected and put a break onto a possible downfall, you need to have a predictive analytic tool in place. If you use smart ERP software, you don’t need to worry about what to do next. The ERP solution will use historical and current data to analyze and predict future outcomes and assess risks.
Data visualization with ERP software
ERP software can work with various visualization tools to represent collected data in charts and graphs that reflect the past, current and expected performance of all areas of your business, including spending. Visual analytics enable an easy use of data and make reporting unbiased. Big data collects a high volume of structured (company’s internal data), semi-structured, and unstructured (external such as website, IoT, media etc.) data to generate a more comprehensive picture of the business. ERP visualization tools help users to understand the data and its correlations.
ERP software enables data-driven decision-making
You may be good with numbers and very accurate at recording them on spreadsheets, but there is always a chance you miss important hidden information or that you make decisions based on assumptions. ERP software detects blind spots and analyzes processes and workflows in real-time, enabling company owners to make data-driven decisions quickly.
Alongside decision-making, good project management skills are essential to the success of your company. Find out how to improve your project management skills here.
Select the right ERP software for your IT company's data analytics needs
The ERP industry is on the rise with a fair few major players, and choosing a product can be overwhelming. When you look for a vendor, we recommend choosing a cloud-based ERP (SaaS), as the systems have automatic updates, security patches and easy hosting in place of server maintenance.
Check whether the software has exactly the tools you need before you buy a costly software package. Ideally it should have a business intelligence tool so the collected data can be properly analyzed. IT companies commonly use ERP systems for project management, reporting, and analytics. You will need to know your team and their needs, what features you want and what you will need in the future.
How Vault ERP can help you with data collection and analysis
Vault ERP can help with data collection and analysis by providing centralized data collection, real-time data, customizable reports and dashboards based on your specific requirements. Integrated analytic tools improve accuracy. With Vault ERP KPIs module, you can view all key indicators in one system.
Learn how Vault ERP can help you collect key KPIs and meet your business objectives.
Vault ERP offers integration with third party applications and has built-in predictive analytics capabilities that allow IT companies to forecast future trends and identify potential risks.
Ready to try it out? Get in touch with us to find out how Vault ERP can transform your data analytics.
