ERP Insights >> Magazine >> October - 2017 issue
Role Of ERP In Transforming Real-Time Analytics
Author : Abhijit Sarkar, Vice President & Country Head- Sharekhan
Wednesday, October 25, 2017
ERP is an acronym for Enterprise Resource Planning, but even its full name doesn't shed much light on what ERP is or what it does. For that, you need to take a step back and think about all of the various processes that are essential to running a business, including inventory and order management, accounting, human resources, customer relationship management (CRM), and beyond.
Today, ERP has expanded to encompass business intelligence (BI) while also handling "front-office" functions such as sales force automation (SFA), marketing automation and ecommerce. With these product advancements and the success stories coming out of these systems, companies in a broad range of industries-from wholesale distribution to ecommerce-use ERP solutions.
Moreover, even though the "e" in ERP stands for "enterprise," high-growth and mid-size companies are now rapidly adopting ERP systems. Software-as-a-Service (SaaS) solutions-also referred to as "cloud computing"-have helped fuel this growth. Cloud-based solutions not only make ERP software more affordable, they also make these systems easier to implement and manage. Perhaps even more importantly, cloud ERP enables real-time reporting and BI, making them even valuable to executives and staff seeking visibility into the business. As a result, companies of all sizes and a wide range of industries are transitioning to cloud ERP systems.
The role of ERP has been very crucial in transforming the Real Time Analytics, which really has a very phenomenal role towards driving the growth of an organization. Some of the reasons as under:
1. Data-driven decision making is key
Without basing decisions on facts and analytics, these decisions can be classified as glorified guesses. By looking at real-time data and insights, strategic, operational, and tactic decisions can be carefully reviewed and end up being much more effective and positively affecting the bottom line. Leadership can also use real-time analytics to factor into predictive analytics and look at real-time KPIs to better understand employee performance.
2. Real-time data can lead to better efficiency
By tracking systems, products, and equipment performance in real-time, quick decisions can be made that can greatly affect the efficiency of an entire department. By understanding which operational analytics have an impact on overall business performance, decision makers can be sure to track, measure, and tweak accordingly, which can decrease costs or lead to finding a 'better way' to make processes run smoother.
3. Taking data to decisions can make customers happy
Customer intelligence through CRM applications can be a business's greatest tool. With the ability to track individuals and their actions, businesses should be using this technology and harnessing and leveraging to create better customer experiences that are relevant and targeted. This is completely possible if real-time data is applied in real-time.
Future of Analytics:
During the next 20 years, as analytics becomes more important, it is about far more than data-big or otherwise. It is about building a pervasive analytics culture with a clear vision, strong capability, and C-suite support to leverage data-enabled insights that fundamentally improve the competitive position of firms Companies will realize the full benefits of analytics with ongoing investment in the discipline, embedding it in their DNA, and improving the velocity of data-driven insight throughout their organizations. This is not a static proposition. There will be iterations and improvements as technology is adapted and enhanced to drive new insights, automate business routines, enhance customer value propositions, and support more granular optimization of business decisions in the dynamic economic environment.
Role Of ERP In Transforming Real-Time Analytics
Author : Abhijit Sarkar, Vice President & Country Head- Sharekhan
Wednesday, October 25, 2017
ERP is an acronym for Enterprise Resource Planning, but even its full name doesn't shed much light on what ERP is or what it does. For that, you need to take a step back and think about all of the various processes that are essential to running a business, including inventory and order management, accounting, human resources, customer relationship management (CRM), and beyond.
Today, ERP has expanded to encompass business intelligence (BI) while also handling "front-office" functions such as sales force automation (SFA), marketing automation and ecommerce. With these product advancements and the success stories coming out of these systems, companies in a broad range of industries-from wholesale distribution to ecommerce-use ERP solutions.
Moreover, even though the "e" in ERP stands for "enterprise," high-growth and mid-size companies are now rapidly adopting ERP systems. Software-as-a-Service (SaaS) solutions-also referred to as "cloud computing"-have helped fuel this growth. Cloud-based solutions not only make ERP software more affordable, they also make these systems easier to implement and manage. Perhaps even more importantly, cloud ERP enables real-time reporting and BI, making them even valuable to executives and staff seeking visibility into the business. As a result, companies of all sizes and a wide range of industries are transitioning to cloud ERP systems.
The role of ERP has been very crucial in transforming the Real Time Analytics, which really has a very phenomenal role towards driving the growth of an organization. Some of the reasons as under:
1. Data-driven decision making is key
Without basing decisions on facts and analytics, these decisions can be classified as glorified guesses. By looking at real-time data and insights, strategic, operational, and tactic decisions can be carefully reviewed and end up being much more effective and positively affecting the bottom line. Leadership can also use real-time analytics to factor into predictive analytics and look at real-time KPIs to better understand employee performance.
2. Real-time data can lead to better efficiency
By tracking systems, products, and equipment performance in real-time, quick decisions can be made that can greatly affect the efficiency of an entire department. By understanding which operational analytics have an impact on overall business performance, decision makers can be sure to track, measure, and tweak accordingly, which can decrease costs or lead to finding a 'better way' to make processes run smoother.
3. Taking data to decisions can make customers happy
Customer intelligence through CRM applications can be a business's greatest tool. With the ability to track individuals and their actions, businesses should be using this technology and harnessing and leveraging to create better customer experiences that are relevant and targeted. This is completely possible if real-time data is applied in real-time.
Future of Analytics:
During the next 20 years, as analytics becomes more important, it is about far more than data-big or otherwise. It is about building a pervasive analytics culture with a clear vision, strong capability, and C-suite support to leverage data-enabled insights that fundamentally improve the competitive position of firms Companies will realize the full benefits of analytics with ongoing investment in the discipline, embedding it in their DNA, and improving the velocity of data-driven insight throughout their organizations. This is not a static proposition. There will be iterations and improvements as technology is adapted and enhanced to drive new insights, automate business routines, enhance customer value propositions, and support more granular optimization of business decisions in the dynamic economic environment.
Today, ERP has expanded to encompass business intelligence (BI) while also handling "front-office" functions such as sales force automation (SFA), marketing automation and ecommerce. With these product advancements and the success stories coming out of these systems, companies in a broad range of industries-from wholesale distribution to ecommerce-use ERP solutions.
Moreover, even though the "e" in ERP stands for "enterprise," high-growth and mid-size companies are now rapidly adopting ERP systems. Software-as-a-Service (SaaS) solutions-also referred to as "cloud computing"-have helped fuel this growth. Cloud-based solutions not only make ERP software more affordable, they also make these systems easier to implement and manage. Perhaps even more importantly, cloud ERP enables real-time reporting and BI, making them even valuable to executives and staff seeking visibility into the business. As a result, companies of all sizes and a wide range of industries are transitioning to cloud ERP systems.
The role of ERP has been very crucial in transforming the Real Time Analytics, which really has a very phenomenal role towards driving the growth of an organization. Some of the reasons as under:
1. Data-driven decision making is key
Without basing decisions on facts and analytics, these decisions can be classified as glorified guesses. By looking at real-time data and insights, strategic, operational, and tactic decisions can be carefully reviewed and end up being much more effective and positively affecting the bottom line. Leadership can also use real-time analytics to factor into predictive analytics and look at real-time KPIs to better understand employee performance.
2. Real-time data can lead to better efficiency
By tracking systems, products, and equipment performance in real-time, quick decisions can be made that can greatly affect the efficiency of an entire department. By understanding which operational analytics have an impact on overall business performance, decision makers can be sure to track, measure, and tweak accordingly, which can decrease costs or lead to finding a 'better way' to make processes run smoother.
3. Taking data to decisions can make customers happy
Customer intelligence through CRM applications can be a business's greatest tool. With the ability to track individuals and their actions, businesses should be using this technology and harnessing and leveraging to create better customer experiences that are relevant and targeted. This is completely possible if real-time data is applied in real-time.
Future of Analytics:
During the next 20 years, as analytics becomes more important, it is about far more than data-big or otherwise. It is about building a pervasive analytics culture with a clear vision, strong capability, and C-suite support to leverage data-enabled insights that fundamentally improve the competitive position of firms Companies will realize the full benefits of analytics with ongoing investment in the discipline, embedding it in their DNA, and improving the velocity of data-driven insight throughout their organizations. This is not a static proposition. There will be iterations and improvements as technology is adapted and enhanced to drive new insights, automate business routines, enhance customer value propositions, and support more granular optimization of business decisions in the dynamic economic environment.
