Do you know how much data your organization creates every day? Customer interactions, payment transactions, internal messages and more contribute to the daily rate of 2.5 quintillion bytes generated worldwide. Your enterprise resource planning system forms the backbone of many essential business functions, from human resources to accounting. How much more powerful could your infrastructure be if it leveraged the data you have available? Here are five ways you can use big data to enhance your ERP capabilities.
Real-time monitoring speeds up many processes, such as reporting conversions and identifying new market opportunities. Faster reporting with up-to-date information gives you greater ability to adjust to sudden changes in your business operations. For example, if you’re a retail business and sales of a product line take off due to a viral post at the top of Reddit, you find out almost as soon as it happens. Your supply chain management system leaps into action and starts sending new inventory to the warehouse. If you don’t have real-time monitoring, you would miss this opportunity and rapidly sell out of the item.
Many companies embrace a “fail fast” project methodology that uses short cycles to experiment with many ideas. The teams use big data to analyze the failures and understand the successes. With each testing round, they get closer to a fully optimized process or minimum viable product. This framework also supports testing small changes rather than requiring massive adjustments that are hard to track. Scrum and Agile methodologies are two common project management styles that use this approach.
Strategic decision making requires the hard data to back it up. Business intelligence tools with access to big data allow you to gain much-needed insights when you’re working on long-term strategies. Predictive analytics solutions give you a particularly useful resource for figuring out what your company needs to continue moving forward. Some practical ways to use BI in your organization include hiring new people to fill critical skills gaps, moving into new market segments at opportune times and coordinating marketing campaigns.
Smart Process Automation
Do you deal with a lot of repetitive or tedious processes as part of your job duties? Smart process automation uses machine learning to look at the way your company uses the ERP. It can identify usage patterns and find ways to cut out many parts of the process. These tasks become automated and handled by the system without outside input, which frees up employee time to work on strategic duties.
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