ERP Data: Are You Using It or Just Collecting It?

By Preferred Strategies  |  October 20, 2022

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AN ERP system connecting all other aspects of business.

Many companies never touch the majority of the data they collect because it’s locked up deep in their Enterprise Resource Planning Data (ERP). ERP is software your organization can use to manage its day-to-day business activities. These activities include accounting, project management, compliance, procurement, risk management, and supply chain operations.

Your ERP can track activities that naturally occur in your business. This software can coordinate the flow between all these activities with the data it collects, often in real-time. Most companies’ ERP collects information that can increase productivity, cut costs, and identify bottlenecks, and they are not utilizing it. Join us as we discuss how you can get more out of your ERP system.

 

ERP Data Management

 

Your ERP data, no matter how complex, can be transformed into decision-ready information so you can make business decisions faster and with more confidence. You can utilize analytics and reporting platforms to easily access, transform, and provide a foundation for deep reporting. And it can easily integrate with various other software programs you use and analyze your ERP data (as well as CRM).

 

How an ERP Can Monitor Your Business

If your business is collecting data from numerous departments within the company, your ERP is your best resource for truly understanding the health of your organization. Instead of running around trying to figure out where each department of your organization is struggling, you can look at the ERP system. It allows you to display the overall picture of your business in one dashboard. Financially, this tool can let you know where your business needs to be focusing more attention and where you’re wasting your time and resources. 

It is important to note that when using your ERP software, you want to ensure you have proper security measures. The last thing you want is a cybercriminal hacking into your system and using this valuable information against you. So, ensure any data you are collecting from external sources is checked before entering the system.

 

ERP Example

Oracle has a great example of how a company can use ERP data to benefit their business. In their example, they look at a company that builds cars by procuring parts from multiple suppliers. This company can use its ERP system to track those purchases and ensure each component across the procure-to-pay process uses clean and uniform data connected to workflows, reporting, processes, and analytics. The data from the ERP system allows the company to run smoother, faster, and more cost-efficient by always knowing what is in process.

 

How to Utilize ERP Analytics

With your ERP software, your business can collect and analyze data from internal activities. While collecting large amounts of data is great, a problem can arise when so much information is being collected. Without proper visualization software, your team can spend countless hours trying to pull data that is valuable. Plus, if you need these insights on a daily, weekly, or monthly basis, the money and time spent sifting through the information is not the best utilization of your resources.

Investing in an analytics system to integrate with your ERP is vital to understanding your data. Analytics for your ERP takes the information received from various systems throughout your organization and streamlines it in real-time. It will compile all the information into a unified view allowing for easier collaboration throughout the entire business. You will no longer have to pull from multiple reports to paint a big picture; the picture is already framed for you and ready to go.

 

Are You Utilizing Your ERP To Its Full Potential?

If you answered, I think so, or I don’t know, you most likely are not utilizing your ERP to its full potential. While your ERP is full of rich information, without visualization software like Power BI, it takes painstaking hours to gain the amazing insights that your ERP has to offer.

If you want to talk specifics about how to get more out of your ERP, we encourage you to give us a call. Our team of hardworking, talented data junkies is dedicated to helping organizations turn their ERP (and CRM) data into decision-ready information. As a result, we help our clients gain the competitive advantage they need to make smarter business decisions, improve operational efficiencies, and increase profitability and overall revenue.

 

Schedule A Call Today!

 

 

 

 

 

About the Author

Preferred Strategies

Preferred Strategies is helping hundreds of JD Edwards and Viewpoint Vista customers to realize the full potential of their ERP data through the innovative Preferred Strategies QuickLaunch product.

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