Social media giant Facebook has over 1B users every day, Instagram has 340 million while Snapchat is quickly catching up to these numbers. What’s common among these businesses is the way they rely heavily on collecting data and analyzing data to run their operations. But they aren’t the only business giants analyzing their data.
Everything today is being measured, right from your visits, to likes, dislikes, choices made, your search patterns to your buying decisions and your pet peeves. Are you thinking how does this help businesses? Well, measuring and analyzing consumer data allows them to personalize their offerings to you, produce new products that meet your needs in some way and even drive product adoption.
What gets measured, gets managed is a famous Peter Drucker quote that has been adopted and adapted repeatedly over the years. His quote highlights how crucial investing in business analytics is. Without numbers, and analysis all businesses are vulnerable. The first step to measuring and managing something in business is collecting DATA. Business enterprises flourish on data.
IDC Research forecasts that digital data will grow at a CAGR of 42 percent by 2020, while data will grow 50 times between 2010 and 2020. This number ought to give you a glimpse, into the amount of data that you will be to access in future. The most important advantage you can have in business is data. Success is not just taking decisions but taking them quickly and efficiently is more important.
Data was never available before on the level it is today. The art of success has moved from how good you were at obtaining it, to how good you are at processing and getting value out of it. To stay ahead, businesses need access to real time data. Real-time data is a big reason business can now analyze their past, present and predict its future course.
RTBI (Real-time business intelligence) is a process that delivers BI (business intelligence or info) about business operations as they happen in your business. Business enterprises that rationalize operations, augment their BI will be able to handle new prospects easily. A new Accenture study reveals that nearly 79 per cent enterprise executives believe that businesses that don’t leverage on data will lose their competitive edge and face closure.
Gartner forecasts global revenue in the BI and analytics software market to grow to USD 22.8 billion through the end of 2020. It believes current BI and analytics will expand to meet new business needs for easy access, agility and deeper critical understanding.
Having access to relevant info at the right time can help your business become agile, take good decisions quickly. But just because you have successfully measured a business metric doesn’t mean you have managed it successfully, though measuring it is the beginning.
Remember the slower the system the more data pointers it will ignore to create a real-time report for your business. If you don’t have ways to get real-time info, measure and analyze it, you won’t know how your business fares in the market, which can lead to wrong decisions with the wrong results. Can you imagine the missed opportunities and savings on expenses? However, a new faster system can process more data and update at the same time.
An ERP is a unified decision-making tool that helps businesses with data, understanding it and analyzing it to form the base for decision making. Continuous progress and advances in technologies have created an environment for the industrial revolution. AR, AI, IoT, and mobile tech are technologies that support this change while innovative analytics and intelligent systems provide crucial info and ways to take effective decisions.
Analytics helps you gain an idea of what is and isn’t working in your business. It changes the way your systems can use data, to foresee results and propose changes. The flow of real-time info through the organization helps to increase productivity. This is what a robust up-to-date ERP helps companies with, allowing for better inter-department coordination and faster decision making.
The new mobile ERP version allows you to get approvals, decide on a course of action, track production and delivery, analyze and create reports on work done even when you are on the go. Not only does the top management need it, so do the other departments in the organization.
Data forms the core for- the reports you discuss, analyze, the decisions you take and the insights you gather. Without actual data, your business may be navigating on tough waters. Being able to understand and communicate analysis data from different departments, successfully to others is crucial. Your ERP must simplify the use of data and formats of analysis that works for your employees across the board allowing them to act quickly on the actual insights effortlessly.
CanaisERP offers a robust, dynamic, easy to use, flexible and mobile ERP solution that integrates and processes real-time data across different processes enabling competent, real and alert decision making.
Of course, if the industry studies are to be believed, then “What gets measured gets managed hold true. Those who’ve opted to make their data work for them are ruling the roost. Are you still thinking if you must focus on data?
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