What is the significance of Business Intelligence (BI) riding over ERP systems?
For any business to be managed efficiently, the available raw data needs to be transformed into meaningful metrics, so that the Senior and Middle Management can take informed decisions. But with so much information/data getting generated by modern ERP Systems, it becomes difficult for an organization to handle it, and translate it into good business decisions.For organizations running multiple Information Systems including the ERP, this only means more and more information from multiple systems adding to the confusion. This is where Business Intelligence (BI) Tools come in handy which not only generate more meaningful and incisive insights into the ERP information but they also help you consolidate and analyse data from multiple sources of information coming in from a number of software being run by an organization. One can gain valuable insights in real-time and identify opportunities early. The acquired actionable intelligence also curtails the risk factor involved in the decision making and lends more objectivity and power to it.
In a day and age of taking quick and intelligent decisions the business managers need relevant data on their fingertips. Traditionally, the managers would take up data from multiple Software (data sources) within their company and put them together in a spreadsheet and do the necessary analysis. Not only is this a cumbersome process but it is loaded with sources of errors and limited analytics. All modern BI Tools feature great and incisive Graphical Analytics, which allows thebusiness managers to go through information pertaining to Key Performance Indicators (KPI’s) using interactive dashboards. This makes the sorting of the complex and multi-dimensional data a lot easier. Equipped with the right set of information, managers can take well-informed and quick decisions.
For instance, just by glancing at the dashboard they can monitor the real-time data for the floor’s scrap rate. In case the rate reaches unreasonable levels, the Production Manager can instantly halt the process, therefore saving time, material and wastage. The acquired data can then be used for a long-term and meaningful analysis, so that the process can be improved further. Moreover, users can easily re-configure dashboards and make changes to the graph types, colour schemes, etc. New graphs or dashboards can be made using the presented data and personalized templates can also be created.
Reporting is another area which can be vastly improved using a BI Tool. All modern BI Tools are not just limited to the basic reporting functions and facilitate a more dynamic environment so that users can dice and slice data as per their choice. They enable users to personalize report layouts and add/remove new columns in the same report. Apart from this, same report outputs can be personalized by each user and stored in their respective machines, without even changing the program logic. The reports generated are in the form data, visual charts, or standard textual content. All the content of BI reporting depicts actionable results which help an organization in making those tactical decisions for both short and long term.
In conclusion, if organizations want user-centric incisive analytics into their data, choosing a BI solution riding over their ERP and other Software Applications is the right go-to option, rather than sticking with just spreadsheets and siloed software systems.