Let's face it: ERP & BI solutions are better together.
Today, companies that combine integrated ERP systems with Business Intelligence systems are recognizing a host of benefits that are allowing them be more efficient and effective.
These benefits are widespread and easy to access, and are having far-reaching implications on productivity, standardization and workflow efficiency.
Because ERPs store and manage information, they can have a large positive impact on companies in a variety of verticals.
What Is Business Intelligence?
"Business intelligence (BI) leverages software and services to transform data into actionable intelligence that informs an organization's strategic and tactical business decisions. BI tools access and analyze data sets and present analytical findings in reports, summaries, dashboards, graphs, charts and maps to provide users with detailed intelligence about the state of the business."
At the end of 2017, 78 percent of companies were planning to increase their utilization of the cloud for BI and data management in 2018, and cloud BI adoption increased from 29 percent in 2013 to 43 percent by 2016.
How Do BI & ERP Work Together?
When BI and ERPs come together, the BI works to extract information from the ERP.
This information is then consolidated, stored and presented to decision-makers in a comprehensive and easy-to-understand fashion.
When companies integrate a BI solution with their ERP, they're better able to observe the results of their investments in various providers and solutions and make decisions faster and more accurately.
4 Benefits of ERP BI Solutions
While there are dozens of benefits of ERP BI solutions, these four are the most pronounced:
1. Better Decision-Making
Integrated ERP software creates a common database. This database becomes the catch-all for all information, regardless of which department or employee entered it.
The data is available in real time, is simple to update and is easy for employees to access whenever they need it.
2. A Lightened Load for the IT Department
ERP systems are a real asset for IT departments.
By slashing the amount of time IT professionals have to spend delivering reports and sorting out easily solvable data issues, ERP solutions free the IT department up to focus on more essential tasks.
3. Enhanced Visibility
ERP and BI solutions provide a wide selection of reports, indicators and graphs. Together, they're capable of providing charts that display various statuses, parameters and groups.
These graphs are then grouped into a single dashboard, which increases visibility and makes it easier for teams to track information accordingly.
4. Business Optimization
ERP systems create a stream of historical data that allows for the formulation of conclusions.
By looking back at data from times past, decision-makers can come to conclusions about the future trajectory of the business and its forecasts. ERP and BI systems also take into account factors like seasonality, price increase and decline, and more.
At the end of the day, there's no way around it: ERP and BI are better together.
Designed to provide more comprehensive insights, allow for better decision-making, and enhance data visualization, ERP and BI work together like a well-oiled machine to make modern companies more efficient and powerful.
Relevant for companies in a wide selection of verticals, this combination of solutions is an excellent way for companies to increase their productivity and streamline their workflows.
If you have questions or want to discuss how Vahana can benefit your company, please request your free Vahana consultation below.