How ERP Systems Help with Decision Making
In the information age where competition in the marketplace is fierce and change is rapid, now more than ever it’s important that you have the information you need to make critical decisions for your business.
Conversely, the financial leadership at companies has more data coming from more sources than they know what to do with and the question becomes, “How can we use our ERP software to make better decisions?”
That’s a great question, because today’s ERP systems are more than just accounting systems. They are tremendous assets to support smarter, faster decision making when analyzing business conditions, implementing new or improving existing business process and ultimately providing valuable insight into how the business is performing in real-time.
3 Ways ERP Systems Help Companies Make Smarter Decisions
1. Accurate Data Equals Smarter Decisions
At face value this seems like common sense, but so many companies that come to us are struggling with data issues. They are using disparate technology across their departments that do not speak to the ERP system or are doing things like excel based reporting which is prone to human error and in-turn spending valuable time with double data entry or checking information and trying to verify between multiple systems which system has the correct information. Your ERP system should be able to receive data from other technology used in the business to eliminate these data and reporting issues so you can rely on the information you have and have it when you need it.
2. Work Smarter, Not Harder
Businesses that are winning in today’s ultra-competitive environment understand the value their staff brings to their business. Conversely these companies often require people with specific experience, knowledge and/or skillsets that are hard to find. By automating manual or repetitive decisions using the proper business systems and information your team can be free to use their skills, initiative and experience to drive innovation, operational efficiency and customer satisfaction to propel your business ahead.
3. Seeing is Believing
In today’s world you need to have actionable insight into your business, projects, customers, vendors, inventory and have it all in one place. Many of the organizations that come to us are still trying to make important decisions for their business by consolidating data from multiple systems into convoluted spreadsheets that are often littered with errors and require valuable time for someone to double and triple check to ensure their accuracy. On top of that, by the time the data is confirmed to be accurate, so much time has passed the information has now lost its relevance or only allows to company to be reactive. Today’s ERPs not only take in data from multiple sources like we mentioned before, but they are able to provide true business intelligence and visualizations that are accurate and in real-time. Instead of babysitting and maintaining spreadsheets, you should have the ability to slice and dice data to gain new insights to make proactive decisions.