How to Drive Growth with ERP Data
What exactly is your measurement for success? Is it found in revenues and profits, meeting sales quotas, customer satisfaction or something different? There could be any number of key performance indicators (KPIs) that show business is heading in the right direction or the wrong one. However, capturing and understanding these metrics can be challenging. Secondly, using them to drive growth and success could be even more complex. The right enterprise resource planning (ERP) solution will help you leverage your very own data to drive success.
How Do You Evaluate KPIs?
Most business owners and managers look to revenues, profits, sales and a wide variety of other information to determine operational success. Monitoring specific data points over time suggests whether business is gaining ground or may need changes to ensure goals are being met. Unfortunately, asking for data is the easy part of the process. Getting it can be a challenge, especially when data is captured in disparate specialty software and spreadsheets.
Combing through multiple software programs or reports prepared by staff is not only time-consuming, it’s risky. Data is outdated the moment it’s exported or printed. If it takes even longer to review or validate before it hits your desk, the data has aged even more. Another common problem encountered by leaders is the limited nature of the data found in these reports. The accounting department will send out one set of figures, the sales team will deliver another set of data, and inventory data is yet another set of data to manage. Combining data is difficult and still might not provide a clear view of your business performance.
Gain a 360-Degree View of Business Operations with ERP
More businesses are turning to innovative management systems to capture, monitor and analyze core business data. Today’s ERP solutions offer an efficient way to gain a 360-degree view of business operations. Centralized and integrated, businesses just like yours can manage all core operational data within ERP. From accounting to inventory to sales and customer data, all data is funneled into and through an ERP solution. This alone offers a competitive advantage – access to reliable, current data on the spot.
- ERP is comprehensive: Capture data from across your enterprise within a single, integrated ERP solution. Accounting and financial management, inventory and supply chain, manufacturing and distribution, and other core business operations can be monitored and managed within ERP with greater efficiency and accuracy.
- ERP is scalable and flexible: Add or change features and functionality as your business needs change. Robust systems provide built-in and customizable workflows and integrate with other systems to ensure all your business data remains in one system and not spread across your organization.
- ERP delivers business intelligence: The key feature of ERP is what delivers the greatest advantage. Role-tailored dashboards, charts and other rich visualizations make it easier for leaders to monitor and evaluate KPIs in real time. Owners and managers can choose which metrics are most important and ERP will deliver them in a format that makes sense.
Get Your Data, Then Use It to Drive Growth
To drive growth, you first need access to current, reliable data and then must be able to evaluate and analyze that data to guide your business in the right direction. Replacing disparate systems with a single, integrated ERP solution will make it easier to find, analyze and put KPIs and other key business information to use. Contact OTT, Inc. to learn more about leveraging business data to drive growth and success with ERP.