Doesn’t every CEO / COO / CFO / CTO want greater business insight?
Isn’t it a vital part of their daily activity? It probably is in most businesses but the more important questions are:

• Are they able to gather (all) the information from all the possible data sources?
• How useful is the information upon which they are basing their business decisions?
• Is the process of extracting and analysing the data quick, accurate and efficient?

Analysing the growing amount of data streaming through organisations can become a major headache if any of these areas are not properly addressed. Forward thinking organisations know that they can’t do this to any suitable effectiveness on their own, which is why many small and medium organisations (SMEs) turn to an enterprise resource planning (ERP) and business intelligence (BI) combo for best practice business analytics.

Whilst analytics used to be a luxury afforded only by larger companies prior to in-memory computing; modern ERP systems are revolutionising the way SMEs are able to access and view their data. These systems essentially combine Enterprise Resource Planning (ERP) and Business Intelligence (BI) onto one platform. Companies who were unable to access such sophisticated tools had to rely solely on the reporting capabilities of their (often limited) ERP reporting functions. Now, there really is no reason why SMEs cannot access such advanced tools!

Are analytics really that important when I am still trying to grow my business?

Absolutely! In fact, by using a robust, tried-and-tested analytics platform, your business will be poised for greater success and growth, in a shorter space of time. Let’s review some of the reasons why:

Big Data. Big Problem?

We are constantly hearing how much more data companies are processing in today’s business world. Instead of playing catch up when it’s too late, bringing together all data sources in an efficient and streamlined way is one of the best ways to enable growth, today.

Big Data for Enterprises could be described as Enterprise Transaction Data + Enterprise Planning & Budget Data, Social Media Data + Industry Benchmark Data etc.

Myriad data sources

Your company is probably processing data from more sources than ever before (think about social media, global offices, mobile data etc). Before you know it, your company is working in silos and leaking opportunities across the board.

Compliance

Like it or not, you can’t escape compliance requirements. Whether it’s corporate tax, risk management, process tracking or legal components, your company should not be spending vast resources on such areas when it can be easily automated in a much more reliable way.

Bold decision making

Wouldn’t you like to be able to make informed decisions, immediately, safe in the knowledge that you have made the right choice for your company’s future? Having access to the right data, at the right time helps you to transform information into a competitive advantage, increase profits and forecast trends.

Reliable reports

Reports are outdated as soon as they are printed. But in companies without effective analytical tools, they are often outdated before they are even extracted – because the base data is not up-to-the-minute accurate. Why waste time using such reports and working blind?

What exactly will greater insight provide me with?

It’s all very well enthusing about the benefits of an analytics platform, but what will it actually enable a company to do, especially a small or medium sized organisation?

Business Intelligence

Gain a much deeper understanding of your business from the bottom up, across all key functions. Gain access to the correct data, at the correct time, in the correct way.

Manage change & risk

Anticipate and adapt to change quickly because you have all the facts in front of you. Respond quicker and more accurately in crisis management / exceptions. Gain the competitive advantage of being able to adapt and respond quickly.

Collaboration

Drive sustainable growth across your organisation by executing plans, strategic collaboration and accurate decision making.

Growth

Uncover new opportunities as soon as they happen and respond accordingly. By using past analysis, your company will also be able to accurately anticipate future market outcomes and mitigate its risk.

Adaptability

Identify, develop and implement new business processes based on the accurate data insight you are now receiving.

Better, decisions – faster

Access all of your data, all of the time. Enables ‘what if’ analytics to review past performance and create future strategies with the right knowledge.

ERP-BI ROI

Leverage the existing transactional and operational data stored in the operational and business intelligence platform (if you are currently using it).

Empower

Enable all decision makers (from the warehouse manager to the CFO) to drive the business forward by being able to access the right data according to their role requirements.

Mobile

Stay informed when on the move too, with analytics available on your company’s mobile device (iOS, Android etc).

Performance Management

Encourage greater accountability by providing your team with visibility into their key performance indicators (KPI) and track their progress.

Reporting. Your team will be able to:

• Develop real-time standard and ad-hoc reports alone (leaving your IT department to do what they should be doing!)

• Turn precise, actionable insights into opportunities and profits

• Capture near-instant, results-driven data across every part of your operation

• React to market conditions with enhanced agility, control, and confidence

As most companies seek their ‘single version of the truth’ analytics platforms provide access to the vast amount of data you are processing and delivers it in a way which can greatly enhance your business practices. Imagine being able to rapidly evaluate a business process (e.g. order fulfilment times) within seconds and then improving that process to minimise delivery times and make your customers even happier! This is just one of the ways in which a company might benefit from greater insight into their day-to-day operations.

Image Credit: Photo by James Pond on Unsplash

A version of this post has been published in my blog