How Stale Reporting can Lead to Stale Results
In the world of modern business systems, the flow of data is ever present, meaning that even small to midsized businesses produce a huge amount of data. By taking this data and presenting it in a way that is easy to follow, ERP business reporting eliminates the guesswork from running your business, empowering you to make informed decisions.
Using an effective ERP allows businesses to draw from all aspects of the company, including sales, fulfillment, inventory and accounting. The rich visualization of data available in ERP reporting allows for the monitoring of productivity, sales, and extensive data analysis in a straightforward, yet comprehensive manner. These visual reports provide actionable information that can be used to boost the productivity of employees, and eliminate operational inefficiencies. Ultimately, this functional presentation of data makes strong reporting systems a critical tool within any worthwhile ERP, ensuring that a business is both competitive and profitable.
Here are four key ways a powerful built-in reporting system is crucial to an ERP, and for the success of a business:
Banishing Guesswork With Fast Answers to Questions
Far too often, running a business can feel like sprinting in the dark. But it doesn't have to. With the future of your company at stake it is vital that you see the path ahead. ERP reporting can serve as your flashlight so that you don’t end up tripping over your own feet.
Running a business on guesswork alone can lead to serious problems in meeting long-term goals and adapting to trends. With reliable business intelligence you can traverse the winding roads of the competitive marketplace by making well-informed decisions in an effective and quick manner.
For many small to midsized business owners, getting access to answers can take far too long. With a powerful reporting system, however, you can get immediate answers to your vital business questions. The nearly instantaneous answers provided by the system save you the time required to compile and sift through countless pages of manual reports. Some ERPs offer the added benefit of displaying data in real-time - an asset that is virtually inaccessible using traditional reporting methods.
The ability to dive deep into data and customize reports takes an ERP’s reporting system leaps and bounds ahead of most manually created alternatives, and gives you the flexibility to present information however you want. The nearly effortless nature of making and customizing these reports further distinguishes it from manual reporting. Executives on the forefront of their fields know that in the fast-thinking world of effective decision making, guessing simply doesn’t cut it, and that having easily decipherable information is invaluable.
Pinpoint Sales Opportunities
When it comes to an effective sales strategy, knowledge is half the battle, and winning is much easier with effective reporting. Essentially, ERP business intelligencetakes valuable customer data and makes it accessible and consumable, enabling you to improve your sales model to focus on effectively targeted opportunities. These reports give you the tools and information you need to identify market trends, customer preference, sales trends, product improvements, and unexplored opportunities, all at the tips of your fingers, in real-time.
These powerful reporting systems are an essential aspect of being competitive in the marketplace, allowing you to assess your company’s capabilities, strengths and weaknesses, putting you on the cutting-edge of your respective marketplace. The instantaneous nature of the information within your reports opens opportunities that would have previously been missed. Ultimately, it’s impossible to take advantage of opportunities you don’t know exist, and ERP reporting systems make these opportunities evident, allowing you to take advantage, and expand your business.
With the visibility afforded by ERP reporting, detailed insights into the performance of your company are made available, helping you identify problem areas and streamline operations. The reports built by ERPs can help uncover problems within your business that you may have previously missed, such as poor employee performance, fraud, or even theft. Additionally, the amount of time a system of this nature saves you has immeasurable value.
Beyond compiling and condensing, further time is saved in the presentation and analysis stages of data collection. With ERP business intelligence, the information is virtually guaranteed to be accurate because it draws from a single source, and the reports are already formatted to be cohesive, detailed and consumable.
Most any business can get bogged down when decision makers don’t have a clear image of the big picture. Too often inefficiencies go unnoticed, leading to wasted time. Business intelligence reporting systems help to pinpoint these inefficiencies thanks to their holistic view of operations, helping you identify overlap between department, and other wasteful expenditures. So, whether you are trying to improve employee productivity, market more effectively, or boost sales, ERP reporting is the ultimate tool for eradication.
See the Past, Know the Future
While ERP business intelligence will not make you clairvoyant, it does allow you to use existing data to make accurate predictions. This process, known commonly as forecasting, has become a prominent tool for maintaining a competitive advantage in numerous fields. While forecasting the future of a business might seem like an imposing goal to business owners, an ERP reporting system will let you proceed with confidence, ensuring your decisions are based on the most relevant data.
The process of forecasting your business’s future by taking a look at its past is done by searching for key trends. You may discover items that sell well based on season, or peak shopping times. You may also discover such patterns in expenses or staff productivity. Reporting systems, like the one found in pbe3, take your data and present it in a way that ensures you can easily identify key patterns. The identification of patterns is done by giving you the tools to display vital data over time in an appropriate visual format (like a scatter plot, histogram and more), or in a manageable table that displays the vital information you need. A visual and comprehensive display of data can give you an immediate idea of patterns in sales, telephone traffic, expenses, etc.