Everything in your business moves quickly. It’s what you expect of your employees and it’s what your customers expect of your company. Technology has led us to expect everything to happen immediately, and your industry and your competitors aren’t going to wait around for you to keep up.
Business decisions need to be made constantly.
Every day you are making decisions about a hundred little things and a handful of big things. These decisions can’t wait because your business can’t wait around for you to make them. Gathering reports and data from all your departments and trying to piece them together into meaningful information takes too long. You’re more likely to make a decision based on your gut instinct. But despite your experience, instinct isn’t foolproof.
ERP software in Australia has revolutionised the business decision making process. When you have an ERP system, you have all the tools you need to make informed decisions, and the data to back it up.
One source of information
ERP systems create a single source of accurate data. You don’t have to worry about mismatched, outdated or duplicate data being funneled in from various sources. Rather, everyone works with the same information, meaning at anytime you are able to get an accurate, up to date picture of your organisation.
If you are trying to make business decisions off of incomplete or outdated data, then chances are your decision won’t be a very good one.
Companies that don’t have an ERP system tend to do scheduled reporting once a month, once a quarter or once year. One of the main reasons for this is because manual reporting is so time consuming.
However, infrequent reporting is useless to you when you need to make decisions on the spot. You need to be able to collect and assemble meaningful data right when you need it, and data from 6 months ago, or even one month ago just isn’t going to cut it.
Monitor business activity
When you have real-time data at your fingertips, you can keep tabs on all of the business activities happening in all corners of your company, which is important for a few reasons.
One reason is that it allows you to identify crucial changes in your company.
These changes might be obvious or they could be subtle and either way, you’ll know right away. When you are aware of changes as they happen, you can then address them immediately, whether it’s an opportunity you can capitalize on or a problem you can get ahead of.
Another reason that monitoring real time business activity is important is because you can constantly be comparing where you are now to where you were at any point in the past and to where you want to go in the future. These types of projections are important for setting and achieving your goals.
Use BI integration to create meaning
Business intelligence (BI) allows you analyze your data to create meaning and see trends. When you use BI integration with your ERP system you’ll have immediate insights right when you need them.
Use a reporting dashboard to prepare you for daily decisions, compare the way your departments affect one another and even run what-if style analysis to test out your decisions before you commit to them!
See the big picture
At the end of the day, your ERP system will help you see the big picture. You can see the cause and effect in your organisation as it actually is, instead of jumping to conclusions that may seem logical but aren’t backed by any facts or data.
You shouldn’t have to slow down to make business decisions, letting your competitors get ahead in the process. Make better decisions quickly and accurately and you’ll find yourself with a better business.