Role of Business Intelligence Tools in ERP Software Solutions
Enterprise Resource Planning (ERP) has made its place in the corporate world. Globally, businesses collect, analyze, and share insights across different departments with the help of ERP solutions. However, these days, it is inevitable to get real-time insights to make smarter and quicker decisions for companies. There, entrepreneurs prefer ERP software solution for business intelligence (BI).
In this post, we are going to see the benefits and examples of BI in ERP software. How about understanding the concept of BI which is gaining ground swiftly across enterprises?
What Is Business Intelligence (BI)?
Business Intelligence is an advanced process of transforming data into insights. BI tools enable users to analyze various data points of their businesses and identify useful trends and patterns. These actionable and accurate insights help them make better and quicker decisions. BI is useful in all aspects ranging from marketing to sales and finance to production.
Business Intelligence in ERP is aimed at assisting you to analyze the productivity of human resource. You can take corrective measures to ensure their satisfaction with work. As a result, the overall efficiency and productivity of your company gets increased.
When business intelligence is used in ERP, it can monitor the performance to get your company an edge over competitors. Here we mention some top business benefits of BI in ERP.
Big Benefits of Business Intelligence in ERP
BI can play a vital role in ERP systems. As companies generate vast amounts of data every day, ERP software can process it to generate actionable insights with the help of BI. Here are the key benefits of a tailored ERP software solution for business intelligence.
Organizations make better decisions through relevant and timely information. Also, companies can find out trends and patterns that may not be detectable through manual analysis.
BI can help organizations monitor the performance of their business and resources over time. This can further help them spot areas of improvement to increase and maintain productivity.
BI can help employees be more productive by providing information that helps them do their jobs better. BI can also assist enterprises to identify areas where they should make changes.
Improved Customer Service
BI can help organizations better understand the preferences and choices of customers. This can help the customer relationship department provide better assistance and services.
Businesses can use the data that ERP systems with BI give. By using ERP with business intelligence, organizations can analyze this data in a better way and make accurate predictions.
Companies can also use BI to make decisions related to hiring and firing. Also, business intelligence used in ERP can help them avoid biases and office politics while making decisions.
BI can effectively measure some key performance indicators (KPIs) in ERP systems including sales growth, productivity, profitability, employee and customer satisfaction, etc.
Simply put, both BI and ERP software can enhance each other’s performance. For example, the reporting feature of the ERP software can be more advanced, accurate, and reliable with the help of BI. Let’s see other examples of the integration of BI with ERP software.
Example of ERP Software with BI integration
Companies, irrespective of their sizes, business models, and industry sectors, can leverage the benefits of the ERP-BI combination. For example, retailers can use integrated ERP and BI to adjust their inventory and marketing strategies in their transition to e-commerce. B2B companies can gain a better picture of how marketing drives revenue at every stage of the funnel.
The benefits of integrated ERP and BI also cross roles. For example, CFOs can use real-time BI dashboards to track sales, customer experience, and product sets. This information can help CFOs make more informed decisions about investment areas and help line-of-business leaders play a more strategic role.
Operations managers can also benefit from integrated ERP and BI. They can identify areas of improvement by analyzing data from manufacturing processes and product quality. Customer experience leaders can use integrated BI in ERP to analyze data from various sales channels to ensure consistency in customer experience.
In short, ERP with business intelligence allows decision-makers to dig deep into data and understand how the pieces of their operations mesh. With this knowledge, they can ask the right questions, find the root causes behind changes in sales or performance, and address issues proactively rather than waiting for the market to dictate their next moves.
An SAP ERP solution can have integrated SAP Business Objects that act as powerful BI tools and offer its users accurate reports and the ability to study insights.
All these examples indicate the bright and promising future for business intelligence used in ERP. Let’s discuss it further.
Select ERP software solution for business intelligence, contact us for-
Future of BI in Enterprise Resource Planning Software
An ERP software solution for business intelligence can help businesses manage their core processes, such as accounting, manufacturing, and sales. Thanks to the BI system, better analysis of the collected data becomes possible to make insightful decisions.
As technology evolves both ERP and BI will become even more compatible. This is because data analytics will play an even bigger role in shaping business strategy in the future. Decision-makers will increasingly count upon real-time insights for managing operations.
On one hand, ERP systems eliminate data silos, and on the other hand, BI allows decision-makers to combine knowledge and join forces as they work toward common goals. We can, therefore, expect that ERP and BI will promote greater collaboration among different teams.
It is fair to mention that ERP and BI combine to assist modern enterprises to make more informed decisions quickly and increase their business visibility. SAP ERP solution has business intelligence features and your company can leverage its benefits to remain firm in intensifying competition. Sounds interesting? Simply mail us at email@example.com and we will get back to you soon with a customized SAP solution.
FAQs About ERP software solution for business intelligence
More Resources About ERP System
- How SAP Machine Learning Can Benefit Businesses to Gain the Next Level February 22, 2024
- SAP Migration to Cloud- Benefits and Best Practices You Need to Know February 19, 2024
- Importance of ERP Solutions for Government Organization: Data Drives an Economy December 18, 2023
- Best ERP Software for Printing & Packaging Industry in India : Benefits and Features December 13, 2023
- Revolutionize Manufacturing with Cloud-Based MRP Software in India December 8, 2023
- SAP Real Estate Management Module- Features and Benefits You Need to Know September 20, 2023
- How Custom Sports ERP Solution Can Assist the Industry to Thrive August 17, 2023
- How SAP for Oil & Gas Industry Helps You Meet Challenges July 25, 2023
- SAP HANA Pricing- Features and Licensing Options You Need to Know July 19, 2023
- SAP Financial Management- Key Features and Benefits for Your Business July 11, 2023