Big Data and ERP has an incredibly beneficial technical relationship that could add huge value to an already existing business.
With that said there is a process before the data can be visualised to give you the required analytical business insights through Business Intelligence.
These interconnected business tools consist of Big Data, data mining, and finally Business Intelligence (BI). It’s important to remember Business Intelligence is the final purveyor, as big data is essentially data mined to provide said business intelligence.
To better understand these interconnected tools lets define them to get a better idea how this all connects to an ERP system…
How do you define Big Data?
If you’re looking for a better detailed explanation on Big Data look no further than the previous article released, to recap Big Data is essentially an enormous data set that is identified by its incredible volume, velocity, and variety of information. This makes it hard to process using traditional software say for example using an excel spreadsheet. Big Data is a fairly valuable asset to your company as it provides incredible foresight into your business, but this isn’t possible without data mining.
How do you define Data Mining & Business Intelligence?
You can think of Data Mining as more of a system of categorical data, similar to say the filter option when you are purchasing items online. Data Mining is the process that helps identify the valuable aspects within the data set provided by Big Data, it has the ability to sift thru and arrive at valuable information that can be utilized to give a birds-eye look in a sense of your business, helping you, help your business become more efficient and profitable.
This is the framework of Business Intelligence. Business Intelligence solutions is essentially an advanced tool that can look for emerging patterns and visualise data, giving you the ability to implement change immediately in real time. Most often Business Intelligence is offered as feature of ERP systems such as Triumph.
Ok, now that you know what these tools are, let focus primarily on Business Intelligence as it is the key function that is offered by an ERP system
Business Intelligence and ERP
To better understand this congruent type relationship between the two, let us take you through…
A brief history of Business Intelligence
Business Intelligence (BI) and ERP both came up through the development of systems through the 60’s and 80’s. However, BI started primarily during the late 1990’s as an on-premise solution but now its offered on the cloud as a point of access for key business data for key stakeholders from anywhere with a network connection. The advancement of Business Intelligence as a tool has been quite exponential, primarily due to the incredible value it offers.
What is Business Intelligence?
For a growing business it can be hard to keep track of every piece of data, this is solved by Business Intelligence. It gives an in-depth overview of your company data, through analytics, data mining, and data visualisation (immensely beneficial as it is easier to understand). With ERP solutions such as Triumph, Business Intelligence is continually being developed to give your business a data driven solution that can empower methodical decision making.
Why Use Business Intelligence Software?
Business Intelligence provides you with high-value, accurate and actionable business insights that can have a transformational impact on your business, helping you grow it further than ever before. This is all simply through the power of data all done through an ERP solution such as Triumph.
Instead of mind-numbing headaches and the overwhelming feeling of being buried under numbers and manually entering data through basic reporting tools such as Excel. Business Intelligence can help you make sense of it all and gives you primary information that is vital to making your business successful in the long term.
Here are 7 Reasons Business Intelligence can transform your business
1. Visualize Important Information
2. Boost Productivity
3. Data Mining
4. Gain Insights into Consumer Behaviour
5. Results Closer to Established Goals
6. Performance Management
7. Eliminate Guesswork
For an in-depth review of these 7 reasons, click here
Why Integrate Business Intelligence (BI) with ERP?
As previously explained in our Big Data article, in today’s data driven world, there is an enormous amount of data that is often unstructured and needs to be organised, stored and analysed to a scale where the data becomes relevant.
This is where the Integration of Business Intelligence (BI) and ERP comes together, with the combined help of both you as a key stakeholder within your organisation can transform these enormous points of data from your business into actual actionable insights that help you make better decisions.
While ERP systems are vital and help manage essential parts of your business such as accounting, operations, HR and sales.
Business Intelligence helps turn all the information gathered through these various parts of your business and transforming them through the help of operational data from an ERP system, into solid actionable insights that can help you build better business strategies in the future.
Both cannot exist without the other, and this creates a somewhat symbiotic relationship in a sense. Business intelligence gives you and your key stakeholders a method of data visualisation that makes it easier to consume these points of data, in turn helping you make better succinct decisions for your company’s future.
What is Business Intelligence, give examples?
It can be hard to gauge from merely reading, so here are some examples on how Business Intelligence works in tandem with ERP leading to a substantial and noticeable improvement in your business both structurally and financially.
As a retailer, Business Intelligence can help you adjust inventory according to sales, through the effectiveness of marketing strategies you use to promote products within the retail environment
If you are a primary stakeholder within a business, a CEO or CFO who have a hand in the sales or marketing department, can utilise visualised dashboards provided through Business Intelligence to help make strategic decisions through analysis and present these findings during investor meetings to further fund certain areas that have been green-lit by the Business Intelligence tool with the possibility of being highly profitable.
Business Intelligence is incredibly beneficial to Operation Managers who manage the end-to-end manufacturing processes with efficiency in mind. They now have the ability to adjust the manufacturing process accordingly through data visualised via the Business Intelligence platform. Moreover, this information can be aggregated and analysed from an multichannel customer experience as well enabling a much better consistent overall experience with the product or service offered.
Imagine the ability to access a mesh of relevant data from an unstructured pile of information, visualised for you, and enabling you to make incredibly accurate, well-informed decisions that can help transform your business for the future.
In an information age, the future for business lies within the ability to process this information to make informed decisions on operations and identifying various other aspects in the business through business tools that can help you cut through market noise, helping you become a market leader within the next decade.
With the incredible collaborative power of ERP and Business Intelligence, the immense value provided through the analytical prowess of Business Intelligence to format Big Data into actionable and understandable sizes can help you make accurate business strategies across all aspects of your business in an effort to combat a highly competitive landscape and moreover give you an incredible amount of business oversight.
Transform today and strategize your growth through Business Intelligence and plan for the future.