It’s common that manufacturing and distribution enterprises would use a third-party Business Intelligence (BI) solution to analyze and interpret data from their ERP system. However, in today’s fast-paced business environment, organizations are seeking innovative ways to gain a competitive advantage. One of the key strategies is leveraging embedded analytics within their ERP system to make faster data-driven decisions. Manufacturers and distributors can benefit significantly from this solution as it enables them to access real-time data and insights across the business to streamline processes, identify cost-saving opportunities and improve supplier and customer relationships. In this blog post, we will explore the benefits of centralized analytics within your ERP software.
The difference between third-party business intelligence tools and embedded analytics within your ERP system
ERP embedded analytics refers to the integration of analytical tools and capabilities directly within the ERP system without having to switch to a separate analytics platform. Unlike third-party business intelligence tools, this allows for centralized data and analytics across the organization on one single platform, this allows organizations to make sense of the complexity and volume of ERP data from the embedded dashboards and visualizations.
Traditional business intelligence requires users to toggle between the business applications they use daily and the separate set of tools they use for data insights. Because it is not integrated into existing user applications and workflows, it tends to hinder productivity and efficiency. It also doesn’t offer the contextual insights needed to make swift and informed decisions within the same interface.
Benefits of embedded analytics in your ERP system
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Improved visibility and accurate real-time insights
Embedded analytics can provide visibility into all areas of an organization, from finance to supply chain to customer service. This helps organizations identify areas of inefficiency or bottlenecks as well as opportunities for growth and improvement. ERP systems contain vast amounts of data and by eliminating the need for data to be exported and analyzed in a separate tool, a centralized platform ensures data accuracy and integrity to save time and reduce the risk of errors. For example, manufacturers can use embedded analytics to track the flow of goods to suppliers or customers. This allows them to optimize delivery schedules and improve overall supply chain efficiency.
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Faster decision-making
With real-time access to data, decision-makers can quickly respond to changing market conditions, customer needs or production issues. Centralized analytics platforms provide key performance indicators (KPIs), easy-to-use dashboards, visualizations, and reports that can help quickly identify trends and patterns to make data-driven decisions.
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Enhanced customer satisfaction
With centralized data and analytics across your business, you can gain insights into customer needs and preferences enabling you to tailor products and services to meet customer demands. Manufacturers can use embedded analytics to analyze sales and customer behavior to identify trends, target customer segments, and optimize pricing strategies.
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Increased collaboration
Embedded analytics can facilitate collaboration across teams and departments, enabling manufacturers to share data and insights and work together to solve problems. This can foster a culture of data-driven decision-making and cross-functional communication to improve productivity and efficiency.
The most successful companies are putting data, and more importantly, the insights buried within it, into the hands of their users. By embedding analytics into your ERP system companies can build better products and find new avenues to monetize their data. Centralized analytics can help manufacturers gain a competitive advantage by providing insights into market trends, customer behavior, and competitor activities. This all helps manufacturers stay ahead of the competition and adapt quickly to changing market conditions.
