ERP and Big Data Analytics
A massive amount of data is being generated on a daily basis from top sources like web channels, IoT, companies servers, media, etc. ERP is the only system that gathers a lot of enterprise data related to CRM, finance, HR, and other essential business functions. If this data is leveraged properly, ERP capabilities can be enhanced to unfold valuable insights. These data insights help businesses to make more informed and smarter decisions. Big data analytics in ERP systems plays an important role in getting the most out of the ERP system.
ERP systems manage things across the enterprise, link different departments, and provide a 360-degree view of all business data so that users can have useful insights into what’s going on in the market. Big data can help better predict the future demands and needs of the market. The data analytics tools help businesses to determine the current core consumer demands and behaviors. Moreover, it also forecasts how the product is going to perform after the launch.
What is Big Data Analytics
The concept of Big Data Analytics has been around for a while now. Big data refers to a field that treats ways to analyze, systematically extract information and deal with the datasets that are too large or complex, with the help of traditionally data-processing application software. Big data is considered important to businesses as it supports companies to exploit and manipulate their data to identify new opportunities which lead to making businesses smarter. It also leads to efficient workflows and operations, higher profits, and better customer experience.
Big Data Analytics in ERP System
Greater Customer experience
Companies are now focusing on social media platforms, mobility, and sensor networks that can be undertaken by Big Data. It collects all the customer feedback from all touchpoints, analyses their behavior and needs as well as predict their future demands. In this way, Big data empowers ERP software with better data insights which give businesses a better understanding of what customers actually want. Thus, businesses tailor their offerings accordingly.
Better Supply Chain
Effective supply chain management is crucial as well as complicated. A full supply chain circle usually relates to numbers of combined processes and cross-function departments or companies. When ERP comes with Big Data, companies gain access to a detailed overview of the entire supply chain and are able to get insights into the whole processes and assets. Thus, businesses can plan solid strategies with much ease after all.
More Accurate Sales Forecast
It is very important for businesses to streamline historical purchase data, and make accurate predictions and forecasts. ERP with big data helps companies to analyze inventory and supply chain processes and allows businesses to have valuable insights into the in-present market status, sales patterns, etc. This enables companies to adapt their forecast, operations, etc as well as better manage their supply and demand requirements for different products. It results in increased productivity and revenue without wasting resources and budget.
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