During the course of the most recent U.S. presidential election, the accuracy of quantitative data in polls of likely voters was a key talking point among political pundits and analysts. Much work has been devoted to dissecting the data, questioning the validity of the data and drawing meaningful conclusions. After all of that, however, no one really seemed to have any strong quantitative sense of who would win the election as Election Day drew closer. In fact, although the outcome of our election may be clear by the time this blog goes to press, I and most others had no idea who would win at the time I was writing this article.
Just like politics, businesses and other organizations crave better data and information to help guide both their strategic and their day-to-day decisions. Organizations across the globe have invested billions of dollars in their ERP systems over the last 20 years, but few of them have found effective ways to make sense of the reams of operational and financial data being gathered in the system. In addition, new regulations – such as Sarbanes-Oxley – require public companies to be more transparent in their financial reporting, which not all companies can readily achieve. Clearly, this is a pain point for many organizations, which is why ERP vendors such as SAP, Oracle and Microsoft have invested heavily in acquiring – or developing their own – business intelligence capabilities.
Given the increasing importance of data and business intelligence in modern ERP software, companies are leaning on their systems to provide this level of functionality. Here are three things to keep in mind when incorporating business intelligence into your ERP implementation:
These are just a few steps to help you incorporate business intelligence into your ERP implementation. While traditional ERP initiatives focus on automating operations, newer ERP implementations need to focus just as much on how information will be used. Business intelligence, data and predictive analytics are, in many ways, the holy grail of ERP implementations, so it is important to select and implement an ERP system that supports this potential.
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[This post originally appeared on Panorama Consulting’s 360 ERP blog and is republished with permission.]