Are you using your data to its full potential? (Part 2)

Some business leaders might be thinking, I’ve been collecting data the same way for years, why change now? Or, What tools are available to help me use data more effectively?

Business Intelligence (BI) software is changing the way data is organized and analyzed, making it easier than ever for manufacturers to gain transparency into their business performance. When used correctly, BI has the power to deliver data directly to you, highlighting opportunities for improvement in operations.

As manufacturers become increasingly focused on achieving predictive and autonomous processes, learning how to correctly gather and utilize data is essential. Here, using BI and your ERP system to their full potential can provide a number of benefits, including:

• Gain real-time information and visibility. Used in conjunction with ERP systems, BI has the ability to gather and present data in real-time, allowing you to react immediately. Companies no longer have to wait days to see data, only to discover defects occurred in production a week after the fact. This not only minimizes costs associated with waste and defects, but also enables manufacturers to identify issues in production immediately and make improvements where appropriate.
• Make data more interactive and dynamic. Many are still used to data that is flat, presented in a report or print-out. Now, by using BI and ERP systems, data can be optimized and presented in more interactive and collaborative formats. This allows companies to more easily view multiple data sets at once, as well as makes data easier to visualize and understand.

The benefits of collecting and analyzing data are huge, helping companies drive improvements and boost their bottom line. The sooner manufacturers learn to use data effectively with ERP systems and BI software, the sooner they can make informed, strategic business decisions to empower their companies.

Source: Michigan Manufacturing Center