As we all are aware that this is the world of Data, everyday organizations accumulates huge data through various kind of business operations which needs to be converted into information for better planning and achievement of targets.Many organizations are still in the mode of using spread sheets like excel to manage this huge data although it is very time consuming , human dependent, more prone to errors and the worst part is that the data retrieval is not easy as storage is not centralized.
The solution to the above problem is ERP wherein all the data can be stored at one place but is that all you need to effectively manage the business? Does storing of data at one place solve the purpose? The answer is “NO” there is NO point storing the data at one place if it is not giving the deeper insights and creates a business sense which is needed for an efficient centralized ERP system.
Business Intelligence comes into picture when you need an interactive, self efficient and centrally controlled management ERP. BI helps in integrating and analyzing immense volume of data for effective business analysis and proactive decision making which makes the organization future ready through better visibility of probabilities.
It is very important here to understand BI in depth~
According to Forrester Research, “Business Intelligence (BI) is a set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information. It allows business users to make informed business decisions with real-time data that can put a company ahead of its competitors.“
Implementing BI help organizations to get an in-depth view of the company by analyzing and comparing the historical trends with the present scenarios.
BI improves overall efficiency through it’s data analyzing tools and act as an influence in taking the decisions as per the current market trends along with the future predictions which helps organizations to plan the subsequent strategies accordingly reducing the inefficiencies and ensuring smooth operations.
Features of BI like intelligent and interactive dashboards helps management to take a preview of the various processes and also gives quick indications on the areas wherein more focus is required.
Such kind of predictive analysis helps in taking quick decisions at the right time and minimal manual intervention makes it more realistic, impartial and error free due to which the organization always get the correct picture of the business and have an upper edge from their competitors.
Intelligent and quick decision making basis the correct and futuristic analysis provided by an ERP equipped with intelligent BI tools is needed by all the organizations in the current scenario. Many of the organization understood this fact and switched to BI equipped intelligent ERP system to ensure that they are always at par in this competitive business environment where every second counts.