Amrita Angappa
Even in 2022, ERP systems act as the pillar of strength for every business, irrespective of its size. By integrating the processes of two different organisations under a single umbrella an ERP system acts as a data storage center to store, circulate and share data across different branches and departments of the business. An ERP system can curb your costs and expenses while offering an upper hand over operational and technical integration of business functions in aligning the stream of information. Owing to the large scale of data generated by an ERP system, it has found its centrifugal point among researchers. Are businesses utilising the ERP system to its prime? Not really. There is a study stating that a mere 12% of the data businesses collect are under analysis, whereas 88% get ignored. Forbes prediction states that above 150 trillion gigabytes or zettabytes of real-time data will require analysis by 2025.
This brings in the newest kind of threat where businesses lose out on huge volume, velocity and variety of data available in front of them to garner valuable insights. All these insights can drive financial gain and productivity among your business.
How do you make this happen? That’s through connecting big data with Cloud ERP systems for the purpose of processing, collection and analysis of unstructured and structured data businesses generates. It’s high time businesses shift gear to profitable Cloud ERP solutions.
ERP isn’t a new technology in the market. It has been around for more than 30 years. Not every data is capable of flowing through an ERP system. Managing big data and the ERP information becomes tedious since it can pave way for plenty of complexities in the form of data manipulation. For this reason, many big data tools have embedded capability to distinguish different sources as well as manipulate them. After you complete the data manipulation, you can convert it into a user-preferred form. Cloud ERP is capable of acting as a data stream for big data. Cloud ERP and Big data, when combined, can run parallel to each other.
Big Data is capable of impacting an Cloud ERP system vehemently while bringing business transformation. Businesses have the scope to improve all their processes while improving their ROI and streamline the internal processes.
Let’s explore the plethora of benefits associated with why you need to integrate Big Data with an ERP system.
Businesses leverage sensor networks to collect semi-structured data type. Big data helps you collect the data generated in a structured format. This can help businesses to receive various insights on production, inventory, and supply chain management processes. These dashboard-triggered insights can help out businesses to come up with precise decisions for the organisation’s benefit.
Many factors such as mobility, social media, IoT sensors and input data can cause a lot of difference to what ERP and big data are capable of. With social media, users can analyse the behaviour of their audience in terms of engagement. Even when big data implementation doesn’t improve sales, it can hike up user engagement. When you combine big data with emerging technologies like AI and ML, it can help you out in understanding your customer better and offering customised suggestions.
The most underrated benefit of big data with ERP systems is how it can simplify your projects. You can process a huge amount of information in a shorter span of time. This makes the scheduling and management of projects hassle-free. This way, every business has free access to real-time information. It’s now a breeze to allocate human resources for the project.
Every companies should record every supply chain processes. When you integrate Big Data with ERP, Supply chain visibility gets a huge makeover. Every business can generate elaborate insights on its assets with an ERP, supported by Big Data. When you bring in real-time data monitoring, every business can optimise the supply chain cycle movement and product flow. Supervising the product information at various supply chain stages becomes simplified.
Sales forecasting takes your business to new heights. With an ERP system like supply chain management and inventory, every retailer can get high-end insight on sales patterns. Retailers can manage their supply and demand needs for various products. This can bring down the times when you overstock materials while increasing revenues.
The stars are shining bright in the ERP arena. Businesses needn’t think twice before opting for an ERP system combined with Big Data. With the advent of cloud ERP, it becomes easier to store and access your data anytime, anywhere while deriving the needed real-time insights from them. Brainstorm with your team on how you want to leverage Big Data fuelled ERP systems, since that’s the future.
Need support for Cloud ERP with Big Data? iQuantM is here to help.
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