Given the uncertainty of today’s business climate, owners and managers have a lot of questions about everything from sales and operations, to logistics and inventory. The answers to these questions will help determine next steps, whether it’s to pursue new products or markets, drop under-performing branches or reduce raw goods in the face of industry slowdowns. All of these are real scenarios, and making decisions on gut feel or based on traditions are likely to result in disappointments, or worse, losses. Data analytics has never been more important to help organizations find answers to their critical business questions and help owners and executives understand how their businesses are truly performing.
Data Analytics From The Source
For most companies, there are multiple sources of data, as well as untapped data silos where undervalued information may reside. Keeping pace with this growing data, as well as ensuring key pieces of information are considered for decision making, can be exhausting. Many ERP systems, as important as they are to business processes, were not created for intuitive data access and analysis. In addition, if Excel spreadsheets are the foundation of your reporting, then true data analysis can be challenging as you are limited to the static numbers that you can see, and not perhaps the beauty of the details beneath the surface. This is why understanding business performance, truly digging into the details to find answers to shape strategic decision-making, is challenging.
But this is why Epicor Data Analytics (EDA) is so valuable to businesses. EDA was built from the ground up to provide access to intuitive data analytics for users of all skill level. Data is critical to everyone’s role, so limiting access and analysis to specialists, or managers and higher, limits what team members can do within their roles and responsibilities.
Perhaps the strength of EDA and data analytics is the ability to turn raw information into easy-to-understand dashboards and scorecards. Modern data analytics systems such as EDA enable users to quickly and easily connect diverse data sources into a single source of truth, and conduct ad hoc analysis. The software does most of the heavy lifting, presenting results in interactive dashboard that can be shared with other team members, customers and decision-makers.
Measuring Business Success
Converting the data into a visual presentation such as a chart, graph or table, eliminates much of the guesswork, providing clear indicators of challenges and opportunities. In addition, with a simple click, users can drill-down, or use advanced dashboard filters, to view the underlying transactions or take the analysis even further to different angles or more levels of granularity. These fully customizable dashboards and scorecards help companies to combine all of their information into a single location so that the entire business is referring to and analyzing the same information.
Armed with access to a single source of truth, easy-to-use data analytics, easy-to-understand and interactive dashboards and scorecards, team members across the organization can be empowered with the ability to make important, data-driven decisions. This level of information strengthens the ownership that everyone in the company has in their role and area of responsibility. Perhaps more importantly, it makes tracking performance across individuals and departments, and as a whole, easier and more powerful, as owners and executives can monitor the business from all levels, providing a much more comprehensive picture of performance.
To learn more about EDA, the importance of data analytics and how to use dashboards and scorecards to track business performance, register for our webinar, Dashboards and scorecards: how is your business really performing, on September 10th.
About Encompass Solutions
Encompass Solutions is a business and software consulting firm that specializes in ERP systems, EDI, and Managed Services support for Manufacturers and Distributors. Serving small and medium-sized businesses since 2001, Encompass modernizes operations and automates processes for hundreds of customers across the globe. Whether undertaking full-scale implementation, integration, and renovation of existing systems, Encompass provides a specialized approach to every client’s needs. By identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of Industry.