What Is Business Intelligence
Business intelligence is the tools, technologies, and business practices that organizations use to turn unstructured data into valuable insights about their organizations. It helps manufacturers to reduce costs, pinpoint ineffective operational processes, and identify better business opportunities. BI gives manufacturers the information they need to make more informed, data-driven strategic business decisions.
How To Use Business Intelligence in Your Shop
Real-world, BI-powered solutions are used by manufacturers of all sizes to drive change and boost their bottom lines.
The good news is that most manufacturers already have a tool in their shop that they can use to analyze data and make better business decisions — their ERP.
Manufacturers have always relied on their ERP to collect, analyze, and share data and information within their departments, including accounting, operations, engineering, manufacturing, and sales, from a single database. ERP systems are great at connecting different business processes to identify inefficiencies — but today’s ERPs have taken things a step further and now provide real-time data analysis and insights that help manufacturers make better quicker decisions.
When used together, ERPs and BI improve a business’s agility, give management complete visibility and oversight into their operations, and pave the way to business success.
5 Ways To Use BI in Your Shop:
1. Track Performance
ERPs let you track performance to become more efficient. Built-in analytics and BI tools can track daily operations as well as specified outcomes that can provide information about the performance and productivity of an individual, a team, a department, or your entire operation. Built-in metrics and KPIs help you identify areas of your business that are performing well and help you identify where you need to improve.
2. Empower Employees
Modern BI technologies make data accessible to employees at all levels and across operational areas with an ERP. You can empower your staff to use data-driven strategies, making them more proactive, knowledgeable, and strategic in their jobs. Access to data allows employees at all levels to make improvements and become more efficient.
3. Make the Right Decision When It Counts
Connected and integrated business intelligence solutions give you accurate data, facts, and information that support your decision-making to steer your business in the right direction. ERPs harness your data to find valuable insights into your business to assist you in becoming a confident decision-maker. You will gain control over your processes and identify trends to fine-tune your strategies and make the best decisions to grow your business.
4. Optimize Operations
Business intelligence optimizes operations by streamlining processes, minimizing errors, reducing manufacturing time, and boosting productivity. BI lets you assess your operations and allows for regular reporting, which helps manufacturers respond more rapidly and operate with greater agility. Streamlining operations also frees up worker time to concentrate on higher-value tasks.
5. Increase Profits
Business intelligence helps drive profits up in many ways. Month-end surprises are eliminated with access to real-time data, letting you identify and resolve issues quickly before they become real problems. ERPs also give you all the data you need to do better sales forecasting, which helps you better plan resource allocation, and improves budgeting, goal setting, and business decisions. BI can also help you identify your most high-value customers, allowing you to target your efforts toward these customers.
Benefits of Using Business Intelligence in Your Shop
Business intelligence reduces operational inefficiencies, improves decision-making, and boosts productivity — ultimately letting you grow your business.
Analyzing and evaluating your data using your ERP’s business intelligence makes your company leaner, more effective, efficient, and more productive. You will improve your manufacturing processes by using your data to pinpoint any gaps or inefficiencies in your production line. Senior management can make better strategic decisions and steer your business in the right direction with the accurate data, facts, and information provided by BI.
Data from live dashboards helps you to set the right priorities for your business to get jobs done and out the door on time. Access to real-time data across the board gives all decision-makers in your organization the information they need to make the best decisions to move your organization forward. BI can help improve production scheduling, inventory control, financial management, and more.
Arguably, the most important factor in making good decisions and improving your business is access to the right data — data you can get from your ERP’s built-in BI tools.
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