Erp and business intelligence - why your business needs both

Have any ideas to expand your business? Thought of a smart growth strategy? But having trouble managing day-to-day business operations? Failing to effectively manage the workforce? Not being able to benefit from intracompany collaboration?
Well, you’re not alone. Every company that still relies on traditional modes of business management is in the same boat as you. Yes, you heard right. The traditional methods of business management that benefitted your company decades ago are not at all reliable today. Why?
Look around you; everything you see is dependent on technology. Embracing the tech revolution is what will give you a competitive edge in the corporate sector. A way to get ahead of your game by managing your internal business operations and implementing expansion strategies is the integration of the powerpack, ERP and BI.
Enterprise Resource Planning (ERP) combined with Business Intelligence (BI) has proved to work wonders for any business. From streamlining business operations to providing companies actionable insights to make smart decisions, this tech power combo can really serve as a game-changer for you.
Here is how you can benefit by incorporating ERP and BI into your business management model;
● Streamlined business operations
● Adequate utilization of resources
● Saves times and efforts
● Single database to access the entire company’s data
● Access to actionable insights to make better business decisions

1. Why Your Business Needs Both ERP AND BUSINESS INTELLIGENCE

2. The Flow TOPICS TO BE COVERED Why do we need to Integrate BI & ERP? Understanding What is an ERP & BI The Differences The Evolution The Integration of Business Intelligence and ERP Why Business Intelligence in ERP? 7 Benefits of Business Intelligence in ERP Examples of ERP With Business Intelligence Future of Business Intelligence in ERP Business Automation Statistics for 2021 ERP and Business Intelligence FAQs

3. Enterprise resource planning (ERP) is a mainstay technology in businesses that want to gather, analyze and share insights among multiple departments WHILE ERP SYSTEMS ARE GREAT AT CONNECTING THE DOTS BETWEEN BUSINESS PROCESSES TO FIND EFFICIENCIES, THESE DAYS, REMAINING COMPETITIVE CALLS FOR EVEN MORE: R eal-time data analysis and insights that help organizations mak e smarter decisions.

4. WHY INTEGRATE? GATHER SMART INTER-DEPARTMENTAL INSIGHTS FROM AN ERP CONVERT IT IN TO ACTIONABLE INTEL WITH THE HELP OF BI

5. What is an ERP? ORGANIZATIONS USE ERP SOFTWARE TO AUTOMATE BUSINESS PROCESSES AND GAIN A CENTRAL HUB FOR INSIGHTS AND CONTROLS. A modern ER P system draws on a central database that collects inputs from departments including finance, manufacturing, operations, sales and marketing and human resources (HR). This allows stakeholders to gain cross-departmental insights, allowing them to analyze various scenarios, perform financial planning and analysis (FP&A) and teasing out process improvements that can translate to major efficiency gains, cost savings and better productivity

6. What Is Business Intelligence (BI)? BUSINESS INTELLIGENCE (BI) SOFTWARE PROVIDES COMPANIES WITH A COMPREHENSIVE VIEW OF THEIR OPERATIONS, ENABLING LEADERS TO BASE BUSINESS DECISIONS ON DATA. BI als o pla ys a central role in both high-level strategy and tactical responses to market demands, helping businesses operate more efficiently, focus on their competitive advantages and ultimately increase profitability. BI helps generate dashboards, reports, customer-facing IT systems and external sources to deliver a detailed, transparent view of the business’s current standing by pulling data from a centralized repository. It produces comprehensive, detailed analyses that help users improve operations in both their front and back offices.

7. K ey Differences: BE TWEEN ERP AND BI ER P and BI overlap in many ways, but they have different strengths

8. ERP and BI have different strengths ERP AND BI SUPPORT DIFFERENT LEVELS OF DECISION-MAKING. • ER P systems add most value at the operational level, giving businesses a precise view of how each of their functions is performing at the moment. • BI analyzes that and other data, helping companies dive deeper into their performance metrics and uncover trends that, in turn, can be used to fine-tune their strategies at a high level, a granular level — or both. • BI systems drive performance improvements while containing costs, including saving time and resources.

9. OLTP + OLAP: BETTER TOGETHER An online transaction processing (OLTP) system is a data processing system used by enterprises to record transactions. Business intelligence, on the other hand, is built on an online analytical process (OLAP) system, which offers multidimensional analytical capabilities.

10. Evolution: ERP ERP HAS ITS ROOTS IN THE MATERIAL REQUIREMENTS PLANNING SYSTEMS USED BY MANUFACTURERS IN THE 1960S In the 1980s, these systems evolved to manufacturing resource planning systems, helping to improve production planning The unified business management platform debuted the following decade, paving the way for on-premises, then hosted, then cloud-based ERP to consolidate business-wide processes onto one central database and make insights available anytime, anywhere. ON PREMISE TO CLOUD

11. The roots of BI lie in the decision-support systems introduced in the 1960s, further developed through the 1980s. EVOLUTION: BI BI sta rted to take off as an on-premises solution in the late 1990s; only in the past few years have vendors started to offer BI solutions in the cloud. ON PREMISE TO CLOUD

12. In tegration of Business Intelligence and ERP DATA AND ANALYSIS HAVE ALWAYS BEEN AT THE CORE OF SOUND BUSINESS DECISION-MAKING. Org anize Store Analyze

13. Integration of Business Intelligence and ERP THE INTEGRATION OF ERP AND BI BRINGS EVERYTHING TOGETHER, HELPING USERS CONSOLIDATE MILLIONS OF DATA POINTS INTO CLEAR, ACTIONABLE INSIGHTS. FORWARD-LOOKING BUSINESSES WANT TO SHIFT FROM HISTORICAL REPORTING TO PREDICTIVE MODELING, THAT HAS ALSO DRIVEN THE RISING POPULARITY OF ERP-BI INTEGRATION. THE ABILITY TO SPOT TRENDS AND PATTERNS, ANTICIPATE SHIFTS IN THE MARKET AND PROACTIVELY ADJUST PLANS ARE ALL COMPETITIVE ADVANTAGES IN TODAY’S DIGITAL ECONOMY.

14. Why Business Intelligence IN ERP? BI and ERP software are not only complementary, they enhance each other’s performance. ENHANCE ERP systems are integral to data analysis, breaking down silos between essential functions like finance, HR, operations and sales. STREAMLINE BI turns all of these information sources into more than the sum of their parts, drawing on operational data from the ERP system and advancing it into actionable insights REFINE COMPANIONSHIP Today, BI cannot exist without ERP. BI software mines ERP databases and, via dashboards and other visualizations, makes it easier for stakeholders across the business to consume insights. Meanwhile, ERP systems play a bigger role in strategic decision-making when elevated by BI capabilities.

15. footer DATA AGGREGATION AND ANALYSIS CUSTOMIZATION PREDICTIVE CAPABILITIES REAL-TIME DECISIONS WHAT WILL DEFINE YOUR SUCCESS? COMPREHENSIVE INSIGHTS EFFICIENCY REPORTING

16. FUTURE OF BUSINESS INTELLIGENCE IN ERP EVOLUTION Data and analytics will play an even bigger role in shaping business strategy COLLABORATION ERP and BI will also promote greater collaboration among teams MONITORING An i ntegrated ERP-BI solution brings those valuable functions together, in one place, in real time and at the disposal of the entire organization.

17. BUSINESS AUTOMATION Statistics FOR 2021

18. In early May 2020, U.S. employee engagement advanced to a new high of 38%. —Gallup 62% of organizations have up to 25% of their business processes modeled, but just 2% of the organizations surveyed have all of their processes modeled. —Signavio Digital process automation (DPA) is a relatively new variant of BPM that is more lightweight and requires less coding. In 2019, DPA was a $7.8 billion market; it’s forecast by Mordor Research to grow at a CAGR of 13%, reaching $16.12 billion by 2025. PRODUCTIVITY AND TIME MANAGEMENT Robotic process automation (RPA) uses bots to mimic routine cognitive human tasks. The RPA market, valued at $1.4 billion in 2019, is forecast to grow at a CAGR of 40.6% between 2020 and 2027, according to Grand View Research. 88% of corporate controllers expect to implement RPA in 2021, though many are hesitant to use it for financial reporting. —Gartner ROBOTIC PROCESS AUTOMATION (RPA)

19. 60% of retail respondents have implementation AI, up from 35% during the prior year, making it the industry with the sharpest increase. —McKinsey AI & MACHINE LEARNING The supply chain management (SCM) market is expected to grow from $15.85 billion in 2019 to $37.41 billion by 2027, a CAGR of 11.2%. —Allied Market Research 62% of organizations have up to 25% of their business processes modeled, but just 2% of the organizations surveyed have all of their processes modeled. —Signavio DEMAND The global market for accounting software is forecast to grow at a CAGR of 8.02% from 2018 to 2026, increasing from $11 billion to $20.4 billion. —Fortune Business Insights REVENUE RECOGNITION Digitization and a focus on streamlining business processes is accelerating demand for modern workflow automation management systems, a market forecast to increase from $4.8 billion in 2018 to more than $26 billion in 2025. —Grand View Research WORKFLOW & AUTOMATION

20. 25% of companies are using AI to screen resumes or job applications. —Littler HR AUTOMATION 64.8% of businesses planned to invest more than $50 million in big data and AI initiatives in 2020, up from 39.7% in 2018. —New Vantage Partners BIG DATA At an expected CAGR of 19%, the market marketing automation software market is forecast to reach $16.87 billion by 2025. —Mordor Intelligence MARKETING AUTOMATION By 2022, 70% of customer interactions will use machine learning technology in virtual agents, up from 15% in 2018. —Gartner CUSTOMER SERVICE AUTOMATION 31% of businesses have fully automated at least one function. —McKinsey AUTOMATION MARKET

21. FAQS ERP AND BUSINESS INTELLIGENCE FAQS

22. Q: WHAT ARE THE STAGES OF BUSINESS INTELLIGENCE? A: Bu siness intelligence can be broken down into four stages. The first stage is to gather data. Next, the data is consolidated and cleansed, readying it for analysis. The next is the creation of the analysis, dashboard, KPIs or reports. Once complete, reports and dashboards are shared with relevant stakeholders across the business. Frequently Asked Questions Q: WHAT IS AN EXAMPLE OF BUSINESS INTELLIGENCE? A: Bu siness intelligence is valuable for many reasons. For instance, it can be particularly helpful for forecasting. A retailer may leverage BI to help it more accurately predict demand over a given period based on a mix of historical data and real-time market conditions.

23. Q: HOW IS OLTP DIFFERENT FROM ERP? A: A n online transaction processing (OLTP) system is a data processing system used by enterprises to record transactions. ERP is an example of an OLTP system. Business intelligence, on the other hand, is built on an online analytical process (OLAP) system, which offers multidimensional analytical capabilities. Frequently Asked Questions Q: WHAT IS ERP IN PRODUCTION? A: ERP solut ions make production and manufacturing processes more efficient by giving companies greater insights into their HR, supply chain, production and quality assurance systems. They also promote greater transparency and communication between teams involved in the production workflow.

24. Come in for a chat! GET IN TOUCH https://netsuite.folio3.com/ MAIN BRANCH ADDRESS 1301, Shoreway Road, Suite 160 Belmont, CA, 94002 PHONE NUMBER [phone] EMAIL ADDRESS [email protected]