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Why Do Manufacturers Now Place Greater Importance On Business Intelligence?

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Manufacturers are currently up against a wall due to a combination of factors including limited margins, labor shortage, increasing raw materials costs, and congested supply chains. Manufacturers must exert more effort and employ the latest data analytic techniques to turn the tide against them. Business intelligence and data analytics capabilities in ERP are more crucial than ever for manufacturers as they enable better decision-making.

What is Business Intelligence?

Business intelligence (BI) is the operational and technological framework that gathers, saves, and evaluates the data generated by a company’s operations. With this, you can make more intelligent decisions to have long-term stability. With the help of BI insights, we can pinpoint our operational pain points and use deep analysis to detect production process bottlenecks and optimize machine performance, among other things.

Business intelligence (BI) is the term used to describe the techniques and tools used by companies to manage and analyze their business data. Other functions are reporting, data mining, predictive analytics, descriptive analytics, process analysis, and data visualization to make day-to-day operations more efficient and profitable

These days, data-driven decision-making is crucial to keeping up with the competition. As more and more manufacturers are outsourcing operations overseas, they need a better way of optimizing production at the factory level. It becomes an essential task to have access to real-time information about manufacturing processes.

ERP and BI. How they are intervened?

Today, the majority of manufacturers have access to BI through their ERP. Data is necessary for BI tools to function, and ERP has a database containing all the company’s records. As a result, the ERP with built-in BI makes forecasting reports a simple task. By using BI-enabled ERP software, companies can see when they will be running out of raw materials or need more workers on production lines. Manufacturers can also get alerts when they’re operating in overcapacity mode or risk having a shortage in their inventory. The goal is to make sure that production continues at optimum levels in order to reduce business risks and increase profitability. 

Main features of ERP with built-in BI

Below is a list of the many benefits of implementing business intelligence ERP systems in manufacturing companies.

  • Built-in metrics and KPIs
  • Customized dashboards 
  • User-specific custom reports
  • Data visualization
  • Alerts and notifications for future events 
  • Preventive maintenance
  • Identifying marketing trend
  • Enhanced business forecasts

Conclusion

ERP software helps the manufacturing company in data consolidation, operational analysis, and reporting. With built-in BI, it is easy to analyze huge amounts of data, make business forecasts, strategic decision-making, etc.