14 Must-Haves Features for an ERP Analytics Solution
In the age of data-driven decision-making, deploying an analytics system for your ERP is a virtual no-brainer. As we all know, analytics opens the door to better decision-making, leading to greater operational efficiency, lower costs, reduced risk, higher profitability, and other important benefits. However, to reap the full benefits of analytics it is critical to have the right analytics solution in place. And to choose the right solution one needs to look beyond sales pitches and snazzy-looking dashboards. There are a host of other important capabilities to consider such as the ability to easily integrate data from your ERP and other enterprise systems, speed and ease of transforming raw data into actionable intelligence, self-service BI flexibility, etc.
With all this in mind, here’s a list of essential features you need to look for when evaluating potential solutions. This will help you look beneath the surface and get a clear picture of how much value the solution can provide.
Pre-built ERP Integration — The first step in the analytics process is creating/establishing connections to data sources. This is often a tedious and risky task that consumes a lot of time – sometimes even months of manual coding. Going with a solution that comes pre-integrated will not only save all the manual effort but also ensure you can get started instantly in a much more efficient way.
Automated ETL — ETL or the process of finding, cleansing, and organizing data is one of the most critical, necessary processes for almost all analytics efforts. However, the harsh reality is that it is incredibly complicated and can consume up to 80 percent of the total analytics effort. An automated ETL engine will save time and effort, and also eliminate the risk of human errors.
Built-In Automated Data Warehouse/Support for Multiple Data Sources — The ability to bring together data from all business applications in use, be these CRM systems, shop floor systems, and even spreadsheets can transform the way you view and manage your operations. With this you’ll gain a 360-degree, truly integrated view of the business and unprecedented visibility and insights into how you can improve the business.
Data Visualization –Data visualization/dashboards let you see your data in the form of charts and graphs, helping you understand and interact with data quickly and easily. A tool that not only lets end users quickly build their own dashboards, but also offers the right level of interactivity can aid in better decision-making.
Automated Report Generation and Distribution — The great thing about automated reporting is that you can set your reports to run on specific schedules and have it sent regularly in emails to users within as well as outside the organization (employees, suppliers, distributors, etc.). This ensures proactive delivery of information right to your user with no manual intervention whatsoever.
End User Self-Service — More than create their own charts or dashboards, business users simply want answers without having to go through IT. Providing this sort of self-sufficiency also means that the solution should provide instant access to a curated set of information and ensure data is always accurate and up-to-date.
Real-Time Analytics — Real-time analytics can be a game-changer as it lets users discover what’s happening across the business at this very moment. Armed with this knowledge, they can proactively identify issues and opportunities and take action.
Pre-Built Dashboards — Everyone in the business benefits from pre-built dashboards – both business and IT. While business users can have all the information they need at their fingertips for greater agility, IT is sparred of the constant requests and backlogs.
Analytics on Mobile — For business executives to do their jobs best, they need quick and easy access to all their key data, no matter where they are. Whether it’s at a client meeting, at a conference, or even at the golf course.
Data Driven Alerts — Alerts are a must-have as they give you the heads-up to potential issues and opportunities, helping you take the right action at the right time. Imagine if you could be made aware of a potential material shortage long before it impacted delivery. Think of all the late deliveries lost sales and cost overruns you can avoid.
TV Dashboards — TV dashboards are a highly effective way to raise employee motivation and productivity. With all relevant performance data displayed on a large screen, employees are likely to get a better understanding of performance and what’s required of them.
AI-Enabled Analytics — From more accurate sales forecasts to leaner, more profitable inventory levels to significant cuts in unplanned downtime, AI can have a transformational impact on your business. By uncovering patterns across complex data sets, AI can not only point to what’s happening at the moment and why but also predict what is likely to happen and what you should do about it.
Speed and Ease of Implementation — Do you want to wait for a month to begin using your new BI solution? While BI implementations are typically long and complex, the time and effort are greatly reduced when the solution is pre-built and just requires configuration, not development.
Low Total Cost of Ownership (TCO) — There’s more to the cost of a BI solution than the initial software cost/per-user license cost. There’s hardware cost, consulting cost, implementation cost, programming cost, maintenance cost, etc.—which many vendors don’t disclose upfront. This invariably leads to unpleasant surprises and budgets going off track.
So there you have it, the essential features you should be looking for when evaluating an analytics solution. If you want a solution that offers all of these features, you may find it useful to evaluate Anvizent – our fully automated, end-to-end analytics solution.
Start your evaluation with a test drive of Anvizent for 14 days in your environment, on your data—no costs, no commitment, just reach out to us today.
