Decisions, decisions. It seems that no matter how sure you are in your business knowledge, it helps to have more information on hand before making business decisions. Nowhere is this more important than in manufacturing, where better decisions can help your business anticipate orders and increase production efficiencies.
A new study published by the Aberdeen Group examined the business practices of 81 discrete manufacturers who responded to the Group’s invitation to participate in the survey. What Aberdeen discovered is that manufacturers with access to company-wide data made better decisions, which in turn led to higher profits, happier customers, and growing companies.
Increased Visibility in Manufacturing ERP Software Leads to Better Decisions
You can only make business decisions based on the information that you have. The increased visibility provided by manufacturing ERP software makes it easier to make business decisions because all of the data is available.
The Leaders included in this study found that information derived from their ERP systems helped them in the following ways:
- Real-time visibility from quote to cash: Insight into every aspect of the ordering process, from cost quotations to receipt of payment, enables better business forecasting.
- Information shared: ERP systems enable automatic notification of system issues, such as when scheduled activities don’t occur on time. This allows business leaders to think ahead and proactively manage what could be a challenge.
- Shared and integrated data throughout the organization: Better decisions occur when information is shared freely throughout an organization. Even with the best of intentions, people may not realize that others in the organization need information they possess. Through an ERP system, information can be more easily shared throughout the organization and provide a proactive way of managing information.
- Integrated customer information: A fully integrated view of all customer information leads to better business decisions, especially in the realm of customer service decisions. Managers who can view the spectrum of customer data can answer questions and provide strategies to please customers rather than react to unhappy customers.
Business decisions thrive in a spirit of collaboration and openness. ERP systems enhance a manufacturer’s ability to share resources, information, and data throughout the organization. Teams can collaborate more easily on solutions. Questions can be shared. Data can be used to solve problems and encourage sound decision making. It’s a win-win for everyone involved.
Real-Time Integration Makes the Difference
In companies using separate systems for each business division, it can take days, weeks, or even up to a month for information to trickle from one department to another. During that time, a lot can happen. Companies with ERP systems see data in real time. Information updates quickly throughout the system, providing real-time information on every aspect of the business.
Think about what a difference this can make. Instead of waiting days for a report to travel from the shop floor to the sales office, sales can now access the data with the press of a button. They can then make decisions on campaigns, orders, and more—all based on real-time data.
Download Your Copy of the Study Today
IWI Consulting provides you with expert insights and resources such as the whitepaper from Aberdeen Group so that you can enhance your business decision-making capabilities.
Download ERP in Discrete Manufacturing—It’s not what you have it’s how you use it and start learning from your peers with expert best practices and insights that will help you gain a competitive edge.
IWI Consulting Group helps Canadian businesses and nonprofits find ERP solutions to fit their needs. We work with you to find the best data solutions for your company that can help boost productivity and profitability. Learn more on our website or call us at 1-866-916-3851.