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It is predicted that by 2020, self-driving cars will be the norm and there will be billions of connected devices using IoT. The common theme in those two predictions is that they are both data-driven technologies. It is no secret that data is becoming a valuable commodity to every company, no matter what size. The big challenge most companies face is how to leverage data best to be more competitive than their peers.

Combine that challenge, with the common challenges organizations face in the current business environment. Today’s businesses are more complex and are faced with greater competition as well as new realities that force them to re-examine both the ways they do business and the products and services they offer. Unfortunately, many organizations today are simply not able to access the information they need in time to make decisions that will help them to combat these pressures. For these reasons, it is extremely important to give business leaders the tools they require to gather and interpret the information they need, and arm them with the necessary confidence to guide the business.

In the modern world of cloud, most companies have moved or are moving towards investing in modern ERP platforms to create a digital back office. This is because ERP is looked upon by organizations of all sizes as a foundation of managing operations and can provide one single source of finance data. But some organizations struggle to make sense out of the essential information that is already contained within ERP, nevermind other data sources. To get a better picture of your business, you should consider data across all the aspects of your business and analyze all data.

To realize true value from more data, you have to pair an analytics platform with your ERP to combine finance data, with all internal data and external data. This enables organizations to visualize information, run simulations, and generally use the data contained within ERP more effectively, but also supplement it with non-ERP data to get a holistic view of your business. When organizations pair ERP and analytics, the combination provides a variety of capabilities that may not be provided by ERP alone. They are able to access and manipulate data in ways that they have not been able to in the past. It enables you to run predictive analytics models on your data which can highlight anomalies, trends and highlight business insights not possible before. In fact, organizations with ERP and analytics gain a platform that gives them an enhanced ability to visualize useful information. This enables them to make more agile and informed decisions in an ever-changing business environment.

Imagine the insights you could derive when considering more data and easily being able to analyze your financial data in more ways than just tabular reports or graphs. Asking questions of your data, not possible before. Spot trends not visualized before. Take for example, if finance can reduce day sales outstanding by just 5 days, that could free up 30% of the cash held up in that process. Which CFO would not welcome that?

Why not talk to us today about harnessing the value of your data?

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Author

Wayne Heather