Successful businesses are data-driven. In fact, data-driven businesses are nineteen times more likely than their competitors to become profitable businesses. These companies are built to last because they use strategy and data to work towards their goals and to support their future endeavors.
If you are wondering if you are data-driven or you would like to know how to become more data-driven, you are in the right place. At Tomerlin-ERP, we are ready to help you reach your highest potential. Continue reading to learn what it means to be data-driven and how to achieve your business’s success through data.
What Does It Mean to Be Data-Driven?
Being “data-driven” is a term used to describe decision-making tactics that rely on your business’s actual data. It is a more solid approach than simple guesswork or observation. You don’t want to be making decisions based on biases and assumptions. This can cause clouded judgment and poor decisions for your business plan.
This doesn’t mean that you can never use your gut feeling or intuition again. However, using data can help you take your business intelligence to the next level.
In the traditional sense of the phrase “business intelligence”, data was handled by a business’s IT department. The information would be delivered in a static report. It was difficult to easily get answers to your questions as the reports were difficult to figure out.
The modern take on business intelligence is the combination of business analytics, data mining, data visualization, data tools, and data infrastructure to help a business make the right data-driven decisions. Modern business intelligence focuses on self-service analysis for accessing the data and gaining insight into the interworkings of your business.
Modern business resolved the issues of the traditional model by being interactive and approachable. It also gives employees access to all of this information. This type of data gathering is easier to understand and can be generated in real-time rather than waiting for the IT department to send the compilation of information to you.
Business intelligence uses data mining to uncover trends within the larger database. It is then able to report all of the findings to stakeholders, etc to make decisions based solely on data. The data can then be used to compare current data with previous data as a means of tracking goals and performance.
Why Should Your Company Aim to Be Data-Driven?
Data is everywhere. If you run a business, you have a ton of data at your disposal to use to become data-driven. You have data in production, sales, inventory, etc. Being successful depends on what you do with this information.
A data-driven business is going to be able to set more realistic goals for the future. Keeping up with the latest data will help you to figure out what works and what doesn’t. You’ll find that you can cut costs that are keeping your business from its success and spend more time and money on the things that are helping you to grow.
Data-driven businesses easily track workplace performance allowing you to improve in every aspect of the business. Utilizing this data can help you to figure out where you might have gaps in the skillset for employees who may need more training. It’ll help you motivate your employees.
Using Data With Your Epicor ERP Software
Operational reports and dashboards have business activity queries (BAQ) that are built into your Epicor ERP system. They allow you to know everything that is happening within your business at any given time. With a visual ‘drag and drop wizard, you can build these queries in any aspect of your business.
With these queries, you can continuously monitor activity. You can even customize the software to make it all easier to understand. It allows you to create a path from your invoices to your sales to your work orders and back without getting lost within the system. The software also allows you to use templates to get a feel for the data and then it allows you to get creative based on the needs of your company.
Data-driven businesses use machine monitoring and reporting. As a manufacturer, it’s likely that you already have Mattec for Epicor software for monitoring production in place. Machine monitoring and reporting are a part of that.
This software helps you to capture data from your machines and operators to gather real-time production analytics. These analytics are easy-to-read as well as visual in nature. Using MES comes with a ton of benefits including:
- Eliminating the need for collecting your data manually
- Instant alerts for the condition of machinery, efficiency, cycle process variations, and even scrap rates
- Automated alerts pointing to calls for help and maintenance for preventing future problems
- Improves current cycle times, overall equipment effectiveness (OEE), and plant productivity
Business intelligence uses data analytics to conclude the business data. The information is used to discover patterns and then use those patterns to help predict the future patterns that come from this. The MES system creates data that displays the different analytics of your business.
Every single department in your business can learn from the data compiled by your machines. It always helps, though, when your information is presented in interesting ways. Descriptive analytics does this with animated, interactive data visualizations and tools that make report creation and sharing easy.
Epicor Data Discovery uses your company’s data to generate these charts in a way that makes it easier for everyone to understand, especially for those who need to see something for it to make sense. The Epicor ERP Active Homepage contains role-based charts and graphs for everyone. Epicor XL Connect allows you to create your reports directly in Microsoft Excel.
Epicor Data Analytics (EDA) will help you to determine why something happened without overwhelming you or your employees.
Diagnostic analytics help you to turn your business’s data into actionable insights. These things allow you to make necessary changes to be more efficient, make fewer mistakes, increase employee acceptance of data, and stay up-to-date with the daily ongoings within the business.
Epicor Smart Inventory Planning and Optimization Platform allow you to plan for the future of your business. Using this software helps you to drive sales and get a clear overview of your inventory. It helps you to choose the right forecast models for your company. You will be able to figure out when to reorder products and determine safer levels for inventory.
Predictive analytics can help you to balance the cost of business and provide top-notch service to your customers.
How Can Tomerlin-ERP Help You?
With Tomerlin-ERP on your side, you can’t go wrong. As an Epicor Consulting Firm, we’ve been working exclusively with Epicor software since the 90s. This software has a track record for being trustworthy and our firm is the same way. You can trust us to get the job done while you can trust this software to help you reach your highest potential.
We have three types of training available through our firm. We offer live classroom training, live remote training, and webinars that cater to the differing skill levels of your employees.
We understand that learning new software can be confusing and overwhelming. With Tomerlin-ERP by your side, you can get these employees into the process allowing them to give their input and really understand why the need for change in your company is essential to your growth.
If you don’t need training, we can still help. Every single one of our team members has been installing and maintaining Epicor software for our clients for a long time. We can help you to implement Epicor software into your business plan to get your company off the ground. We can also come in and maintain your Epicor software so that you don’t have to.
Get Started Today!
If you doubt, for even a second, that you aren’t doing everything that you can to be a successful business, you might consider seeing how you can make your Epicor software work to its highest capacity. We know that your business has what it takes to become data-driven.
Tomerlin-ERP has consultants all across the United States, Mexico, and Canada. We have been a part of more than 300 ERP implementations and our end is nowhere in sight. You can count on us to help you become the data-driven enterprise that you are striving to be.
Contact Tomerlin-ERP today to get started! We look forward to hearing from you.