Successful businesses are data-driven. Data-driven companies are nineteen times more likely to become profitable businesses than their competitors. These companies are built to last because they use strategy and data to work towards their goals and 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. Please 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 choices 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 “business intelligence,” data was handled by an IT department. The information would be delivered in a static report.
The modern take on business intelligence combines 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 compile information for you.
Business intelligence uses data mining to uncover trends within the more extensive database. It can then report all findings to stakeholders, etc., enabling them to make decisions on data. The data can then compare current and previous data to track 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 will set more realistic goals for the future. Keeping up with the latest data will help you determine what works and what doesn’t. You’ll find that you can cut costs that keep your business from its success and spend more time and money on the things helping you grow.
Data-driven businesses easily track workplace performance, allowing you to improve every aspect of the company. Utilizing this data can help you 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) built into your Epicor ERP system. They allow you to know everything 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 will enable 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 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 signs point 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 business data. The information is used to discover patterns and help predict future designs. 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 exciting 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 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. This software helps you drive sales and get a clear overview of your inventory. It helps you to choose suitable 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 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 worked 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 understand why the need for change in your company is essential to your growth.
If you don’t need training, we can still help. All of our team members have been installing and maintaining Epicor software for our clients for a long time. We can help you implement Epicor software into your business plan to get your company off the ground. We can also come in and maintain your Epicor software to 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 you strive to be.
Contact Tomerlin-ERP today to get started! We look forward to hearing from you.