Harnessing the power of big data can contribute greatly to your success. It’s not enough to rely on your enterprise resource planning software to manage inventory. You can also benefit from its additional tools and abilities to analyze and report information that can then be used to improve processes and efficiencies resulting in significant savings of time and money.
Benefits of Big Data
The Internet, mobile technology, and software advancements have all enabled businesses to amass and expand gigantic datasets within their enterprise resource planning (ERP) software. Inventory optimization is only possible because of the capabilities offered by these technologies. The data found within enterprise software has been used to prepare tax returns and financial statements in addition to improving productivity through information sharing within and outside of an enterprise to facilitate communication and collaboration between stakeholders.
Enterprise software has provided ways to manipulate datasets within customized financial reports in new and improved ways. The ERP solutions offer the potential to have deep insight into operational trends, customer behavior, and ways to improve efficiency of business models. The goal of data has always been to use it for improved agility and responsiveness. With big data and ERP solutions such as Sage 300 or Sage PFW, companies now have the ability to use more massive amounts of data better than ever with steady advancements in data collection and use functionalities.
Challenges of Big Data
Even still, dataset sizes have accumulated and grown so consistently that they have outpaced technology’s ability to realize, understand, and use the full potential of the intelligence within all of that data. Enterprise software houses lots of data related to inventory, but this must be used effectively. Instead of simply tracking the amounts of inventory that are on hand and alerting workers when levels of inventory run low, the software should be able to do so much more. With inventory optimization systems, technology is showing signs of catching up with the large quantities of data and using it more effectively while doing more with it overall.
Remember that there is a consistent battle within manufacturing and distribution companies to effectively balance having enough inventory in stock to keep up with customer requests and demands while simultaneously not having too much inventory on hand. This plus the complex organizational needs and fluctuations of supply and demand coupled with complexities in having tons of SKUs, global supply chains, and far-flung warehouses all significantly impact inventory levels. Using big data in modern inventory optimization systems that are designed to exploit data generated from everywhere within enterprise software is essential to truly honing in on success in inventory management.
Ultimately, inventory optimization depends upon decisions made by inventory specialists and senior management based upon considerations unique to their companies coupled with effective use of big data. Better decisions are made when balancing trade-offs that depend on shifting goals influenced by events on the ground. Ultimately, inventory managers can significantly impact overall competitiveness and profitability.
Download our whitepaper “Better Inventory Management: Big Challenges, Big Data, Emerging Solutions” for further information on improving inventory management and using big data.
Here at PositiveVision, we are a full service software consulting firm dedicated to bringing trust, commitment, and care back to business software consulting. Our mission is to simply help small to mid-sized businesses with their software to make them more profitable. Using our team to differentiate our products and services, we seek to develop the most innovative, easy-to-use, and efficient solutions.
When small and mid-sized, manufacturing and distribution companies use PositiveVision’s business software services, they save money while reducing inefficiencies and growing revenue. We seek to assist our clients in streamlining inefficient processes, grow revenue streams, and reduce costs. As a result, our clients are more productive, competitive, and profitable. Contact us to see how we can help your company do just that.