Manufacturers with the right business intelligence can stop guessing when making decisions. Company managers can use real-time visibility into their business processes to anticipate their next move. It can be compared to looking through a windshield on a sunny, clear day instead of trying to drive in foggy conditions.

The ability to produce accurate, relevant reports promptly is an easy task. Nothing could be further from the truth. The amount of data companies must organize and manage has surged over the past few years. Unfortunately, many companies find it challenging to filter and support such a large volume of data. 

Some common issues include the following:

• Failure to Integrate Data and its Source

Gathering and comparing data from several sources is crucial for managers making real-time decisions. However, the data information managers rely on may only be available through compatible devices and legacy systems. 

Information silos don't integrate. Departments that hoard information instead of sharing it with others in the company are a recipe for disaster. 

• Increased Data Warehousing Costs

The cost of storing data is on the rise. Manufacturers must pay more when data is duplicated and stored in several locations. 

• Lack of Manpower for Data Gathering, Reporting

When data is stored in multiple systems, collecting and processing it to create accurate reports becomes resource-intensive and more expensive. Employees must have the IT skills to log into various company systems to retrieve data and prepare accurate reports. 

Many manufacturers need a dedicated IT department. Often the IT department is one employee who is often tasked with performing IT functions in addition to their regular duties. 

• Human Error When Moving Data

Exporting data to a new system or warehouse has potential errors. When data must be input from a spreadsheet into the company computer system or re-entered when moving it to a new system, the likelihood of human errors increases.

How Business Intelligence Benefits Manufacturers

A modern data management solution can assist manufacturers in connecting to and consolidating information from data sources like CRM or HR systems. An ERP (enterprise resource planning) system is the key to making the solution work. This robust software streamlines and accelerates data collection and analysis, providing company managers with insights to help them make effective decisions. Consider the following five ways manufacturers can benefit from a modern data management solution:

Eliminate Excess Data for More Accurate Reporting

Data duplication is "relatively high" when manufacturers rely on a conventional database. By automating data management, information is centralized, and data only appears once. Manual data collection is unnecessary, so the data remains clean. Any reporting inconsistencies are eliminated. 

Data is Automatically Refreshed

The manufacturer's database is constantly refreshed, allowing users access to access transactions at any point. With a few mouse clicks, the company's Chief Financial Officer (CFO) can access expense reports, see which customers generate the majority of orders, discover which customers have overdue accounts, and gauge how the company's performance has changed over time. 

Pre-built Software Analytics Provide New Insights

Out-of-the-box insights mean managers don't need to be "IT people" to access critical business intelligence quickly. A robust data management solution provides information to a dashboard with tabs for the company's business departments. Management can quickly get information about the production, inventory, sales, and the company's financial situation anytime. 

The robust software allows users to access data about each department's performance. Relevant reports can be accessed in minutes instead of waiting for the data to be collected and analyzed. The information can be presented in the user's formats, such as charts or Excel-type spreadsheets. 

Lower Data Warehousing Costs

Company management can rely on a single source of information, which greatly reduces the cost of storing multiple documents on the same topic. 

All-inclusive, Real-time Access to Business Intelligence

Information is centrally located, allowing management to access answers to business questions in real-time. Managers don't need to wait for the IT department to export data from one system, clean it up, and import it to a reporting tool to answer their queries. Reports can be easily shared with specific managers or company departments, either on a set schedule or when a specified threshold has been attained. The benefit is that entire teams can access practical insights to help them make better decisions and recognize trends, opportunities, and potential threats.

Discover more about the benefits of going digital for data management by viewing this informative webinar. 

Robert Baran

Robert Baran is the founder and President of PositiveVision. He has worked in a variety of positions including system analyst, computer consultant and programmer, project manager, and division manager.