In order to drive solid business growth, you need to have both data and action. You need the data to determine your strengths and weaknesses. Secondly, you need to be able to take swift action to leverage your data to your advantage.
In this era when ‘big data’ is the big buzzword, it’s important to note that having volumes of data doesn’t automatically make it useful. Data that is collected in an inconsistent manner with multiple, disparate solutions may not be as reliable as you may think. Different people entering data into different systems in different ways can certainly create a lot of data. However, the inconsistency and haphazard manner may leave holes, typos, or other errors. Trying to make sense of data from disparate solutions also takes time that you should be spending in other parts of your business.
Get the reliable data you need and use it by implementing an integrated enterprise resource planning (ERP) solution. You can enter all of your core business data into this single solution, including financials, supply chain and inventory,
Once you have accurate, real-time business data at your fingertips, you can use it to make improvements throughout your business. Time-saving automations with data entry and data sharing can improve labor productivity. Microsoft Dynamics GP also offers built in business intelligence and robust reporting features that can help you identify trends within your data. For example, you may learn which products or services are increasing in popularity and which are becoming obsolete. You can use trending data to identify customer buying behaviors and product sales, then fine-tune inventory levels and maintain what is necessary to prevent stock-outs without tying up too much capital in slow moving items.
Data alone can’t provide the insight you need to grow your business. You need reliable, accurate data and the means to make sense of it. Contact Sherwood Systems for more information about using ERP to harness your business data and leverage it to your competitive advantage.
By Sherwood Systems,