As the American manufacturing industry continues to grow in 2015, most organizations are attempting to take their business to the next level of success and improvement. For many, this task centers around things such as expanding locations or supply chain improvements. Whatever the next phase, mid-size manufacturers need to know if their back office can handle the strain of expanding into a new market.
BUSINESS INTELLIGENCE:
USING DATA TO DRIVE BUSINESS
As with many areas in modern life, data collection is one of the most important factors for manufacturers to consider when trying to make better decisions and drive efficiency in the future. By identifying patterns and trends in purchasing and other processes, manufacturers can optimize the facets of their organization that will provide a bigger ROI. Likewise, the back office parts of a manufacturing business – like accounts payable – will benefit from data collection by pin-pointing where costs are draining resources and where savings can be made. Business Intelligence is becoming an integral part of most ERP systems as they provide the data across the whole organization that can lead to hidden gems of savings/improvements.
With modern business software providing the most all-encompassing data collection & reporting we’ve ever seen, it would be wise to start paying attention to the data being provided – so long as you know what to do with said information. Make sure you have a plan in place that uses the collected data in an actionable way, instead of just using it to scold/praise certain departments as they currently stand. Collect, review, and act on your data collection efforts, and manufacturers will see immediate returns either in efficiency or revenue.