Category: Shop Floor Data Collection, Business Intelligence, Key Performance Indicators
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Real-Time ERP Data Can Improve Business Performance
There are many benefits to implementing ERP software into your manufacturing business, such as access to real-time data. By gathering this information on the fly, you will have a greater understanding of what’s happening on the production floor and in the warehouse. This information can help you determine ways to improve your business depending on the quality of ERP software you have, you can even forecast your sales. The real-time data you can receive includes customer transactions, the location of an order, and inventory of raw materials, according to ERP Focus.
However, just because you can gather all this data doesn’t mean you need to do so. It’s more important to use the real-time data for a specific purpose, as in establishing key performance indicators. Greg Griffith at Panorama Consulting suggests the basic principle of “keep it smart and simple” when developing KPIs. Their purpose should be to advance your business’ agenda. While ERP can provide many different metrics to help you determine performance, you should focus on the ones most attuned to your business. This may include sales, the amount of time it takes to produce one of your products, and/or quality control. What matters is getting the results you need.