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Here’s your copy of When data analytics means big business.
While businesses today are gathering and storing more data than ever before, many still struggle with how to use the collected information. Building a data-driven culture that can leverage the massive amounts of data helps organizations become more nimble, innovative and responsive to shifting markets and customer expectations.
Building a data-driven culture also means having the tools available to sift through the data to find actionable insights. Fortunately, today companies can use enterprise resource planning (ERP) and business intelligence (BI) solutions as the foundation. Here’s a closer look at ERP solutions, BI, and the data-driven culture.
In a 2018 survey of business intelligence users and consultants, the research firm BARC said building a data-driven culture was the top trend driving the BI market among North American respondents. It was the number two trend among South American respondents and fifth worldwide.
“This represents a major shift in today’s business world,” said BARC founder and CEO Carsten Bange. “Creating a data-driven culture is about replacing gut feelings with decisions based on data-derived facts.”
A data-driven culture is essential in today’s competitive environment because it offers a fact-based approach to solving business problems. What can a data-driven approach offer? Here are a few advantages:
Creating a data-driven culture does not happen overnight. However, there are steps leaders can take now to build an organization that embraces and uses data, including:
At NexTec, we help companies choose the right ERP and BI solutions that collect and use data to meet pressing business needs. Having the right ERP/BI partner helps accelerate the process of becoming a data-driven business and reaping the rewards.
NexTec Group is a national consulting firm, specializing in technology to help you manage your business. This includes Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Business Intelligence (BI), Cloud and On-premise solutions for mid-sized businesses.
We started the company because, as consultants, we saw software sellers that had never walked a mile in the customers shoes. We had, and knew that we could offer something different. A company made up of consultants that had experience working in the industries that they were now advising.
In the 20+ years that NexTec has been in business, we’ve developed close working relationships with our customers, partners and each other.
Customers choose NexTec because…
If you see the possibilities, let’s meet for lunch, coffee or a drink.
Enterprise resource planning (ERP) platforms provide powerful solutions for manufacturers. As seen in the recent post, Strategic guide to planning manufacturing production cycles, technology is transforming the way companies operate, allowing for faster and deeper insights that drive innovation and efficiency.
From the collection and use of data to the importance of business intelligence (BI) to the ability to comply with regulatory requirements, your ERP solution provides better information access that can establish new markets, improve processes, and create more efficient operations.
Knowing how manufacturing ERP software can improve data collection, BI, and regulatory compliance can help companies make smart decisions about their buying and implementation decisions.
Data is at the heart of manufacturing ERP software. Platforms provide tools that improve help to collect information, store it, and, most importantly, use it in ways that drive better decisions.
Data collection with ERP solutions allows companies to automate the collection of data from throughout the enterprise. Automated collection leverages the connectedness of devices equipped with sensors, storage, and wireless capabilities.
When deployed, the collection and transmission of data can happen in many directions – collected from intermediate and finished products along with the users of those products for reporting and analysis within the ERP itself; transmitted among manufacturing, distribution, and accounting functions; and shared with supply chain partners to improve decision-making and outcomes.
For example, with inventory control purposes, data collection via ERP solutions allows for tracking of production picking, receiving, cycle counting, picking, transfers, and receipts. These tools provide real-time insights on inventory levels, fewer data entry keying errors, and improved warehouse management.
BI draws deeply on the data collected within your ERP. BI tools embedded within your ERP or integrated with it allow for the extraction, reporting, and analysis of data to drive business decisions.
Data mining applications can do a deep dive into the collected data to draw out patterns, opportunities, and connections. Most BI systems provide multiple tools that allow the data to be used effectively, both internally and throughout the supply chain.
These tools include Intuitive operational dashboards, integrated scorecards, ad hoc queries that allow for specific deeper dives, and interactive features that allow for variable inputs and extractions.
BI tools allow for better forecasting to drive growth decisions, faster identification of threats and risks, and deeper insights into how products are being used by and inquiries from customers and consumers.
Your ERP solution needs to include or interact with BI tools seamlessly to allow for the greatest impact on the massive amounts of data being collected.
Enterprise manufactures today face a wide scope of potential compliance requirements from federal, industrial, and international agencies. With ERP compliance modules, you can be sure that the requirements are accurately recorded and updated within the system.
With automation tools improving rapidly today, manufacturers can ensure that they remain in full compliance. ERP tools can collect the necessary data, record it, and generate the reports necessary to meet with compliance standards, either self-reported or in the case of an inspection r audit.
In the case of a recall, the ERP compliance tools can also help to pinpoint the source issues, determine the scope of the incident, and prepare communication and coordination documentation.
The power of ERP solutions is significant. At NexTec Group, we help companies determine the right manufacturing ERP solution that meets their unique business needs. Contact us to learn how NexTec Group can help you determine your ERP business needs and identify the right solution to leverage data, gain deeper insights, and remain compliant.
Professional services firms that are embracing digital innovation can use analytics to gain insights to drive efficiency and better client outcomes.
As seen in the recent post, Achieving Agility for Professional Services in the Digital Age, professional services firms see the importance of meeting the growing expectations of clients for deeper insights, faster results, and more services. One way to achieve those results is by focusing on metrics that determine impact and efficacy.
Analytics draws on the massive amounts of data available, providing a deeper dive into trends, patterns, and measures that can be used to assess the business. Learn how you can unleash the power of analytics for your professional services firm by focusing on metrics related to resources, client engagement, and operations.
Firms that maximize their human resources aim to have a resource utilization rate of at least 80 percent. Talent is the most expensive part of a professional services firm, and underutilization of that talent results in lost revenue.
Here are a few key metrics that analytics tools can provide you related to employees:
With aggregated data available from sales, project management, and personnel, you can use analytics tools to identify opportunities to hone particular skills, geographical or industrial sector opportunities, and talent shortages or surpluses. These insights allow for adjustments in hiring, marketing, and contracting.
Business analytics also allow the firm to forecast what the impact will be if trends persist and to create predictive models of the impact of shifts in staffing, priorities, or markets to the firm’s bottom line.
Analytics allow professional services firms to dive deeper into the efficiency of their operations. Automation tools can reduce or eliminate the need for manual entry, variance analyses, and data processing in the creation of reports that measure profitability.
Business analytics also give firms more insights about days outstanding for delivered work and work in progress that can improve collections strategies and procedures, resulting in improved proficiency for cash flow and profit.
Project performance is another critical measure for any professional services company. With richer analytics tools, companies can better track profitability at the project level, identify and mitigate project overruns sooner, and flag underperformance earlier.
Analytics offer firms the opportunity to provide better client experiences by identifying points of value at each step of an engagement. By tracking information on client satisfaction, services purchased, and buying behavior, firms can fine-tune their sales pitches, service bundles, and delivery methods for information and insights.
An enterprise resource planning (ERP) platform can help bring together the many parts of the professional services firm. Data from operations, finance, human resources, sales, and customer engagement can be collected, analyzed, and used via an ERP solution that provides the deep insights necessary today.
Acumatica is one such product that offers professional services firms the integrated ERP solution that drives improved profits and customer satisfaction. Acumatica’s ERP comes with integrated customer management, financials, project cost tracking, service automation, and time and expense management modules. The solution allows firms to deliver excellent services efficiently while maintaining insights and controls to drive profits.
NexTec helps firms identify and implement the right ERP solution to meet your firm’s greatest needs. Contact us to learn more about how NexTec can help you select the right ERP for your professional services firm.
Companies are moving to the Cloud at a rapid pace. In 2018, Forrester predicts, more than 50% of global enterprises will use at least one public cloud platform in their path to drive digital transformation and delight customers. As companies see the benefits of cloud adoption, this number will only increase as we approach 2019, 2020, and beyond.
Every organization wants to create amazing customer experiences. Forrester reports; in fact, that 72% of businesses say improving customer experience (CX) is a top priority.
Measuring CX helps businesses determine what works and doesn’t work for customers. They can then use that information to inform initiatives to enhance CX.
An exceptional customer experience is good for business; it helps to increase sales and revenue, improve customer engagement and reduce customer churn.
But when assessing the effectiveness of customer relationships, too many organizations track the wrong KPIs (key performance indicators); and as a result, base crucial CX and marketing decision on measurements that are not relevant to the business. Ultimately, these companies end up wasting time planning, implementing, analyzing and fine-tuning strategies that fail to drive actionable results.
The first step to selecting the right KPIs is understanding your company’s unique differentiators. This is a two-pronged process that involves:
From this process, create KPIs that enable you to build on and repeat successes while avoiding activities that led to failure.
What KPIs should you be tracking to learn the truth about your relationships with customers? Here are four:
NexTec Group delivers business intelligence software solutions that help organizations succeed. NexTec Group is dedicated to your success, and our team of experts will work with your organization to analyze workforce efficiency and monitor key performance indicators to optimize your profitability. Contact us to get started.
Flashback to just a few years ago and data-driven decision making was a new trend. Companies large and small wanted to know how to make better business decisions. From that, the trend of business intelligence (BI) was born.
The goal of business is productivity and profits. Toward that end, more organizations have integrated technologies and evolved into digital enterprises. They relied more on IT departments to mine data, then used those reports to inform business strategies, operations and investments. With the advent of big data, concerns rose over data quality and governance.
Organizations are relying more on verifiable data to support business governance decisions, and we now see a growing adoption of BI tools that allow technology to empower business managers to analyze data on their own.
BI is transforming how organizations drive communication, collaboration and customer service operations.
Here is a look at the top trends that will shape BI applications in the New Year and beyond.
As technology continues to transform business processes, actionable business intelligence will become even more critical to driving successful business operations. NexTec Group can help you implement the right technology solutions to improve operational efficiency, decision-making, productivity and profitability. Contact us to learn which business intelligence software solutions are right for your business.
North American business intelligence provider, NexTec Group, recognized by Solver, Inc. for excellence in customer service.
A mere 25 years ago, many, if not most, businesses tracked inventory on a daily lot basis, updating once a day. Twenty years before that, even major corporations were painstakingly tracking inventory in ledger books which could be several days behind.
We have come a long way. So far, in fact, that no business can operate successfully today without knowing precisely where each component, each piece of work in progress, and each finished product is, not only in-house but upstream and downstream throughout the entire supply chain. It can’t be done without the right business systems.
Integrated business systems are imperative for successful supply chain management. To compete in a global marketplace, the need to know is now in warehousing & distribution.
Supply chain management is, on its face, a complex array of interrelated functions and operational areas. Whether an organization is small in scope or a multinational conglomerate, there are myriad components that need to work well together.
With a network of interconnected business units, suppliers and sales channels, distribution hubs and methods, personnel and regulations, supply chain management becomes an integral component of business success.
Consider that even in smaller organizations, effective management of warehouses and distribution requires clear communication, ready access to data for decision-making and foundational systems integration for many operational areas, including:
Given the dynamic variables possible with each of those processes and functional areas, providing real-time information and analytics becomes critical for effective enterprise resource planning. With growing demand on the part of consumers and customers for rapid service and transparent information, there is an ever-greater need to provide system-wide information to those who need to make decisions.
Efficiency means having real-time access to reporting, inventory management, orders, and logistics deployment. Yet all too often, companies have disparate systems that make the analysis and sharing of data daunting.
Fortunately, new tools are available today that provide enterprise resource planning (ERP), business intelligence (BI) and customer resource management (CRM) solutions in one integrated platform. With integration, companies can bring together disparate data points, identify and solve problems faster and identify trends and opportunity.
All of these functions, in turn, can lead to increased revenue, improved B2B or B2C relationships, streamlined operations, cost savings, and adherence to regulatory requirements.
When choosing ERP, CRM and BI systems, it’s important to make sure that integration is maximized. But understanding the many vendors and solutions can be daunting.
At NexTec Group, our worldwide team of consultants partners with the leading providers of business systems and can create a comprehensive solution to meet your distribution and warehousing needs. Download the NexTec Corporate Overview Brochure to learn more about how NexTec can keep the gears moving throughout your organization.