BI and Analytics and Your Bottom Line
Business intelligence (BI) and analytics are not only becoming more mainstream, but also more critical in paving the path towards business growth and long-term sustainability. According to a Gartner study, a leading research firm, spending on modern BI and analytics will be $322.8 billion this year, growing three times faster than spending in any other analytics.
The problem for most is not about a lack of data, but rather about accessing the right data and the accuracy of data; a challenge that’s all too familiar in a world where many businesses are still plagued by a multitude of disparate systems. If data is not easily accessible, inaccurate or missing, or in a format that can not be used, then it provides no value.
Lack of Intelligent Insights and the Average Lifespan of a Business
Consider how lack of intelligent insights could impact the lifespan of your business. In Richard Foster’s book, Creative Destruction, he states that in 1958, the average lifespan of a business was 61 years; today it’s a mere 18 years. Foster also predicted that 75% of the S&P 500 would be replaced by 2027. Having access to real-time data analytics provides CXO’s with insights and intelligence which is crucial knowing which strategies to take to achieve business goals.
Real Time Insights with Epicor ERP and Epicor ERP Cloud BI & Analytics
ERP solutions like Epicor ERP and Epicor Cloud ERP provide accurate, real-time insights for better informed, proactive decisions. Additionally, Epicor ERP lets you automate the analytical workflow. Imagine having data automatically delivered to you? Or having the ability to access and analyze large sets of complex data from unlimited sources for unlimited insights. With Epicor ERP you can look forward to:
- Greater accessibility
- Greater agility
- Greater analytical insights
- Automation of the analytical workflow
- Ability to access and analyze large, more complex data
- Customer and vendor enablement to self-serve their account data
- Predictive analytics
- Regression analysis
- Increase insights into customer behavior and trends
- Identification of inefficiencies such as bottlenecks and their impact
- Risk reduction
Investing in intelligent technologies improves the decision-making process by providing real-time insights to help you reach strategic goals such as those for innovation, growth, or being able to sustain your business over time. Decisions, regardless of right or wrong, can have a profound effect on your business and your bottom line.
If you would like to learn more about the capabilities or cost of a modern ERP system like Epicor ERP, give us a call. MIS has been helping organizations meet their business goals with technology for over 30 years and we’ll be happy to talk to you about the latest technologies including Cloud ERP. Hear what we have to say and then decide for yourself if the timing is right to upgrade your ERP solution. Not ready today? That’s ok, we’ll be ready when you are. Our goal is for you to experience Exceptional ERP™ – that’s what we call ERP project success.
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