Manufacturing Performance Analytics: Identifying New Growth Opportunities
To stay competitive, many manufacturers are on the look out for ways to grow their business, whether through mergers and acquisitions or the addition of new products or services that can add value to their existing customer base. Some succeed in finding that next opportunity whereas others fail and get left behind.
It doesn’t have to be a guessing game. Performance analytics solutions, like DSPanel’s BI and Performance Analytics, can have a true business impact when it comes to helping your manufacturing organization reach it’s goals for growth or otherwise.
Performance analytics provide real time insights. As a result, manufacturers using Performance Analytics have a competitive advantage as they are able to uncover opportitites before others and are looking for modern tools to help analyze opportunities. Manufacturers with forward thinking leaders are recognizing the importance of current technologies and the potential impact technology can have on a business, starting with management’s ability to identify new growth opportunities. Industry leaders have moved forward with upgrading their systems, resulting in an overall competitive advantage in managing operations, supply chains, customer relations, and more.
Key Insights with Performance Analytics
One major improvement that current technologies offer is not only improved access to data, but the ability to connect data from multiple disparate systems. Using technology to connect data real-time from multiple databases leads to better insights and decision making and an opportunity to identify new areas for growth, a definite competitive advantage in today’s global marketplace.
For manufacturers growth can mean a merger or acquisition, new products, new markets, or any of a number of business opportunities. To stay competitive, manufacturers must be innovative and able to understand and anticipate the needs of their core customers. Manufacturers need to utilize current technologies to improve their operations, business processes and the customer experience. Wouldn’t it be nice to see the ripple affect that an adjustment on your shop floor has on other parts of your business? This and more is possible with performance analytics software.
Today’s leading manufacturers must think outside of the box, look to collaborate both within and outside of their organization. Leading manufacturers look to performance management tools to drill into the details of the vast amount of data collected within their ERP systems. Today, technology must be embraced to shorten decision making processes while assuring the C-level and shareholders alike that the best, most accurate decisions are being made to keep the company moving forward and most competitive.
Business Growth with Analytics and Performance Management
“Fewer than 10 percent of companies make a disciplined effort to unlock new sources of profitable growth from their core business.” Ilan Mochari
“Fewer than 10 percent of companies make a disciplined effort to unlock new sources of profitable growth from their core business,” according to Ilan Mochari, Senior writer for Inc.
“Most look to the wrong places for growth and should instead be analyzing their core business for as-yet-untapped growth opportunities,“ write L.E.K.’s Alan Lewis and Dan McKone in their new book, Edge Strategy: A Mindset for Profitable Growth.
Lewis suggests looking for opportunities to create new revenue from your core business, referring to these opportunities as ‘edge opportunities’ as they are on the edge of your existing business. Edge opportunities have the potential of generating additional revenue with relatively less effort and resources.
In depth analytics and performance management can help you identify opportunities to expand your business beyond its core. Knowing and understanding your customer and your customer’s journey can help you see customer needs that are not being met by you today; your opportunities for growth.
Predictive analytics is about the discovery of data patterns, data patterns that provide insight for proactive, forward looking decisions that can be made with much greater confidence. With predictive analytics you have insight, not hindsight, so you can see what’s developing while it’s developing instead of after the fact. With the ability for your data to alert your management team of patterns across your data, you have the ability to leverage the data and confidently make business adjustments so you remain most competitive.
PC Financials Performance Analytics Tool
PC Financials by DSPanel is a robust performance analytics tool that integrates with multiple ERP systems, providing in depth analytics to help your management team identify developing trends and potential edge opportunities.
With PC Financials you can analyze multiple business scenarios to gain an understanding of how your bottom line would be impacted by a potential edge opportunity, an evolving trend, or a sudden halt in production. PC Financials can be used to measure any aspect of your business, including KPI;s and industry specific metrics.
To learn more about PC Financials or how Epicor ERP can help you meet your business goals and objectives, contact MIS. MIS has spent 30 years helping organizations utilize technology to meet their business goals and objectives. MIS knows what it takes to help you get the most from your ERP and for you to be happy with your investment. Contact MIS so you too can experience Exceptional ERP™ .
5 Steps to Finding New Growth Opportunities in Your Core Business