Over the last two decades, advances in connectivity have given us the ability to have answers at our fingertips. The need for fast responses extends to your company data. Real-time data in ERPs is the most accurate information available, giving your business the ability to make on-the-spot decisions when you need to move forward and create a positive impact on your company’s profit. Businesses can no longer rely on nightly batch uploads or long turnaround times for files to be delivered.
Real-time data can come from many areas of your business, but it’s important that all the data flows through a central point. This can be achieved by using a cloud-based Enterprise Resource Planning (ERP) system.
Although you might be already using an ERP, it may not deliver real-time data. Some ERPs feed daily data into the system at a specified time each day. Moving to a cloud-based ERP means the data is updated immediately. Having access to real-time data comes with many benefits.
Improved scheduling
Manufacturing businesses that rely on scheduling equipment, will find great benefits when seeing data in real-time. Being able to see the process from the factory to the warehouse, through to distribution, can give you a great insight into where improvements can be made. This can include tightening up timelines, improving estimates, and ability to provide up-to-date delivery information to your customers.
Cost-savings
By using real-time data to manage inventory levels, you can keep stock levels consistent without blowing the budget on the excess stock. If your inventory data is not up to date, you risk over or under-ordering goods. Over ordering can lead to putting too much money in inventory, with little excess capital.
Enhanced quality control
With a cloud-based ERP, you can easily see if too many items are being rejected for quality issues. This can also be applied to incoming consignments. If orders frequently arrive damaged, by analysing the real-time data, you can quickly stop orders and alert your wholesaler to these issues. These small improvements add up quickly, saving time and money.
Improved sales data
Real-time data in ERPs provide great insights for your sales and marketing departments, especially in relation to customer and sales trends. The flow-on benefits include making better decisions about what items are selling. Your sales team can confidently reach out to customers, with accurate information and proven results.
With so much of your business relying on access to information, the benefits of real-time data in an ERP are obvious. There are many other reasons to make the move to the cloud. If you are interested in talking through the advantages of moving to a cloud-based financial management system please contact us to find out more.
