10 Aug ERP + BI: Enable Accurate Business Decisions
Implementing an ERP solution is an important step in ensuring the continued success of your food company. As your business grows in size and complexity, it becomes increasingly important to have a single version of accurate data available at your fingertips so that key performance indicators and benchmarks can be set to measure performance. But what do you do with all this data collected by your ERP system?
With accounting, inventory, production and purchasing information constantly flowing through your system in real-time, the opportunity to create dynamic business reports is readily available. With the help of BI reporting and experts like our partners at Hillstar Business Intelligence, this data can be transformed to help you make important decisions and guide business strategy.
The importance of BI reporting is most evident in two main areas of your business operations:
1 Real-time operational planning
2 Strategic forecasting
These main areas help with both short-term and long-term decision making.
- Short-term decision making • Better understand what parts of the manufacturing process can be streamlined Food companies face unique problems in their manufacturing processes in that leftover product or inventory can have a strict shelf life. Ordering too much of one ingredient or not enough of another can halt production and cost your company big time. Accurate and efficient reports that determine how much of a product is located at a specific warehouse at a specific time, means that you’ll be able to streamline manufacturing in real time and you won’t be left with a surplus you’re unable to utilize.
- Uncover bottlenecks in production Lapses in production can lead to a buildup of supplies, unfinished product and employees who can’t work until the bottleneck ahead of them is cleared. BI reporting can help ensure that these inefficiencies in production, like an understaffed receiving department, are evident in real time and can be dealt with immediately.
- Long-term decision making • Forecast vendor buying and selling patterns Accurate and real-time reporting can greatly reduce the costs of forecasting errors. Having the ability to pull forecasting reports at both the customer and item level based on parameters like sales budgets means that you’ll have the ability to better plan for the future. These reports will let you consider actual sales demands and forecasts, long range production forecasts, procurement planning and daily production schedules.
- Budgeting: Food companies are faced with more industry challenges than ever. From fluctuating growth rates to ballooning material and transportation costs, to increasingly demanding buyers, it’s never been more important to effectively and accurately create comprehensive financial plans. Pulling reports based on costing, pricing analysis, fixed assets and realized cost reconciliation will allow your company to gain greater control and help drive growth.
As Marketing Coordinator at IndustryBuilt Software Christina leads the JustFoodERP marketing effort by organizing user events, coordinating with customers, conducting industry research and curating best practice food technology content. You can reach Christina at email@example.com
Marketing Coordinator| IndustryBuilt
Office 905.267.5195 | Toll Free 866.788.1086 x.5195
For more information on an ERP Solution that is right for you visit: www.justfooderp.com
For more information on a Business Intelligence Solution that is right for you visit our webpage: www.hillstar-bi.com