And opting for piecemeal functionality might not be an option — it works well until it doesn’t. Scalability issues can put paid to your plans to patch on the desired functionality at a lower cost.
Upgrading to a new platform is a more viable solution, though choosing a tool that plugs existing gaps without breaking the bank can be nerve-wracking. Read on for handy tips.
Primary Benefits
Your organization holds oodles of data with the potential to drive success and growth.
Manage Production
Every Cheetos piece looks the same — PepsiCo makes sure of it. The food and beverage giant partnered with Microsoft to train AI models that monitor every Cheetos piece for perfect shape, size, curl and crunch, giving you value for your money.
Besides quality assurance, data drives production scheduling, resource allocation and goals tracking. Rich visualization libraries, ready-to-go dashboard templates and robust source connectivity assist in analysis and decision-making.
Streamline Supply Chain
The gut feeling doesn’t work when determining how much inventory to maintain, as a major manufacturer found. Unable to aggregate data from siloed POS (point-of-sale) systems, they were flying blind, being in the dark about how channels drove sales.
Shifting to a POS system that fed data to analytics helped them achieve record sales. But POS isn’t the only data source for inventory management.
Tracking demand and supply requires pulling data from eCommerce and sales systems. Supply chain management systems enable demand forecasting, supplier performance analysis, cost reduction and risk management.
Conduct FP&A
ERP financial management systems give accurate data on demand for financial planning and analysis (FP&A). They generate business-critical financial reports for budget and capital allocation.
Predicting revenue, cash flow and expenses sets you at an advantage — you can harness opportunities and avoid risks. It tells you when to diversify or hire more people and when to take calculated risks.
Watch this case study about how Honda uses BOARD to reduce the financial model building and budgeting cycle time.
Improve Onboarding
Hiring and nurturing talent is effort-intensive, and onboarding and training gaps can cost you when employees leave, and you need to restart the hiring process.
Managers struggle with maintaining high morale due to a lack of visibility into employee trends.
HR management software supports process improvement with hiring and employee performance data. Project management systems consume this data for resource allocation. Employee productivity metrics assist in realistic goal setting.
Boost UX
How full is your inbox with personalized emails asking you to watch this and buy that? They keep coming until one day, you open an email and click on a product that catches your eye. And just like that, you’ve entered the buying funnel.
The customer is king, and your products are only as good as what buyers say. Customer analytics drives companies to success and decides marketing budgets and campaigns. And it leads to innovation — you learn what, when and where to sell.
Calculate Risk
Risk management weighs almost as much on every business owner’s mind as earnings. Data analytics helps identify metrics and events that block your company from achieving its financial, operational and compliance goals.
With predictive analytics, you can forecast the likelihood of an adverse occurrence and the exact impact on your operations. With machine learning models, you can analyze the available data to decide the best way forward.
