Data management: Minimize the clutter and maximize the profits
As business professionals, there is an abundance of data at our fingertips at all times. From performance reports to the endless stream of daily emails, we have more information to contend with than our minds can handle.
The Internet of Things will prove a double-edged sword: we’ll have even more data info to sift through, but also the means to sort through it and extract actionable outcomes and analyses.
This is where solutions such as Enterprise Resource Planning (ERP) and Management Execution Systems (MES) come in.
Less is more, cliché as it sounds
As Forbes puts it, many companies today have become “data rich but insight poor,” clamoring in their effort to scrounge up as much data they can, but without the proper knowledge or tools to utilize it.
“They accumulate vast stores of data they have no idea what to do with, and no hope of learning anything useful from,” Forbes explained.
Furthermore, a lot of data has an expiry date, which essentially negates the efforts to accumulate it.
“It is important to remember also that collecting and storing data costs money – data requires storage, electricity to power it and, if the information is sensitive (including customer records) attention to be spent on security and data compliance,” the US site continued.
According to Hesham El Komy, regional vice president, Middle East, Africa & India (MEAI), Epicor Software, and citing an executive summary by Cisco: “Global IP traffic will experience an almost threefold increase over the next five years.”
According to data by Radicati, and as of 2018, there were about 124.5 billion business emails sent and received each day, while there were about 111.1 billion consumer emails sent and received each day.
Research by Morar Consulting, on behalf of Epicor, has shown in 2017 that nearly three-quarters (74%) of employees claim they’re dealing with more and more data, while almost two-thirds (62%) said they are often overwhelmed by the sheer volume of emails they receive. Over a third (35%) went on to confess they feel stressed every day, due to information overload.
So how can ERP and MES help boost profitability?
Speaking to AMEinfo, EL Komy elaborated on the benefits of ERP and MES software, and how they help boost both efficiency and profitability.
“Epicor ERP facilitates transparent integration of modules, providing flow of information between all functions or departments within the enterprise, in a consistently visible manner,” he said.
Through this organization of data, companies stand to save time and costs, and ultimately maximize profits.
“Any business will submit to the premise that accurate and timely information yields better business results,” he continued. “To that end, if an organization is serious about achieving profitable growth, then it is vital that across all facets of the organization—from finance to production and sales and customer management to supply chain and service management― the organization gives its employees the tools and resources to discover insights and predict trends.”
He explains that for manufacturers to stay competitive in today’s fast-paced environment, they need to increase efficiency and reduce costs while still complying with industry and customer requirements.
“Real-time insight helps employees pinpoint critical issues, reduce waste, and improve quality and customer service,” he concluded. “Everyone in the plant and throughout the business can take action to improve manufacturing performance leading to better profitability.”
So, while the prospect of limitless data can enticing at first, without the proper tools, companies might as well be compiling a bunch of useless words and numbers. With tools like EPR and MES, businesses stand to gain a competitive edge.