Big data is a widespread term used to refer to data sets that are too large and/or too complex to be adequately processed by conventional data-processing application software. Many tech experts have touted big data to be the most important tech breakthrough in the industry, and it’s easy to see why. Big data offers terabytes of real-time information that marketers, accountants, and other firms can use to gain a competitive advantage, as it is available “anywhere, everywhere, all the time,” and this has presented itself to be a tantalizing opportunity to improve complex business-related processes across the tech landscape. Some facets of big data, such as predictive analytics and user behavior analytics, are more commonly referred to than others, but the term is liberally used across various industries and business applications.
Big data has become a powerful tool in enterprise resource planning (ERP), as it allows ERP applications to provide more in-depth analyses of consumer behavior and business patterns. Companies can use this information to formulate their business strategies more effectively.
Below are some ways big data enhances ERP capabilities.
Scheduling and automation
Many companies deal with elaborate scheduling schemes because of their operations. For instance, businesses that typically deal with time-sensitive products and services such as perishable goods work with sensitive time frames for procurement, transfer, and distribution. Big data containing product lifespans, transit times, supply chain information, weather and climate forecasts, and even socio-political statuses of locations involved can be used to generate optimal shipping and cargo schedules to help minimize the risk of loss or damage.
With solutions such as WhiteOwl’s Dynamics 365, you can even automate your workflows to improve productivity while reducing errors brought about by repetitive tasks.
Customers tend to have buying habits that are dictated by personality, upbringing, nature of work and industry, tastes, culture, and other extenuating factors that influence their needs and wants. This is particularly true in the hospitality industry, as the public nature of hospitality organizations often bring a diverse customer base, making manual customer profiling particularly tenuous.
WhiteOwl’s ERP solutions integrate, optimize, and deliver. They are designed to pore over customer information to paint you a picture of what they need, how they need it, and when they need it. Even the most mundane piece of information you have on your customers can be put to good use.
Big data augments the business intelligence capabilities of ERPs. This allows ERPs to churn out more accurate predictions about many aspects of business, such as specific product demand, inventory patterns, and even hour-to-hour sales trends. All of these can be used by companies to eliminate unneeded expenditure, develop more attractive pricing, and allocate inventories by location to take advantage of customer habits.
Forecasting affects many components of all industries because accurate business predictions are key to limiting cost and maximizing profitability.
Standardization in hiring
Today, hiring is becoming more of a science than an art, as the job market is more competitive than ever. Many businesses now use big data to optimize their hiring practices by gathering and analyzing information about applicants. This information is used to not only determine whether applicants are qualified for a position, but also to ascertain whether they would be a good fit for the company.
A 2016 study by the Society for Human Resource Management (SHRM) found that the average cost to hire an employee is $4,129, and it takes around 42 days for a job vacancy to be filled. Effective ERPs can streamline that by providing applicant information that can help your HR strike off applicants that are not a good match early on.
WhiteOwl’s ERP solutions
Our ERP solutions have become essential for our clients, as these have helped them make better decisions, enjoy automation, reduce operational costs, and explore the opportunities of scaling up. Our services include integrating ERP into your business in an organized and coherent manner.
WhiteOwl takes pride in providing IT solutions for South Florida healthcare, professional services, and software development organizations since 1997. Contact us today and join the growing list of satisfied customers.