Smart Data Strategies for Better Inventory Management
If you are looking to improve your warehousing and distribution operations, it is time to get smart with your data. Smart data strategies include adopting business intelligence software solutions. With the advent of Big Data and Internet of Things (IoT), inventory management changed. More and more data is collected, creating the challenge of managing and controlling information so the sheer volume doesn’t overwhelm your business. By using business intelligence tools, you can better analyze and report meaningful data throughout your organization.
Internet of Things (IoT) is increasing the volume of data used in business.
The concept of big data isn’t new, but as companies have embraced big data strategies, they are now moving on to even greater use of the data through the Internet of Things (IoT). The Internet of Things concept is to have nearly every device connected to enhance the customer’s experience and to enable manufacturers and distributors to track the effectiveness of their products throughout their life cycle. Everything from cars to mattresses to appliances will send continuous streams of data in real-time.
The most common-used IoT technology are mobile apps, digital cameras, digital scanners, and sensors. Companies who have embraced mobile technology in their warehousing and distribution are in a better strategic position to take advantage of IoT for inventory management. They are experiencing improved productivity, increased quality, less waste, and greater visibility through advanced analytics.
Business intelligence combined with enterprise resource planning improves data management.
Integrating business intelligence software with your enterprise resource planning system will ensure that other departments and management have the information they need to make informed decisions, react quickly to solve problems, and be more competitive. Automating this process increases agility, enabling companies to react quickly to changing market and customer demands.
Enterprise resource planning systems hold a vast collection of business data that have the potential to provide deep insight into inventory trends, customer behavior, and ways to improve business efficiency. With business intelligence and ERP solutions such as Sage products and Acumatica ERP, companies now have the ability to use more massive amounts of data better than ever.
Inventory management can be improved through more visible data.
Enterprise software houses lots of data related to inventory, but this information needs to be visible in order for it to be useful. Instead of simply tracking the amounts of inventory that are on hand and alerting workers when levels of inventory run low, the software should be able to do so much more. With business intelligence software, like BizNet Software’s BizInsight, you can quickly create ad-hoc inventory and financial reports and evaluate inventory trends without custom reporting.
Mindover Software now offers BizNet Software products that allow you to analyze big data from your Sage or Acumatica ERP system directly in Excel. With BizNet software you can easily import your data, analyze it, and format any way you need it. The BizInsight Excel Suite is a business reporting and analytics platform that provides real time access to your business data from Microsoft Excel. It provides a user-friendly, drag and drop environment with live access to the most accurate and current information. The data in your report goes with it when you share, so users can drill into cells and get in-depth information without having to reconnect.
BizNet Insights seamlessly integrates with your enterprise resource planning system including Sage products and Acumatica Cloud ERP. Contact Mindover Software to get a quote for adding BizNet business intelligence solutions to improve your warehousing and distribution operations.