This is part of the Smart ERP series program. To achieve the objectives of digital transformation – to serve your customers better and to become a company that is adaptable to changes – you have to replace your legacy accounting or ERP system.
In each of the series, we will discuss one key technology area and how it can help your business. In today’s series, we focus on intelligent analytics.
II. Integrated Intelligent Analytics
In years past, the availability of a real-time Reporting function was marketed as the sign of a sophisticated solution. Today, while a reporting function remains useful in day-to-day operations, a more powerful feature has replaced traditional reporting as we know it – Intelligent Analytics.
Much has been said about the importance of data in driving business decisions. Studies show that data-driven organizations see upwards of 20% to 30% improvements in profit due to unlocked efficiencies and stronger financial insight.
What is Intelligent Analytics?
Intelligent Analytics refers to a range of technology including artificial intelligence, machine learning and big data which are used to identify trends and predict future events.
While traditional reports display on-demand information relating to transactions or statuses of specific operations processes, Intelligent Analytics identifies overall trends in the business to help users make strategic business decisions. Instead of taking reactive measures after events have occurred, Intelligent Analytics enables users to predict events ahead of time and eliminate operational inefficiencies proactively.
One example of this is SAP Business One’s Intelligent Inventory Forecast feature, which uses historical data and pattern recognition to compute future demand for inventory. Instead of calling for multiple inter-departmental meetings and poring over months’ worth of inventory reports to diagnose an issue, the intelligent analytics in SAP Business One HANA is fast enough to analyse months or even years of analytical data and present it to you in a clear and understandable format without any human bias.
Check out this SAP Business One HANA Analytics video to see other ways that SAP Business One users can use instant analytics and integrated business intelligence to maximise their business performance.
As part of the program, register now for the orientation web-demo and trial ERP Integrated Intelligent Analytics.
Smart ERP series | 5 reasons for replacing your legacy system – 1) Mobility
Smart ERP series | 5 reasons for replacing your legacy system – 2) Intelligent Analytics
Smart ERP series | 5 reasons for replacing your legacy system – 3) Configuration
Smart ERP series | 5 reasons for replacing your legacy system – 4) Integration
Smart ERP series | 5 reasons for replacing your legacy system – 5) SAP HANA