Data is increasingly vital to mid-market businesses who want to carve out a competitive advantage. Everyone working in wholesale or retail industries knows how easy it is for customers to swap suppliers when an issue arises or not, so data analytics may hold the key to keeping them. Build a case for data analytics to enhance your ERP system so you can adopt a whole-of-business approach to keeping customers.
Where the debate begins is whether embarking on an enterprise-wide data analytics project or investing in a new business intelligence (BI) solution is the right thing to do from the company’s perspective in this economic climate. In the minds of many business leaders, jumpstarting a new initiative and deploying new software, storage space and training can be expensive, time-consuming and fraught with potential problems. They need to be convinced that data analytics will ultimately deliver bottom-line benefits.
Among those with little experience in BI or analytics, there is a fear of the unknown. Uncertainty of the real value of BI and doubt of promises left unfulfilled. However, what the pandemic has underscored is the need to react quickly to a situation, have stronger visibility into a business and to do more with less– so leaders are rethinking digital and automation strategies to help their people focus on keeping the customer base.
Focus on all the business benefits
Often the teams and departments interested in an analytics solution limit their focus to technology and delivery, which is essential, but there are other business benefits. When developing a business case for data analytics also focus on describing what results you want to achieve and how do they contribute to the broader goals of the business.
Perhaps a business goal is to facilitate growth efficiently without adding too much headcount, so this is where a data analytics solution can help you find opportunities within the existing data. If you want to see sales growth in your current markets, then better data will help you take advantage of the opportunities and help your team optimize around your product, customers, and channels.
Additional drivers to justify an investment in data analytics include:
- improving business processes
- improvements in centralized data management to ensure a consistency and control in maintenance of information
- better data quality
- cloud access and security
- reporting can be managed in the BI solution; removing the burden from other business system
Data helps everyone
It’s important to show that analytics can influence decision-making, providing a clear and comprehensive picture of business performance to drive business objectives. Everyone, from business leaders to salespeople, can have access to the information and reporting they need to be more successful. ERP data sources are the most commonly analyzed by companies. Still, most data analytics solution have the flexibility to add CRM data, call centre information, Google analytics and sell-thru data into the mix.
Low barrier to entry
Phocas data analytics differentiates itself in a large, generic BI market by offering a specialized solution for everyday users who can answer their questions. Mid-market manufacturers, wholesalers and retailers choose Phocas data analytics because it has a low barrier to entry, and they can get results to adapt to market changes quickly. Phocas integrates with a range of ERP systems that mid-market businesses are already use, which saves on implementation time and set-up costs.
The feed of data into the system is automatic and includes security. Businesses don’t need further internal resources to make the software work because with Phocas, all the content is built-in and ready to go. Customers like the simple user interface and can build their dashboards and visualizations, not having to rely on others to do it for them.
All parts of the business need to work from the same data. A data analytics solution helps the people to learn together, and they can share ideas and have a more empowered way of working.
For more information about getting a competitive advantage with data analytics download this eBook: Harness your business data or click the link below.