Data has changed the way of doing business by pointing out the crucial areas where the organization should work and becomes an imperative parameter for making valuable decisions for growth. Companies seek multiple ways to leverage big data and cloud ERP software to synchronize business operations and enable a constant workflow. A recent survey unveils that by 2023, 65% of businesses globally will use cloud-based ERP software for data-centric and AI-driven management in executing multiple business processes.
In the following blog, we will learn about big data and how its integration with cloud ERP systems can multiply the process and generate better outcomes.
What is Big Data
Big data is the composition of unstructured, semi-structured, and structured data that organizations collect and create a framework of information that can be used in machine learning projects, predictive modeling, and other latest analytical functions.
Big data is often characterized by the three V’s, i.e., a large volume of data, a wide variety of data, and the velocity at which the data is generated. However, a recent study recognized several other V’s that include while defining big data, i.e., veracity, variability, and value.
What is Cloud ERP
Cloud ERP software is an enterprise resource planning system running on a secure server and offers easier accessibility via the Internet. Companies using cloud ERP system integrates their functions with other departments and develop into a central repository for critical business data. A cloud-based ERP system uses a centralized interface and applicationto offer business functions like finance, accounting, inventory, payroll, CRM, and more.
Benefits of using Cloud-based ERP software
Extensive customizability is the principal advantage of any cloud ERP system. Add-ons, role-based dashboards, open APIs, and industry-oriented features offer companies eccentric data visibility, enhanced decision-making tools, and a future-proof platform for success.
- Streamlines complex tasks and reduces manual workarounds with powerful automation.
- A centralized interface that connects multiple systems/applications and collects data from different verticals in the database.
- Access the system remotely by eliminating geographical restrictions.
- Automates overall workflow.
- Customized dashboard and reports.
- Restrict human errors like duplicate data entry, delayed financial reporting, incomplete transactions, etc.
- It can lessen the workload of the in-house IT team.
- It is a highly scalable software for meeting business purposes.
The evolution of Cloud ERP with Big Data Integration
- Improved Data Management – Partnering with a leading Big Data Analytics firm can help businesses manage and analyze the overwhelming amount of information they receive, whether it is structured or unstructured data from various sources like social media, blogs, business partners, sister companies, and other resources. The information is stored, analyzed, and used as needed. Through Big Data Analytics, companies can explore new opportunities and expand their business with a comprehensive plan while improving their decision-making skills. With better data management and predictive analysis, companies can make accurate sales forecasts and easily exchange information across diverse cloud based ERP software modules.
- Customer-centric Services – Social media networks are an invaluable source of information for businesses to understand customer preferences and buying patterns. Big data allows companies to gain a complete picture of their customer preferences, enabling them to offer more personalized services from a wide range of options. This strategic use of data-driven business plans results in increased user engagement and company revenue. By leveraging advanced technologies like Machine Learning and Artificial Intelligence, Big Data Analytics can be used to understand the customer psyche and provide more targeted services. By incorporating Big Data Analytics into the cloud ERP system, every department can access relevant data for processing. For example, a sales executive can access information on customer buying patterns and target them more accurately, helping them build more effective sales and marketing strategies.
- An Organized Supply Chain Management – Managing a supply chain can be complex, making it difficult for companies to keep track of every process involved. This lack of visibility can cause unforeseen obstacles in the flow of products and materials from suppliers to managers. However, integrating big data with cloud ERP software can help improve the supply chain visibility. By providing a detailed overview of all processes and assets, big data analytics can enable real-time monitoring and streamline the flow of products in the supply chain cycle. This approach allows businesses to pay attention to every aspect of the process, including inventory, production, and SCM, ensuring quality and increasing customer satisfaction. Moreover, organizations can adapt to changing customer demands with better decision-making by using big data.
- Streamlines the Hiring Process – Analyzing candidates before hiring them is crucial for companies, and Big Data makes it possible to perform practical assessments of different magnitudes. Using Big Data Analytics for a more in-depth evaluation of job-seeking clients has proven to be highly beneficial for companies compared to traditional hiring methods. With big data predictive analytics, companies can improve product quality, enhance customer relationships, and guide recruiters in filling talent gaps with better and more skilled candidates. Therefore, integrating Big Data with cloud ERP solutions is highly recommended for companies willing to enhance their candidate hiring process. Improved ERP systems will churn out candidates based on individual assessments and identifying the perfect fit for the job.
- Enhances Sales – The collaboration of Big Data and cloud-based ERP systems can significantly underline sales forecasting methods, making them more accurate. The best Big Data Analytics Companies, in conjunction with cloud ERP systems, can provide retailers with more in-depth sales-related insights, enabling them to manage their supply and demand requirements more effectively. Additionally, it can resolve issues like overstocking and understocking, and companies can utilize their available resources more efficiently. Moreover, professionally managed data enables companies to work on projects and schedule them more precisely, keeping everyone on the same page. With access to big data as a service, sales professionals can allocate their time efficiently to vital tasks rather than wasting it on mundane ones. Furthermore, staying up-to-date with the latest trends in Big Data Analytics will keep your sales team on their toes and enable them to improve their methods.
Develop Your Business Planning with WrkPlan
Integrating Big data with a cloud-based ERP system provides accuracy and speed and develops the capacity to tackle potential business challenges. Cloud ERP system is the backbone of any organization, and big data makes it more compelling to simplify complex tasks and provide significant insights for improved decision-making.
WrkPlan cloud ERP solution can benefit your business with constructive data and implement it in constructing crucial business decisions for the company. Unlock your potential with WrkPlan and welcome the new era of efficiency and flexibility to your operation. Sign up today to schedule a software demonstration, where an entire software tour will be provided and explain the various solutions that WrkPlan could add to your expanding business. For more information, dial 1-800-120-2449 now.