5 Benefits of Combining Data from Different Systems in Industrial Companies
As industrial companies grow and expand their operations, they often accumulate data from multiple sources such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Warehouse Management System (WMS), Accounting and Financial Forecasting systems, etc. These data silos often exist separately, making it difficult to gain insights into the overall performance of the company. However, by combining data from different systems, companies can uncover a wealth of information that would otherwise be missed. In this blog post, we will discuss the top 5 benefits of combining data from different systems in industrial companies.
1. Enhanced Visibility into Business Performance
One of the main advantages of combining data from different systems is the ability to gain a comprehensive view of your company's operations. This holistic view provides management with a greater understanding of how different parts of the business interact with one another. It enables them to see how production, sales, marketing, and other key departments influence each other, and how they can work together to improve the company's performance. An example of this is, combining the shipping calendar and logistics systems with the accounting or ERP to answer questions such as “how many dollars worth of invoiced projects did we ship last week?”, etc.
2. Identification of Trends and Opportunities
Combining data from different systems enables companies to identify trends and opportunities that may not be apparent when looking at the data in individual systems. For example, by analyzing data from both the CRM and the Warehouse Management systems, a company may be able to identify patterns that suggest an increase in demand for a particular product. This insight can help them adjust purchasing accordingly, reducing the risk of stockouts and missed opportunities.
3. More Accurate Forecasting
Accurate forecasting is essential for any industrial company. By combining data from different systems, companies can generate more accurate forecasts, which can help them plan for future growth and investment. For example, by analyzing data from the ERP and MES systems, a company may be able to forecast demand for a product in a particular region. This insight can help them allocate resources more efficiently, improving the company's profitability.
4. Increased Efficiency and Productivity
Combining data from different systems can also increase efficiency and productivity. By streamlining data management and analysis, companies can reduce the amount of time and resources required to generate insights. Additionally, it can help eliminate duplicate data entry and other errors that can occur when data is siloed in different systems.
5. Improved Decision Making
Ultimately, the goal of combining data from different systems is to improve decision making. By providing management with a comprehensive view of the company's operations, they can make informed decisions that are based on real-time data rather than guesswork. This leads to better outcomes, including increased profitability, greater customer satisfaction, and improved employee engagement. In today’s world of business, timely and accurate data leads to velocity and confidence in decision-making.
In conclusion, combining data from different systems is a powerful tool for industrial companies looking to gain a competitive advantage. By enhancing visibility into business performance, identifying trends and opportunities, generating more accurate forecasts, increasing efficiency and productivity, and improving decision making, companies can unlock a wealth of information that would otherwise be missed. If you're interested in learning more about how our Integral Insights solution can help you combine data from different systems, contact us today.