Many companies are overlooking a significant opportunity to enhance decision making and improve performance that is captured in their ERP systems. Data analytics can help companies in a range of different operational areas. It can, for example, enhance data quality and system integrity, uncover wastages and other irregularities, improve supply chain and inventory management, and enable the benchmarking of key information.
The key areas where companies can benefit from data analytics include:
- Process very large data sets efficiently and consistently
- Identify lack of harmony between processes and transactional data
- Incorporate predictive analytics based on historical trends
Better risk management and process controls
Data analytics enables companies to examine an entire database of transactions and to identify exceptions and anomalies in them. Data analytics can generate facts-based business insights that would allow the company to share with regulators showing how their transactional information flow and their controls perform to prevent noncompliance, detect compliance issues when they arise, and respond quickly and decisively in the event of a breach.
Improved operating performance and processes
Many companies find that their processes are not working as well as they were designed to do. By analyzing the data, companies are able to improve the processes, streamline work flows, and enhance back-office performance.
Make your working capital work harder
The factors influencing working capital levels are often opaque to managers. Information extracted from the databases via appropriate data analytic techniques allows managers to isolate key working capital indicators, such as days payable outstanding (the difference between actual payment date and invoice date plus payment terms), days inventory outstanding (the relationship between sales turnover and inventory), and days sales outstanding (the difference between collection date and delivery date plus credit terms). In periods of financial stress, this information can be vital for preserving liquidity and increasing cash flows.
Data analytics is a rapidly evolving field, and Realign Consulting helps clients dispel much of the mystery surrounding the discipline to increase the potential benefits derived from it. By analyzing vast amounts of data and providing insights through competitive visualizations, companies can gain greater mastery over their processes and functions, thereby driving better business performance.
For more information, contact our team
We would be glad to talk and share with you powerful solutions that we have put in place to help management exploit each and every opportunity.