Business Intelligence is a set of various software, applications and practices that collects business information, integrates it and presents it to users after analysing it. It is like a machine that has the capability of not only storing complex data securely, but also analysing it and presenting the results to its users in formats they desire.
An ERP system integrates all departments of a business, collates the data and makes it easier to access. It helps the users in taking the right decisions by providing an accurate overview of the whole business. ERP in itself is a very strong tool that is vital in streamlining processes and resources. However, if armed with powerful Business Intelligence, the capability of an ERP system increases ten-fold and it becomes more dependable.
Importance of Business Intelligence in ERP Systems:
BI plays an extremely critical role in ERP systems by providing a bird’s eye view of the entire business in an easy-to-understand format along with predictions, analysis, trends and extrapolations. Some of the key elements of BI are:
- Data Analysis: This is the core element of BI where the large store of data collated from all functions in an organization is used for analysis and to guide management decisions.
- Data Legacy: With an effective BI Tool, the correct analysis of data can be made of the legacy data collected from previous processes or software as well. This analysis of legacy data without an effective BI Tool becomes extremely difficult otherwise.
- Faster and Informed Decision Making: If the right Business Intelligence tool is in place the organizations need not rely on assumptions for taking important decisions. BI helps organizations to interpret relevant trends and patterns from the collected data and enable the management to take quick & well-informed decisions.
An ERP System with an integrated BI Software will yield all the information in one intuitive platform required for a business to take faster and better-informed decisions. Beyond ERP is one such ERP System which comes with a powerful BI Tool.