Wouldn’t it be great to participate in predicting the hot product for the upcoming holidays or know what is going to elevate your company to the next level in upcoming years? Making bold predictions doesn’t have to be educated guesses or dumb luck. You can identify trends by harnessing the big data with your enterprise resource planning (ERP) solution.
There are many types of ERP solutions available that can provide a streamlined, organized way to capture all of your critical business data. An integrated solution is more powerful and will connect the different departments so that you can see how one area can affect another. A solution, like Microsoft Dynamics® AX for example, can manage all core business functions including financials, manufacturing, supply chain, project and services management, and more. This solution also offers robust business intelligence and reporting functionality. Not only can you have all of your important data in one place, you can have it in real time, and literally at your fingertips.
RoleTailored pages in Microsoft Dynamics AX help users get closer to data that is relevant to their specific job tasks. Once you have quick access to real-time data, you can analyze your data for trending activities. For example, you can watch product sales and pick out hot-selling products or which product lines your customers favor. Use this data to boost sales and improve up-sale or cross-selling activities, as well as plan a targeted marketing campaign to bring attention to certain products. Monitoring this data will aid in preparing both short-term and long-term strategic goals and keep you on the right track toward reaching those goals.
Further leverage trending data to optimize inventory and budgets. Make more accurate and timely predictions on what inventory to stock and which items can dwindle. Maintaining inventory levels that coordinate with trending sales will save you money. You can also use trending data to determine whether to add or change products in your product lines and to adjust pricing to meet customer expectations, while also turning an appropriate profit.
You might have a product that makes it to everyone’s wish list this holiday season, in which case you want to make sure you can meet customer demand. Get the right ERP solution that will help you find the data you need to make the bold predictions that drive growth. Contact Kraft Enterprise Systems for more information about Microsoft Dynamics AX and how you can use your business data to make better predictions.
By Kraft Enterprise Systems, LLC, a Tennessee Microsoft ERP Partner