Acumatica 08-Dec-2021

6 Benefits of Real-Time Data for Your Business

real-time data benefits

Imagine if phones worked by transmitting your speech after an hour’s delay. They would be nearly worthless, right? So why should we put up with business analytics tools that work the same way? The answer is that we don’t and shouldn’t.

Using ERP software like Acumatica lets you make better business decisions aided by real-time data. These days any delay regarding essential insights into the market for your products, your customers’ behavior, or supply chain problems can put you at a disadvantage. Let’s talk about how real-time data can transform how you do business.

1. Identify Operation Issues

Let’s say you have to manually count your inventory. From raw materials to containers, the only way you know how many of something you have is when you have staff go physically check how much has been used, ordered, broken, shipped, etc. 

You can’t easily identify the percentage of wasted or out-of-spec parts, how many containers get thrown away because of poor handling, or even whether any materials have gone missing or been stolen. 

If you have ERP software, you can use an inventory management system to know exactly where everything is in your warehouse. Because all items are coded and tracked, you can know whether you’ve got too much, when things are going to waste, or if theft occurs.

2. Personalize the Customer Experience

When you have customer and client data stored in a central database, whether on-premises or in the cloud, you can track their interactions with your business. Their habits, preferences, and purchase histories can all be tracked. 

You can improve the broad application of your customers’ user experience, such as optimizing your website for better navigation or encouraging purchases, but you can also craft a more personal user journey.

With customer data in hand, your website or app could make recommendations and even address the customer by name. Not only will this improve their experience and help them find the items they want faster, but it boosts your profits, too.

3. Instant Insights

Releasing a new product can be stressful. How do you know whether it will fill a hole in the marketplace? How can you tell whether it’s resonating with customers? Using ERP software such as Acumatica can show you sales figures in real-time and compare them with previous product launches.

You can also use customer data to see how many people are putting your product into their shopping carts for later or are visiting the product page for more info. 

4. Track the Market

Changes don’t have to be reactionary. Being able to collect real-time data will allow you to make changes before a product even launches. 

If you know certain options or features won’t be popular, you can eliminate them ahead of time. Customer trends can show you what features and products should be developed. They can also guide your raw materials purchases, graphic design, branding, and operational capacity.

5. Ensure Compliance

Just about every industry needs to abide by government regulations in some way, whether it’s FDA labeling, cybersecurity restrictions, safety protocols, or other governing principles. With accurate, up-to-date data on all of your operations, you can make sure you are complying with all applicable requirements. 

Perhaps your labels need new information, certain parts need to be recalled because of a flaw, or new OSHA guidelines specify new handling regulations for certain materials you use. If you know exactly what you have and where it is, you don’t need to waste time tracking down the information.

Learn more about one example in Meeting the Demands of the FSMA With ERP Software.

6. Increase Efficiency

Ultimately, ERP software makes processes more accurate, easier, and uses fewer resources. Reporting can take many employee hours, and eliminating or at least drastically reducing the amount of employee reporting that needs to happen pays for the software quickly.

Get Real-Time Data with Acumatica and Cloud 9 ERP Solutions

Acumatica is an incredibly rich ERP software solution that gives businesses the power of working in real-time. Cloud 9 ERP Solutions is a Gold Certified Acumatica Partner, and we’re ready to show you what Acumatica can do. 

You need control over your operations, and you get it with Acumatica. There’s no reason to be stuck in the past, waiting hours for the information you could access in seconds! Contact Cloud 9 ERP Solutions right away, and transform your business today. Learn more by watching our Acumatica demo or watching our video on dashboards available in Acumatica.

 

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