3 Types of Data Analytics that Boost Manufacturing

Manufacturing Data Analytics

Maximize Manufacturing Insights 

What’s happening in your enterprise? Why is it happening? What will happen tomorrow? Manufacturers need deep insight into their processes to answer all questions about their business performance, take the necessary steps to refine their operations and prepare for future success. But answering big questions requires mining and analyzing big data, and drilling into a high volume of data is an impossible task—at least without ERP software.  

As we explain below, ERP includes the innovative technology to automatically generate up-to-date insights from large datasets. Find out the three types of data analytics that ERP can provide to help you gain an in-depth understanding of your manufacturing performance. 

Descriptive Analytics 

Descriptive analytics covers the most basic information about your enterprise. Available in ERP dashboards and reports, descriptive analytics lets users know in real time what’s going on in their business. For example, a manufacturer can look at the return rate or revenue for a specific product that month. Though the simplest form of data analytics, it can still help users identify patterns and design strategies based on new insights. 

Epicor delivers descriptive analytics by providing self-service summaries for each department and simplifying report creation. Additionally, its active home page includes role-based charts and embedded BI tools to help users focus on relevant metrics and visualize data through an interactive interface. Descriptive analytics sets the foundation for all your manufacturing insights.  

Diagnostic Analytics 

To prevent future mishaps and fuel future success, a business must know why an event occurred. For this knowledge, turn to diagnostic analytics. This method measures historical data to identify the root of the problem, so you can avoid repeating past mistakes. Manufacturers can leverage this information for a variety of purposes, such as drilling into the causes of production inefficiencies, shipment delays or inventory shortages.  

By turning ERP data into actionable insights, Epicor enables users to discover the “why” behind their performance lapses. Unlike a spreadsheet, Epicor Data Analytics (EDA) allows you to drill down into data with a simple click, providing a deeper understanding of business processes.  

Predictive Analytics 

Leveraging descriptive and diagnostic analytics, predictive analytics helps you predict what might happen next in your business. Predictive analytics mines historical data sets to identify likely scenarios and future trends. This method is often used for forecasting and risk assessment, helping businesses develop strategies, plan for customer demand and evaluate the risk of potential business ventures. Manufacturers commonly utilize these predictions to order materials and schedule production based on customer demand, making it useful for avoiding stockouts or waste.  

Epicor provides an array of features to allow manufacturers to plan their next move. The Epicor Smart Inventory Planning and Optimization Platform includes demand planning and inventory tools to provide inventory visibility to users. Manufacturers also have the flexibility to select from multiple forecast methods and break down forecasts by part, customer, plant, date and company.  

Wrap Up 

Through providing descriptive, diagnostic and predictive analytics, Epicor ERP can transform your big data into actionable insights to transform your manufacturing enterprise. Datix, a long-time Epicor partner, knows how to align ERP with your unique requirements to maximize the value of your data. For over 20 years, our consultants have offered a wide breadth of ERP services and solutions, from rapid implementations to seamless integrations. Unlike other consultants, our experts stick with our clients to ensure their software provides reliable insights throughout its lifetime.  

Start boosting your manufacturing performance by leveraging sophisticated data analytics. Contact Datix today to learn more about the powerful advantages of Epicor ERP!  


Tech Stressed?

Top Posts

Subscribe For More Content