Analytics gives manufacturers key information about how to move their business forward. What product should we create next? How much inventory should we order? What are customers looking for?
All these questions and more can be answered with a strong predictive analytics setup within an Enterprise Resource Planning (ERP) system. However, not every ERP handles analytics in the same way. For reliable analytics in an ERP, look to CloudSuite Industrial (CSI) from Infor. CloudSuite Industrial is an end-to-end ERP solution for both discrete and process manufacturers that provides predictive analytics, allowing you to take your organization to the next level.
What are Predictive Analytics?
Predictive analytics help companies anticipate what will happen in the future by looking at historical data. Imagine looking through a crystal ball and being able to see what scenarios and trends will play out that will impact your business. While predictive analytics isn’t perfect, unlike a crystal ball, the analysis is backed up by data and can always be reassessed if a major market shift occurs.
Forecasting and risk assessment depend on predictive analytics to estimate customer demand and understand the risks associated with different business ventures. Manufacturers typically use predictive analytics for tasks like ordering materials and scheduling production based on customer demand.
Predictive Analytics and CSI
Predictive analytics work best when you have a wealth of data to draw upon. With an ERP powerhouse like CSI, your company is constantly capturing data. Raw material prices, order information, turnaround times, labor hours, and so much more is being captured every day. Because the system makes it easy to input data and can be set up to ensure data is entered correctly (you can require certain fields, use dropdown menus for select responses, require inputted data only have certain prefixes, have certain fields correspond with one another, etc.), your system is full of accurate, useful data. With so much information at your disposal, you can be confident that your predictive analytics are as accurate as possible to mitigate risk as you make decisions to move your company forward.
Predictive analytics depend on accurate data, and even a powerful ERP like CSI is only effective if it is set up to maximize outcomes. If you are unsure how to set up your ERP, talk to the experts at Datix. As a one-stop shop with 25 years’ experience supporting ERP solutions, we know exactly how to tailor software to increase your competitive advantage.
There is never a guarantee when it comes to predicting the future, but forward-thinking manufacturers utilize tools like predictive analytics to make intelligent business decisions. As an Infor Gold Channel Partner, we know how to allow manufacturers to take advantage of predictive analytics in CSI.
With over two decades in the industry, Datix is the ERP consultant of choice for manufacturers and distributors. We believe in “being the best with the best” and look for partners who match our commitment to solving real issues and doing what it takes. Our in-depth analysis of our clients and their business needs allows us to maximize their software investments to the fullest.