True business intelligence (BI) is highly sought after by executives and manufacturing managers alike. And while many organizations may believe they effectively use BI, the truth is that many fall short of BI best practices. Consider this: Many manufacturing team leaders receive weekly or monthly reports that include a variety of information, such as the following: Spare part usage statistics. Downtime calculations and associated dollar loss figures. Critical inventory level flags. And many more. These reports can be delivered via Microsoft Excel or through an enterprise BI solution provider such as Oracle, Microsoft or IBM. While the report sounds like an effective use of BI, many organizations acknowledge they miss the mark during that process. In fact, only 50% of CEOs say their organization is using data and analytics to drive process and cost efficiency. If half of organizations are not using data and analytics to drive process and cost efficiency, then there is a disconnect between the reports and true BI.
Business Intelligence (BI) solutions enable enterprises to make smart decisions based on meaningful data. However, BI systems rely on accurate data inputs to supply decision-makers with meaningful data outputs. Master data management (MDM) is the holistic solution that directly supports BI tools in order to provide accurate, consistent data to maximize their value. Both BI and MDM can provide undeniable value. But, how can MDM enhance the value of a BI system for your enterprise?
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As a company’s fiscal year comes to an end, most businesses have a detailed budgeting process in which each manager and business unit participates. As part of this process, each party considers, based on assumptions of the current year, how they can best plan for the coming year. It sounds simple in theory, but the lengthy budgeting process, consisting of many revisions, often revolves around a complex question: “What can be done to ensure the company’s profitability next year?” The easy answer, and one within control of the organization, is: “By controlling or reducing costs.” In fact, a 2016 survey of 210 senior executives found that 88% of companies expected to pursue cost reduction over the next 24 months, whether revenues had been increasing or decreasing.
It’s no secret that manufacturing IT executives are overloaded with information. But abundant information presents immense opportunities, as long as it’s successfully managed and understood. Without simple, consistent access and organization of data, efficiency is hindered and expensive manufacturing plant delays ensue. Today, master data management (MDM) solutions are increasingly available as Software as a Service (SaaS) products. That’s because SaaS solutions provide benefits that locally housed software cannot. At its core, SaaS is centrally hosted software that is licensed on a subscription basis. Some examples of SaaS include Salesforce, LinkedIn Recruiter and Constant Contact. Each is a cloud application in which storage and processing takes place on servers owned by Google, Facebook, IBM or Amazon. Organizations that adopt SaaS tech see their processes conducted more efficiently and their money spent more wisely. They also gain the ability to scale their technology as needed.