Predictive Analytics has been around for a long time; however, it is becoming rapidly popular today because of its wide range of practical applications. Predictive Analytics can gain insights into sales, production, and other business processes across industries such as telecommunications, finance, insurance, retail, travel, etc.
Predictive Analytics integrated with Intelligent ERP Software can help make better decisions. These decisions can be in regards to customer acquisition and retention process through accurate forecasting of new customer value creation as well as measuring return on investment (ROI) or reducing customer churn rate.
As a business owner, you may have a lucrative business with all the necessary resources and plans. But there is one question that will always be there, how long can you keep it up? Do you think you'll be able to keep the same return year after year? Many firms start like kings, but after a few months or years, they begin to endure a steady downhill slope in their business. The primary cause of this downhill is a lack of the appropriate predictive analytical drill.
But with the appropriate deployment of the ideal ERP Software and its predictive analytics capabilities, your business won't need to stress about what has to be done and when. Intelligent ERP will provide you with trustworthy and high-quality predictive analytics, which will assist your firm in overcoming all of its shortcomings and propelling it to new heights year after year. Then all you have to do is make use of analytics to achieve business objectives.
Intelligent ERP Software serves as a massive reservoir of collected information and operational data. Big Data enables Intelligent ERP Software to detect patterns in the data sets and also create meaning from those patterns. Through this, ERP Software can leverage big data and deliver accurate information to decision-makers.
Employees may access the company's cloud-based Intelligent ERP repository, which is accessible to everyone from senior decision-makers to production floor personnel, to find innovative ways to fulfill deadlines, increase efficiency, and exceed corporate objectives.
Integrating Big Data with Intelligent ERP has numerous benefits. It not only gathers and analyses enterprise-wide data in one location but also assists decision-makers access data at any time and from anywhere they want, helping a firm to become more adaptable in a fast-changing market.
Predictive maintenance boosts profitability even further by eliminating costly production interruptions and downtime. An Intelligent ERP system may notify employees about something as simple as a single piece of machinery that needs repair after its millionth spin. With this warning, a supervisor may arrange a repair on the manufacturer's terms, i.e. scheduled production downtime, and eliminate the danger of longer downtime in the future owing to that item failing. This also allows personnel to plan for essential machine downtime and change production activities properly during that period.
IoT devices continuously monitor equipment and communicate data to ERP Software Systems, enabling condition-based maintenance. Instead of depending on rule-based maintenance, which may miss issues between regular maintenance periods, this saves businesses substantial money by resolving issues before failure.
Predictive maintenance can save 10-40% on usual maintenance expenses and 3-5% on capital investments in new or replacement of equipment. According to a McKinsey & Company analysis, "these savings have a potential economic effect of roughly $630 billion per year in 2025" in the manufacturing industry alone.
Knowing where and when each ship, vehicle, or cargo is at any given time is critical to keeping your supply chain working correctly. Traditional Automatic Identification Systems (AIS) offers geolocation with a margin of error of a few hours, which might create unnecessary delays.
Intelligent ERP Software gives a near-exact predicted arrival time, allowing a firm to know where and when its items and products will arrive – an advancement over current AIS technology. Transmitters and Internet of Things (IoT) sensors may now convey information to an ERP Software System about temperature, shock, and ambient light, which becomes part of the data stream fed into algorithms to forecast supply chain trends.
Improved supply chain management efficiency implies less waste of both items and time. Improved product security through sensor data is valuable to producers in high-value industries such as medicines, petrochemicals, and oil.
Industry 4.0 is raising the bar for predictive analysis, and manufacturers must adopt technologies to meet it. With technology's rising intelligence and connection, competitive manufacturers are already boosting their predictive analytics to make highly calculated and informed judgments with rapid turnaround.
Intelligent ERP Software with advanced technologies RPA, BI, Mobile Apps, and IoT are already available as digital tools for this. Manufacturers may use enhanced predictive analytics to spot trends and outliers in consumers and goods, anticipate and account for supply chain interruptions or changes, and manage assets to optimize production schedules and reduce equipment downtime. Cross-organizational platforms with user-friendly dashboards enable internal cooperation and informed choices, which may dramatically enhance production. Manufacturers cannot prosper in Industry 4.0 without accurate and real-time predictive analytics to remain ahead of the curve, given the fast speed of digital change.
ebizframe Intelligent ERP embedded with advanced technologies like BI, RPA, Mobile Apps, and IoT has been in the market for the past 30 years. ebizframe Intelligent ERP Software users leveraged Predictive Analytics for a very long time.
For more information on how ebizframe Intelligent ERP can take your business to the next level, contact marketing@ebizframe.com today.
