When to look for an advanced ERP reporting solution

Businesses collect and use data on revenue, supply chain, finance, and operations at an unprecedented rate. As the Internet of Things continue to accelerate data collection, reporting platforms integrated into ERP platforms may find it difficult to meet the demands of these increasingly data-driven organizations.

Here are some key differences between integrated reporting ERP solutions and they're more advanced stand-alone counterparts:

What standard ERP solutions report

In traditional ERP reports, the expectations are quite simple: gather existing information and present it using dashboards to easily review past performance. As your business needs grow, these integrated options can limit decision making.

Suppose that a packaging plant's purchasing and operations managers schedule a 30-minute meeting to discuss supply chain changes for the next quarter. You want to examine changes in demand for eight different products from year to year. Standard ERP reports would give them access to statistics when needed, but they probably wouldn't have enough time to compare this year's statistics with last year's statistics for the eight products.

Where are the ERP’s missing?

While the information provided by the integrated ERP reporting functions is certainly useful, most ERP platforms lack tools for advanced analysis, comparisons with previous periods and the ability to make accurate forecasts or forecasts based on historical data.

Standard ERP reports are also limited in terms of accessible data. If you want to collect data from multiple information systems, not just your ERP platform, standard reporting tools may not offer this functionality.

Advanced ERP reporting solutions

Businesses need a timely 360 ° view of their customers and businesses to make informed decisions and ensure the bottom line. Advanced reporting solutions provide a more scalable and feature-rich way to meet these needs. You can easily consolidate and present data from any number of systems a company can provide and present it on a single platform. The solution uses this data to create consolidated reports that help decision-makers identify exploitable opportunities and bottlenecks to improve future performance and achieve strategic goals.

Scalability of an advanced ERP reporting solution

Advanced reporting and analysis platforms such as Microsoft Power BI can process large amounts of data. As these are standalone solutions, you can scale them up or down independently of your ERP platform and other IT systems in your business. If your needs vary unpredictably, advanced cloud-based reporting solutions can also be configured to automatically adapt to your current needs.

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