Key points
Take any large process manufacturer, and chances are they’re sitting on a wealth of data, concerning areas such as production outputs and raw materials used. Smart manufacturers will utilise this data to look for ways to improve the business and make well-informed decisions.
Implementing a business intelligence (BI) and data analytics solution is how process manufacturers can make the best use of data to make the business more effective and efficient.
But with so many solutions to choose from, all of which seem to have pretty indistinguishable features, it’s difficult to know which supplier to turn to. The trick is to break down the key factors required in a BI solution, and see how providers compare in those vital areas.
Establish the total cost of ownership
No business should make an investment without considering the long-term costs. The same goes for BI solutions, since the initial software cost is only the start. Chances are there are costs for hardware, consulting, implementation, programming and ongoing maintenance too.
Not all vendors disclose this upfront, so businesses should establish the full costs before going forward with a supplier. It’s also key to establish whether the product is a dashboarding tool or an end-to-end solution.
A tool offers a dashboard that hosts data, yet needs some additional services to deliver specific business needs. Those additions will cost the business significantly.
That’s why the product of choice should be an end-to-end solution, which comes with all of the functions required to view data. There’ll be no costly surprises further down the line.
Ensure it accounts for all data across the business
An effective BI solution draws from data across all areas of the organisation. It’s crucial to find a solution that is pre-integrated with popular ERP, MRP, CRM, procurement, HR and payroll packages. And it should have the ability to quickly connect to new systems when they are introduced, and draw from the data sets they provide.
The key is to have a 360 degree view of the business, and a BI solution with this capability will leave no stone unturned when it comes to utilising data.
Find out how much time it requires
Often, businesses investing in a BI solution can’t reap the benefits straight away, since it takes time to get it up and running. It requires in-depth knowledge of internal data structures to extract, process and initially organise the data.
Often the most challenging part of the implementation will be defining requirements and establishing KPIs for the system. But it doesn’t have to be like that.
There are pre-built solutions available that can be customised to a business’ needs. These solutions only need to be configured, and can scale up as the business grows.
Determine its ease of use
A cost-effective and efficient BI solution must be easy to use. Not only will it mean faster reporting times, but fewer IT resources, saving on maintenance costs.
A solution that supports self-service will play a huge part in ease of use, as it enables users to create ad hoc dashboards and customise their own reports.
When businesses need to make quick decisions based on fact a BI solution that can be accessed anywhere, on any device, and at any time, is essential to enable that, resulting in increased business success.
Check out if it’s future-proof
Gartner’s CIO Agenda survey reveals that organisations that deployed artificial intelligence (AI) between 2018 and 2019 grew from 4% to 14%. AI can gather insights from complex data sets and not only provide data from any area of the business, but also predict and recommend the next action, with no input required from the user. For that reason, AI is set to revolutionise decision-making.
Any business considering the use of an AI solution should thoroughly examine the features and functions of all the solutions on the market, and ask more in-depth questions about the AI capabilities.
Those questions should include whether the technology goes beyond simply describing data that already exists, whether it’s able to predict future scenarios, as well as prescribing what the business should do to achieve goals by interpreting existing data.
Work closely with suppliers
Unfortunately, falling victim to the shortcomings of some BI solutions on the market is all too common. But with an awareness of the pitfalls, process manufacturers will find an ideal solution to enhance business success, rather than wasting valuable time and money on an obsolete technology.
It all comes down to working closely with its chosen supplier to get a clear understanding of how they can support the business. Only then can manufacturers see the how well the business is performing, what the current state of play is, and how further success can be reached in the future.
