Improve Your Reporting with Real-time ERP Data

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Businesses run on data and reports, based on which further strategies, steps and decisions are made. The data used for reporting must be precise, accurate and available real-time for better business management. And if your business is not in the shape of analysing and taking decisions based on the data generated, then your business is in a trouble. Let’s see what is reporting, real-time reporting and how it can help your business grow exponentially!

What is Real-time Reporting?

Real-time reporting means accessing and analysing updated financial and other information of the company in real-time, when it is happening. In the past, reporting was done by gathering the reports in quarterly or monthly intervals, but now the data can be accessed in real-time. It also allows you to interact with the data, manipulate values and conduct various analyses.

Real-time reporting uses machine learning to generate insightful analyses. It is backed up by modules such as inventory management systems and more to take current data and analyse it across departments. Reporting includes both historical and current data to make detailed analyses and predict future trends.

This concept has been quite popular and desirable ever since its software and applications have been introduced, because of its following features:

It has modular designs which combine tables, charts, and sub-reports to complete reports.
It can schedule and monitor batch report generation with multiple outputs and channels.
It can export reports to PDF, Excel, PowerPoint, RTF, HTML, CSV, SVG, XML, PostScript, and more.
You can choose various chart styles from bar, pie, line, scatter, bubble, radar, 3D, Gantt, etc.
You can use Formula Tables in a spreadsheet-like manner to present dynamic data.

Importance of real-time ERP Data Reporting –

The lack of real-time data makes it difficult to assess customer needs and demands, plan resources appropriately, and respond quickly to changes in the market. All these lead to increased costs, decreased efficiency, and lower customer satisfaction. Real-time updated data helps and benefits in many ways, like:

Exact planning & set-up:

real-time updates help you with what is happening on the shop floor, updated and on-time customer requirements, upcoming demand, and need for inventory and raw material. With all the real-time updates you can make exact planning of what is needed to be done next.

Find errors quickly:

with real-time updates, you can immediately spot the error or mistake going on somewhere and take quick remedial steps.

Improved service:

with exact planning and no room available for errors the response to customer, enquiries is done timely and accurately thus improving customer service & relationship

Cost saving:

real-time updates provide us with the advantage of accurate scheduling, which helps to save costs on inventory and logistics as on-time quick decisions are made efficiently.

Improved management within departments:

with real-time data flowing in, management knows the area which needs to be improved and removes any inefficiencies.

Better sales and marketing:

by seeing real-time trends and analysis businesses can develop better marketing tactics to target their audience. More effective projects can be launched based on dynamic reporting.

How a lack of Real-Time data can affect your business:

Nowadays, with increasing business & more competitive environment, companies are facing a problem in generating effective reports and making profitable business decisions. Due to this they are lacking behind in gaining new opportunities. Many organizations use manual reporting systems which run really slow and lack behind on updated changes. Lack of proper real-time data can cost businesses in many ways, like:

Decreased ability to fulfil customer requirements.
Inefficiency in managing resources.
Effected decision making.
Increased cost in operating business.
Lacking behind in a competitive environment
Losing out on sales.
Miscommunication between departments

ERP for Real-Time Reporting:

The bridge between inefficiency to achieving efficiency with real-time reporting can be built using ERP Systems. The ERP market is in a phase of rapid expansion and is expected to exceed $49.5 billion in market size by 2025. According to a study, 86% of businesses stated better reporting and visibility using ERP and 68% noted increased growth.

A powerful ERP system offers an all-around business management solution which includes real-time data access, reporting & insights that help companies to perform better and understand their customer’s needs, meet customer demand and better plan for the future. Integrating an ERP system into a business operation provides benefits such as improved customer satisfaction, increased efficiency and visibility, and reduced costs. It uses a centralized integrated platform between different modules to provide updated reports across departments at the same time. Every ERP system comes with reporting functions that have a compilation of technologies like inventory analysis, financial reports, scheduling priorities, accounts payables and receivables. These reports can be further customized according to the business needs and goals. You can also view, print or save your modified reports.

Real-time reporting with ERP allows you to access your business details at any given time and get real-time precise data reports. ERP systems with BI Tools, exp: SAGE ERP can also provide instant updates which leads to faster and more flexible business management. ERP Reporting tools provide a number of features like,

It displays data in a user-friendly format with interactive graphs, charts and diagrams.
It allows users to apply filters according to their requirements and remove unwanted data.
Users can group data into different categories like date, product, customer, place, project etc.
Users can drill down to the lower level of information for a better understanding of data.
Can sort data into ascending or descending order.
It allows users to access data in different currencies in just one step.
It can export data to different formats like PDF, Excel, PowerPoint, RTF, HTML, CSV, SVG, XML, PostScript, and more.
Enables easy sharing among team members.

<<<Also read: ERP Reporting: 7 Features to Consider for Your System>>>

Get more out of your Reporting with ERP:

With so many features and benefits available within ERP software, you can improve your reporting with real-time data as follows:

Easy integration: ERP system provides easy integration within the software that you are using. With its advanced technology, it can smoothly integrate with Word, Excel, and other software. You can look for an ERP system which is compatible with the systems which you use for reporting.
Effortless expansion: ERP systems have extreme capabilities to grow along with your business. You can integrate and work on your reporting in real-time while expanding the business.
Report automation: The automation feature in ERP system provides automated processes, alerts and reports, which offers time-saving benefits. It enables easy reporting with real-time automation.
Transparency: Real-time ERP data provides transparency across various parts of the company. It improves the reporting and facilitates proficient business actions providing clear and integrated data.
Simplified accounting: ERP system supports simplified account reporting with user-friendly interface and teal time details.
No more repetition: Using ERP data with real-time updates eliminates the chances of redundancy of data in reporting. As it supports an integrated platform with up to time information which saves employees from entering the same data again and again.
Customized & flexible reporting: Today many advanced ERP systems provide the facility of customization. You can take your preferred ERP system modified according to your needs, which will further improve your desired reporting outcome.

Today the market is full of different software which supports reporting. But one needs to find out a system which can provide all the features and is also cost-effective to provide the best outcome. One such powerful ERP tool which helps in enhancing reporting is SAGE X3 ERP Software. It has all the required features and also supports BI Tools for advanced and precise reporting.