Manufacturers Use Big Data Analysis for Better Business Decisions
In the last twenty years, data analysis has become valued as a powerful force for driving value across the manufacturing chain. In order to meet consumer demands for lower prices as well as increase product margins, manufacturers have been utilizing software analytics tools to generate business status reports and analyze company data. Many business leaders have implemented one or more of these business software applications: ERP (Enterprise Resource Planning) and MRP (Material Resource Planning), SCM (Supply Chain Management), PLM (Product Lifecycle Management) and CRM (Customer Relationship Management) to improve the quality of production, sales, customer service, the supply chain, forecasting and planning measures, enterprise-wide processes, and more.
Within Wikipedia, analysis of data is described as: “a process of inspecting, cleaning, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, in different business, science, and social science domains.
Data mining is a particular data analysis technique that focuses on modeling and knowledge discovery for predictive rather than purely descriptive purposes. Business Intelligence covers data analysis that relies heavily on aggregation, focusing on business information. In statistical applications, some people divide data analysis into descriptive statistics, exploratory data analysis (EDA), and confirmatory data analysis (CDA). EDA focuses on discovering new features in the data and CDA on confirming or falsifying existing hypotheses. Predictive analytics focuses on application of statistical or structural models for predictive forecasting or classification, while text analytics applies statistical, linguistic, and structural techniques to extract and classify information from textual sources, a species of unstructured data. All are varieties of data analysis.
Data integration is a precursor to data analysis, and data analysis is closely linked to data visualization and data dissemination. The term data analysis is sometimes used as a synonym for data modeling.”
Data Mining and Analysis by Manufacturers
In the past, the process of data mining was utilized by manufacturers to obtain a better understanding of their business. The gathering of intelligence was comprised of the collection, analysis and reporting of large amounts of pertinent business data. Often, performing tasks related to data analysis could take an inordinate amount of time and be fraught with errors. Before in-memory, high speed data appliances, such as SAP HANA were available, business leaders were often challenged with time-consuming tasks, such as making sure the data was: collected from the proper source; distributed to the appropriate person within the right department; made easily accessible and delivered in the correct formats.
The Cisco Visual Networking Index revealed that by 2017, there will be 1.7 billion machine-to-machine wireless connections. The wireless connections include asset-tracking systems in the shipping and manufacturing sectors. As the amount of information gathered from the Internet continues to gain momentum, many manufacturing business leaders are investing time and resources into Big Data. Their goal is to efficiently harness large amounts of business data collected from a variety of sources. After analyzing the data, the information obtained is used for the purpose of implementing more effective business and operational processes throughout the entire organization.
Manufacturers Face Data Management Challenges
Manufacturers using many different kinds of (non-integrated) business software applications to manage their accounting, customer service, sales, inventory, warehouse(s). supply chain and manufacturing often lack the business insight to make effective decisions because the enterprise data is not unified within one database. As a result, important information collected about customers, products and vendors can go unused. Further, when manufacturers do not have the ability to access and view mission critical data, the process of decision-making can be less efficient.
SAP HANA Helps Manufacturers Drive Quality, Innovation, and Cost Savings
SAP HANA is a proven in memory database solution with a platform designed to work well with other technologies. If you are the leader of a manufacturing and/or distribution company considering implementing a new ERP system, would like to have access to your mission-critical data in lightning fast speed, and need the information to be available from mobile devices, SAP HANA for SAP Business One is worth reviewing.
See: SAP HANA
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Based in Tampa, FL, Cornerstone Consulting, Inc. is a business consulting and information technology (IT) company. Not only is Cornerstone an award-winning value added reseller (VAR) of SAP Business One, an extremely efficient and integrated business (accounting, customer and sales management (CRM), inventory tracking-control-management, warehouse management, materials requirement planning (MRP), light manufacturing, accurate real-time analytical reports, and more) software systems, our highly-skilled team specializes in cutting-edge solutions and tech support for:
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If you’d like your small or medium enterprise (SME) to run better, streamline your financial accounting, enjoy using mobile devices to access your application, out-maneuver competitors, improve interactions with each customer, have better solutions for finding new customers, and transform your business with the latest in technology, you have definitely found the right SAP Business One Software, Training and Services Team to collaborate with and make it happen.
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