It’s often simple to define metrics and key performance indicators (KPIs) for your business. The hard part is collecting, interpreting, and presenting the data to stakeholders. Manual data manipulation and analysis often lead to delayed or inaccurate results. Therefore, the best-performing retailers rely on ERP systems to streamline data collection and reporting. Modern cloud ERP systems like Acumatica combine data from multiple systems, provide tailored reports, display data through role-based dashboards, and perform dimensional data analysis to ensure data integrity and timeliness. You can even create custom workflows to automate processes and facilitate change.
A cloud-based ERP like Acumatica can help you improve your metrics management through many different features. Let’s take a look at some of its best.
Automated Data Collection
Modern ERP systems provide tools to automatically capture data through storefront interfaces like online marketplaces, point-of-sale (POS) applications, and e-commerce platforms. You can improve data accuracy by implementing optical character recognition for scanned documents and barcode scanning for receiving and picking transactions. You can even configure imports from external applications for analysis. Take things a step further by connecting to the internet of things and RFID tags or set up online customer portals and automated vendor bidding.
Machine Learning and Artificial Intelligence
ERP systems like Acumatica embed artificial intelligence and machine learning into their core platforms. Machine learning allows your ERP to improve on tasks that you set for it. For example, you can teach Acumatica to recognize expenses from office supply companies and automatically code them to the correct general ledger account. AI and machine learning can spot pricing anomalies and even offer personalized discounts to loyal customers.
With Acumatica, your employees can view key information and metrics on dashboards customized by department, role, or individual preference. They will be able to immediately tell what they need to do next. With such a dashboard, you can monitor real-time trends and KPIs related to your job. Possible dashboard widgets include charts, data tables, external data, business intelligence tiles, KPIs, and shortcuts to forms or reports. Your employees will no longer have to sort through their email or several different systems, wondering what they need to be doing at a given moment. With Acumatica, they will be empowered and informed.
Customized Reports and Inquiries
ERP reporting functions track all company transactions from accounting to inventory and fulfillment. Acumatica comes with a complete set of actionable reports and generic inquiries that can be used to access data. You can easily customize reports—or even create new ones using Acumatica’s Report Designer—with no coding experience! Acumatica supports multi-dimensional reporting: you can view items by size, color, price, location, and more. You can schedule reports, generate signed PDFs, brand your reports, and create specific data views with filters and formatting.
Business Intelligence Tools
Acumatica includes business intelligence tools like Microsoft Power BI to aggregate data, extract actionable information, and present it to stakeholders. You can combine data from Acumatica with external information (from places like CRM systems, Google Analytics, and the broader marketplace) to gain new insights and perspectives.
Custom Workflow Notifications
Acumatica allows you to create custom workflows that send automatic alerts and notifications to customers, vendors, or employees. You can notify a customer that their order has been shipped, alert a vendor of low stock in a particular warehouse, or communicate to warehouse staff that back ordered parts are now available.
Learn more in this eBook from Acumatica, The Retail-Commerce KPI Metrics That Merchants Need to Track.