Real-time business reporting is essential for survival in the digital age.
If you still don’t have an integrated enterprise resource planning (ERP) solution in place, generating reports can be extremely time consuming and tedious. In the past, manual reporting, with the inevitability of human error, meant that many businesses wasted precious time and money generating inaccurate reports. Of course, today with the transition to an integrated business management system, or ERP system, businesses of all sizes can generate up-to-the-minute reports with ease.
If you own a small to medium-sized business and are not taking advantage of digital business reporting, its time to find a suitable solution that can work for you, so as to accurately manage your business.
It’s essential to transition to a reporting-driven business, where decisions are based on real, current and reliable insight. Sean Fowles of Seidor, explains why. “Accurate reports take out the guesswork. “You would be amazed by the number of business owners who manage their businesses on their gut instincts or based on history, but accurate reports tell a different story and often go against some of these instincts.”
The competitive nature of our world means that small and medium sized businesses have to keep their costs attractive and ensure optimum operational efficiency. SAP Business One on HANA allows for user-driven analytics which greatly empowers businesses with reliable insights.
“It’s very risky to not have accurate reporting available. These business reports need to be in real-time, and provide user-friendly analysis of all areas of the business, such as financials, stock, sales, purchasing, planning and production. It’s also essential to ensure that all this information is displayed on user-friendly interactive dashboards, adapted for mobile devices, to ensure a snapshot view 24/7,” says Fowles.
One of most common misconceptions is that SAP is expensive, and while this is understandable, as many of the world’s largest corporations run on SAP, this is inaccurate. SAP Business One has been designed specifically to meet the needs and budget of small to medium sized businesses.
The first step that small and medium businesses need to take when choosing to transition to an integrated ERP system is to decide what type of reporting will work best for their business. According to Fowles, 80% of clients who choose Seidor to help them implement a suitable solution to manage their business better, don’t have accurate insights into their business before they make the change.
“It’s important to ensure that the reports are easy to use and that the team inputting data understands the consequences of poor inputs. A reporting tool that assists in managing exceptions is the strongest tool, as well as reports that can evolve with your business. Finding one static way for all users or departments’ reporting is simply not a good strategy.”
The wide variety of business reporting available on SAP Business One assist businesses with customized analysis and decision making. Examples of the spectrum of reports available include accounting, enterprise, stock and financial reports, sales, and warehousing, all integrated on interactive dashboards. Users can export any report to Microsoft Excel with a click of the mouse. The user-friendly navigation techniques enable users to easily retrieve specific information required which not only saves valuable time but also enhances the decision-making process.
Ultimately, because SAP Business One reports are based on real-time data, they provide invaluable insights that drive better business decisions. Having a single, trusted integrated dashboard view, customised according to the functionality and processes of your specific business, is invaluable to decision makers at all levels of your business. Aligning business functions and ensuring consistent business reporting throughout comes as an added benefit.
Read our next article Step 8: Data Storage – A vital consideration for Businesses
Written by Sean Fowles