Benefits of Business Intelligence

MBUMT 5300 Key Benefits of Business Intelligence Software

Instructions/Descriptions

MBUMT 5300 Key Benefits of Business Intelligence Software

Running head: Supply Chain Technology/Paper #2 1

Fashion Institute of Design and Merchandising

Fall 2019

MBUMT 5300: Logistics Management

Professor Wendy Klarik

Supply Chain Technology/Paper #2

Lingrong Xiang

October 24 , 2019

Enterprise resource planning or ERP software is a set of applications used to manage core business processes such as sales, procurement, accounting, human resources, customer support, CRM, and inventory. It is an integrated system compared to a single application designed specifically for business processes. ERP system is composed of ERP, E represents enterprise, R represents resource, P represents plan, and all represent enterprise resource planning. Companies need money, materials, markets, people, machines (also known as 5ms) to do any business. Therefore, it is necessary to plan and manage these resources for the success of the enterprise. (oracle.com) Therefore, ERP is a system that manages all these resources and provides data points to management to help the business and make an important contribution to the success of the business.

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ERP systems like SAP basically help manage an organization’s resources by helping it with material management, sales and distribution, finance and control, and human resources control. It creates an environment where all the data is linked to each other and helps manage by providing a data source through which management can have a broad view and make decisions. ( (Rouse, Shiao, Rouse, & Rouse)

The significance of ERP is that the value of ERP lies in what it can do for the company. ERP handles multiple business functions by simplifying and automating daily business processes. The program enables a streamlined and accurate process and provides a complete 360 view of the business incoming and outgoing. Enterprises can improve user efficiency and productivity through software. Improve customer service by allowing faster and more accurate access to customer information and history.

Business intelligence (BI) software is a family of business decision support technologies that allow knowledge workers like executives, managers, and analysts to make better and faster decisions. It allows people to collect, access, collect, analyze, and combine data to help people make decisions. Business intelligence is a system that focuses on core areas that determine the fate of a business or company, such as customer profiles, market research, product profitability, customer support, inventory, and statistical analysis, and distribution. (Rouse, Stedman, Burns, Rouse, & Rouse) Over the past 20 years, the number of products and services offered and the industry’s acceptance of these innovations have exploded.

The significance of business intelligence is that it will improve the ability to analyze current consumer buying patterns, which is one of the main advantages of investing in BI. When we know what our customers are buying, we can use this knowledge to develop products that match current consumer preferences, thereby increasing our productivity, thus transforming the data into actionable information that leads to sales and market intelligence and efficiency. (mastersindatascience.org) BI software is important for your business to make the right decisions for any organization. You can collect key information from the data collected by the software at various stages and study it correctly to get the answers you want. Without good software, we can’t get the best intelligence on business strategy planning.

Product life cycle management (PLM) refers to the management of products during the normal phases of the product life cycle: production and release, growth, maturity/stability, and decline. This management includes both the production of goods and the advertising of goods. The product lifecycle theory helps guide business decisions, from pricing and promotion to expansion. (productlifecyclestages.com) Effective product lifecycle management brings together many companies, departments, and employees involved in product production to simplify their activities, with the ultimate goal of producing a product that is better, more profitable, and lasts as long as consumers’ wishes and technology permit. Determine which phase of the product life cycle determines how the product is marketed. For example, a new product (in the introduction phase) needs to be explained, while a mature product needs to be differentiated

The reason why Product life cycle management is important is because the main value of PLM is to increase revenue, which is what most companies try to take advantage of. It is an important tool for sales forecasting, because with the study of product lifecycle management, people begin to realize the problems that products face at different stages. Clearly, faster design and faster manufacturing, combined with early product launches, can lead to more revenue. PLM allows companies not to waste time and energy during the service life cycle. PLM can increase production by allowing easy and managed access to design data, collecting consumer reviews without damaging design process files and/or compromising the use of existing products for new designs. (Grasson, 2012) Through document management, design integration and process management, PLM can be assisted by specialized computer software.

My product is a Recyclable cocktail dress from Reformation clothing. According to the study, fashion is the 3rd most polluting industry in the world. Reformation is a fashion company that “put sustainability at the core of everything they do. They invest in green building infrastructure to minimize the waste, water, and energy footprints. By providing on-the-job training and opportunities for growth, they also invest in the people who make this revolution possible.” (reformation.com)

I choose ERP to transform the clothing industry: In the textile industry, there are many ERP applications, such as Sage ERP, NetSuite ER, E2 Shop System, SAP Business One ERP solution, Vienna advantage, etc. According to my education experience in ERP consulting, SAP Business One is the most suitable ERP solution for the textile industry.

SAP Business One is an integrated solution that provides transparency and complete control over all aspects of our textile Business. It collects important business information and provides you with the management and development you need. All these services are provided at reasonable prices.

SAP Business One is a versatile program that can be accessed from anywhere using our mobile phone. At the same time, it allows us to choose our channels freely according to our business needs. It runs on SQL systems on SAP HANA and Microsoft servers.

References

(n.d.). Retrieved October 23, 2019, from http://productlifecyclestages.com/.

Grasson, M. (2012, May 11). The Benefits of PLM. Retrieved October 23, 2019, from https://www.aerospacemanufacturinganddesign.com/article/amd0512-product-lifecycle-management-software/.

Here Are 10 Key Benefits of Business Intelligence Software. (n.d.). Retrieved October 23, 2019, from https://www.mastersindatascience.org/resources/benefits-of-business-intelligence/.

Rouse, M., Shiao, D., Rouse, M., & Rouse, M. (n.d.). What is ERP (Enterprise Resource Planning) and Why is It Important? Retrieved October 23, 2019, from https://searcherp.techtarget.com/definition/ERP-enterprise-resource-planning.

Rouse, M., Stedman, C., Burns, E., Rouse, M., & Rouse, M. (n.d.). What is Business Intelligence (BI). Retrieved October 23, 2019, from https://searchbusinessanalytics.techtarget.com/definition/business-intelligence-BI.

Sustainable Women’s Clothing and Accessories. (n.d.). Retrieved October 23, 2019, from https://www.thereformation.com/.

What is ERP? (n.d.). Retrieved October 23, 2019, from https://www.oracle.com/applications/erp/what-is-erp.html.

MBUMT 5300 Key Benefits of Business Intelligence Software

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