Organisations have leveraged predictive analytics, transforming passive historical data into active inputs for a near accurate prediction of future outcomes, quite similar to the highly advanced actuarial science. Practical implications of predictive analytics in a business include sharper sales forecasting, better hit rates in marketing, ability to detect frauds and strong analytical insights to understand customer churn. An ERP possesses all the information that is required for predictive analytics to offer valuable insights. ERP and predictive analysis that work in tandem has the power to become the single biggest contribution to the transformation of a business.
- Telemetry from IoT devices improve maintenance schedules in manufacturing
Manufacturers understand the need to slash downtime, by keeping machinery properly maintained. ERP systems typically receive information from all areas of operation, including assembly lines. This means that IoT devices will transmit information about life cycle and usage to ERP systems which will in turn trigger alerts designated resources when a component approaches the end of its duty cycle. This will prevent stops in production by timely replacement and maintenance.
- Accurate sales forecasting
The power of predictive analytics lies in the repository of voluminous data collated from multiple disparate sources. ERP systems are typically overarching, which means that inputs flow up into the system from every single touchpoint and operational aspect of a business. This makes ERP systems more suitable for mining statistics for better sales forecasting and modelling.
- Making sense of customer churn information
Customers who disengage from a brand or business have a reason to do so. And ERP by virtue of being the meta interface, or framework, has all the information required for predictive analytics to draw a link between a particular reason or a combination of reasons and a customer who leaves. This greatly helps organisations to shape policies that prevent customers from leaving. This can never happen in the absence of vital inputs, and ERP is the source for comprehensive information that will be required.
Predictive analytics and ERP are a growing trend vital for organisational success. The former works on the basis of inputs, and the more inputs fed, the better the analysis. And when it comes to getting all the information that is required, there is nothing better than an ERP System.
ORION ERP is one of the most dependable enterprise solutions that is a flexible, scalable and cloud enabled to seamlessly integrate with applications for smooth implementation. With a proven track record, ORION ERP meets exacting requirements of industries operating in different verticals.