April 4, 2021 Blog

Why Should You Use Odoo for Analytics and Insights?

We all know that every business, small or big companies, and industries started from scratch. A business’ success is a hard-earned job for every person in business. Every business requires planning, designing, organizing that needs critical thinking and intelligent decision making. 

At present, most businesses are engaging in the world of software and systems. They believe that these software and systems might improve profitability, customer interaction, and post-transaction processes.

It is essential to use various systems and software to automate an organization’s tasks and manage the progress, especially delays in their activities. Systems and software improve a company’s efficiency and effectiveness. Engaging a business with processes of using software reduces the workload and automation of activities.

What is a business process?

A business process is a sequence of steps executed by a group of stakeholders and business persons to achieve a realistic goal. Every step in a business process, designate different tasks to a participant according to their skills and expertise. Business processes are the basic building blocks for other affiliated ideas such as business process management and process automation.

There’s an overwhelming idea written and stated about business process management, and it is crucial to understand why they are so essential to your business.

A business process is a group of related tasks that find their end in delivering a client’s service or product. A business process is a group of activities and functions that will accomplish an organizational goal when fully completed and control. The process must require visual inputs and a single output. These inputs contribute directly or indirectly and give added value to a service or product. 

Why is creating a business process essential?

The advantages of a business process are seemingly evident in large organizations and companies. A process arranges the lifeline and support for any business and helps individual activities efficiently, engaging practical usage for different resources.

What is ERP? How does it integrate business processes?

Booming companies and industries might eventually reach a point where spreadsheets are no longer usable and practical. That is the reason why ERP or enterprise resource planning software arose. An ERP system gathers and arranges vital business information and helps organizations to run solid and well-structured.

Professionals, mainly business personnel, may know that ERP is a system but may not know what enterprise resource planning software can do and provide for their teams. 

For the essential part of ERP, it is an application that automates business processes. It provides insights, understanding, and internal commands, that draw on a central database that accumulates inputs from various departments, including accounting, manufacturing, supply chain, sales, marketing, and human resources.

When the information is put together in that primary database, leaders get the visibility to analyze different situations. They tend to uncover improvements in the business processes and produce the most significant efficiency benefits. Eventually, it will affect cost savings, give better and progressing productivity, and spend less time cultivating needed information.

ERP software that focuses on providing a business’s needs offers prime dividends, creating these systems an analytical tool for companies and industries of all sizes. Many of the most successful firms are leaning on ERP. At present, this software can be aligned and appraised to meet all businesses’ demands, big or small.

To make it simple, ERP helps uniting people, improvements in processes and technology in an organization. 

Why is ERP important for Businesses?

ERP systems have become an essential demand for businesses looking to use their resources smartly. They can help leaders and business managers reassign human and financial capital or create more efficient, money-saving processes while improving quality and performance.

Using ERP will become an asset when it comes to coordination and planning. Employees or team members can visualize current and available inventory and customer transactions in detail. They can compare supplier purchase orders and predict demands in the future. Most importantly, if a business is engaging with ERP, they can resolve early problems and challenges that may arise. ERP software improves communication and partnership as employees can check other departments’ status, guiding them in the decision-making process.

ERP system is a comprehensive data source that provides many reports and analytics that can make a huge difference for every business. This system can change various information into charts, tables, and graphs. This clear illustration provides visuals that can forecast possible results that ERP capability executives find valuable beyond estimation.

ERP allows companies to recognize areas of the business with room for improvement or opportunities for expansion. User uptake is vital: The more employees with access, the more likely teams will spot and resolve problems, such as a spike in demand for a specific product or late deliveries from a supplier. Employees can take further action and control the issues, resolving them as fast as possible.

Business owners usually focus on outcomes and results. They tend to use the information to achieve their objectives and goals, such as improving efficiency, lessening the costs, acknowledging consumer needs, or identifying market conditions.

ERP software can automatically identify error-prone tasks for businesses, such as customer billing and payment, order processing, and transactions account reconciliations and order processing.

But the natural essence of ERP software is that it can provide visuals of the company’s status. The software can also give a precise understanding that can turn into a particular process. This process is possible not just through data but also through knowing patterns and prioritizing issues that require thorough investigation. 

Accessible data from anywhere

 Data is accessible now to many employees. Team members no longer need to go through hardship in shuffling piles of papers or files scattered in their desktops. Even in different places, using a cloud-based ERP is a great companion to access data. For instance, a warehouse manager can log in from a specific mobile device or smartphone while on the field or shop floor. Another example is, a salesperson can now check inventories while at a customer site.

Up-to-date information

The ERP system constantly receives information from various departments, giving updates immediately while pulling the inventory, posting payments, or sending emails to customers. This factor provides a significant benefit because decision-makers are basing their choices and goals on up-to-the-date information.

Business decisions based on similar data

All decision-makers within companies and industries are aligned and on the same page if they use a shared database. There are no identical, multiple, or conflicting information sources. Companies can enable scheduling and dispersing dynamic reports regularly. If businesses need more depth and extent, substantive data is accessible with just one click on their reports.

What are the industries that use ERP?

Various companies engaging in different industries that use multiple business models have come up with ERP benefits. Flexibility in solutions with vast functionalities allows catering within a wide variety of organizations.

Industries that use ERP to run their businesses include:

  • Digital advertising and media
  • Apparel, footwear, and accessories
  • Education
  • Energy
  • Financial services
  • Food and beverage
  • Health and beauty
  • Healthcare and life sciences
  • IT services
  • Manufacturing
  • Retail and wholesale distribution
  • Media and publishing
  • Professional services
  • Restaurants and hospitality
  • Software and technology
  • Transportation and logistics

Roles & Users

The organizations listed above provide many job functions and responsibilities that can benefit from the ERP system. These functions include:

Accounting and Finance

The accounting and finance team is often the first to adopt these systems. This group will track and report all deals, transactions, and other financial information in the design, including accounts payable, accounts receivable, and most importantly, payroll. Using ERP, financial analysis and planning experts can convert comprehensive financial data into projection and future reports in expenses, revenue, and cash flow—whether a separating role or part with the accounting department.

Supply chain

Employees focused their tasks mainly on operations. They can be a group that includes purchasing agents, inventory planners, warehouse managers, and senior supply chain leaders. Relying on the ERP system provides security on a smooth and continuous flow of products from supplier to clients and customers. These groups are counting on accuracy and system-provided information that is very detailed. This information provides optimization within inventory levels and ensures benefits, including prioritizing orders, maximizing shipments from time to time, identifying ineffective processes, and avoiding logistics issues.

Marketing and Sales

Various ERP solutions can increase productivity and provide better results, specifically, the sales team. This solution can automate lead management and can monitor the company’s interaction prospects and leads. Companies’ representatives can easily document discussions and change candidates’ status as they move through the sales funnel. When using similar records, the marketing and sales team can automatically manage outreach in all channels—starting from email to displaying advertisements to different social media platforms. The unit can also measure the effectiveness of messages and media to allocate in its budget accordingly.

Human resources

The HR department uses ERP systems to keep track of all employees’ information and produce broader workforce trends. ERP can find contact information, compensation and benefits, and other documents for each employee faster and efficiently. HR Team can also monitor metrics and qualifications using ERP software.

Choosing what’s the best ERP System that suits the business

An ERP is a vital business system that must coordinate with how each company and business operates. There are a lot of different ERP systems and software readily available in the market nowadays. But to ensure that your business gets the best out of these systems, you must know your own needs and demands. Choosing the right ERP system requires visuals about capabilities, preferred deployment models, and company size that affect your decision and plan. Try to find proof with established vendors and suppliers with records of success while working with various companies similar to your own. Always ask for recommendations from customers and check out some success stories.

Now you know the factors you need to consider when choosing the right ERP system for your business, remember and take note of the most vital ones. And let’s now move on to the main highlight of this article. The following paragraph introduces one of the most popular and widely used ERP solutions in the market, boasting more than 4 million users worldwide, Odoo ERP.

What is Odoo ERP?

Odoo ERP is an enterprise resource planning solution widely used by companies to manage a wide array of different business processes. Odoo ERP can provide seamlessly integrated functional business apps called Odoo Apps. These applications help businesses form an ERP solution when put together and tailored depending on a company’s specific needs.

What are the types of businesses that can use Odoo ERP?

According to its company review, Odoo is a reasonably excellent ERP system, whether for small and mid-sized companies. But on the other hand, Odoo ERP can’t compete with costly, high-standard systems such as Oracle or SAP.  

Many industries with various businesses use Odoo software. 

The Odoo ERP with applications can give benefits to companies such as:

·       Manufacturing

·       Distribution

·       Digital Advertising and Media

·       Retailers, including online eCommerce and brick-and-mortar businesses

·       Field service operations

·       Service and marketing

·       Training

·       Consultants and Odoo Partners

·       IT industry with trained developers 

·       Accounting and financial firms

What are the Primary Features and Benefits of Odoo?

·       Economical (low-cost)

·       Easy to use (user-friendly)

·       Offers a wide selection of Odoo applications

·       Incorporates various third-party add-on software apps

·       Offers Community, an Odoo free version

How Odoo support Business Intelligence and data analysis?

Odoo ERP provides a platform for data visualization called Odoo Dashboards. ERP collects all the data to prolong and shape to a beneficial graphical view. There are primarily analyzing cores when using Odoo, including lead analysis, employee performance analysis, stock, inventory, and even sales analysis. 

ERP and Analytics

AI-based discoveries and innovations in ERP systems help finance and gross sales teams adapt to the present financial local weather. These various innovations discover new enterprise models and enhance strategic decision-making. Just recently, Oracle introduced important updates to Odoo Cloud ERP and Odoo Cloud Enterprise Performance Management, which significantly helps finance teams use technologies like AI (Artificial Intelligence), digital support, and analytics. These technologies enhance effectiveness, decrease prices, and can improve productivity.

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