Too much Data Confusing you? 5 Ways an ERP System can Overcome Information Overload, with Real Life Examples
Category : ERP
Blog posted by : Admin / 30 Jun, 2021
Information Overload is a real hurdle that can be lightened by an ERP system. With technological advances in analytical tools, there is more and more data being generated, which has its advantages, as well as disadvantages.
Simply put, information overload is about being overwhelmed by too much information- to the point of being unable to take a decision. Quite frankly, the goal of collecting data is to enable executives take better decisions but when it does the opposite- cause decision paralysis, then you know you are overloaded with information.
Enterprise Resource Planning (ERP) system helps collect, plan, analyze, execute and track business processes. As it automates a lot of the human resources, vendors, finance, accounting and more processes, it prevents information overload to a great extent.
We have listed 5 ways you can deal with too much data and how some ERP modules can help. Going by instinct while taking decisions will be replaced by informed decisions, backed by accurate facts and figures.
1. See which Tasks need your Immediate Attention
Take a break and declutter your mind when you start drowning in information. It is always better to prevent a burnout than to find ways to tackle one.
Once you bring your mind back to work, take stock of your tasks. Categorize them according to priorities. One of the ERP modules that can help is Task Management.
You can view all the tasks at once on a single screen in a graphical form or as pie charts. Most of the numbers are removed so that the statistics not only become visually appealing but also easier to process.
You can segregate tasks according to categories, priorities, issues, status or users. As a project manager, when you see the completion percentage of a certain task is way too low, you can check the pie charts on the dashboard.
The Issue Type chart will be a depiction of the number of issues being faced by each process. Just by looking at the size of the pie slices on the chart, you will know which process is facing the most hurdles and needs your immediate attention.
2. Get Basic Data Processing Out of your Way
With Enterprise Resource Planning software, facts captured about a user will be grouped together automatically. The initial data sorting will be automated and you will only see actionable information.
One example of the initial processing being eliminated is when a website user is browsing through housing development projects. The user will automatically turn into a prospective lead for a real estate company.
The web development team would receive browsing activity including the kind of properties viewed and to what extent the user spent time on the website. If such pre-sales activity is captured by an automated customer relationship management module, then it would provide you with active insights into your customers.
Targeted marketing will help develop personalized strategies for every customer or lead. Many clients have seen a jump of approximately 20% in their sales win rate after automating their business processes with Real Estate ERP.
3. Start putting Live Data to use Immediately- Automate it!
A campaign can be created on the Enterprise Resource Planning system, with an auto dialer option to call up potential leads for enquiry and follow up. Leads can be divided among sales representatives, who in turn provide updates on the system.
Making the entire process transparent helps in taking quicker decisions as you are readily receiving live statistics. The sales team even receives a reminder on the system and notifications about pending leads too.
Instead of passively collecting information, an ERP system allows the collected statistics to be put into action immediately. Your data collection and sales strategy work simultaneously to garner the best results.
4. Reduce Processing Time with Auto-Generated Visually Appealing Progress Reports
The easiest way to avoid information overload is to view it in a visually appealing form. Any user should be able to understand the gist in a single glance.
Consider a commercial or residential builder, viewing the construction progress, would like to check the status of flooring work, plumbing and electrical fittings on each floor. Needless to say, such data can be easily compiled onto an excel sheet segregated by rows and columns but it increases the reading time.
On an ERP system, every employee can update data in order to produce a graphical representation of a progress report. The three progress parameters- plumbing, flooring and electrical, will be displayed along with their status for every floor. To view the daily progress report (DPR) for another wing of the same building complex, the builder will only need to select a different sub-project.
5. Avoid Brain Fog by Automating Statutory Compliance
Any new rules for taxpayers are integrated within the Real Estate CRM system. The users do not need to worry about compliance with new tax laws or deal with never ending paperwork.
Consider the rate of Tax Deducted at Source (TDS) for suppliers in India. On the ERP system, details will need to be added to the Purchase Bill section. The system will check total turnover from past entries in order to apply the latest tax deduction rule.
Then the user needs to select the Tax category from the drop- down list depending on whether they would like to purchase goods with or without incorporating the IT return regulation.
If the vendor has not filed IT returns in the previous two years, then they need to select "Purchase of Goods without IT return" so that the system deducts double the amount.
The development team works continuously to update the system with the latest taxation laws so that you do not have to worry about it. It frees up a big chunk of your time when you do not have to manually keep track of regulatory compliances.
There is no end to expanding the range of possibilities with raw data while at the same time not feeling burdened with unnecessary facts and figures. Here, we compiled only 5 ways, to avoid information overload! If you would like to explore more, then visit https://strategicerp.com/b2b-erp.php
