Have you been exploring the idea of using predictive analytics to improve your small to medium sized process manufacturing company but haven’t taken the leap? Are you held back by the idea that predictive analytics is only for large businesses? SMB’s are realizing that they can no longer afford to ignore predictive analytics, as it provides a distinct advantage in a highly competitive marketplace.
What is Predictive Analytics?
It may seem like a complicated concept; however, it’s actually quite simple. Predictive analytics uses data to predict future outcomes for your company based on the premise that past behavior is the best predictor of future behavior. While it seems easy enough, some businesses today still utilize out-of-date systems or complicated spreadsheets which make analyzing data difficult. When predictive analytics is paired with your ERP solution, you have a very powerful tool that facilitates access to your historical manufacturing data, sales orders, costs and more.
Can We Afford It?
Predictive analytics software is becoming more affordable for SMBs due to an increase in the number of providers in the marketplace and broader availability of technology. Both have served as an impetus for increased competition (and in turn lower prices) among companies vying for market share of predictive analytic solutions. Developers have expanded the use of open-source code, engaged in information sharing and developed partnerships with other software companies, all of which has sparked a steady increase in vendor offerings. Cloud-based solutions have also provided cost-saving options to companies, as predictive analytics becomes more affordable without needing an on-site system or department of data analysts. The investment you make in an ERP solution integrated with predictive analytics will pay dividends far into the future.
Industry-Specific Predictive Analytics
Due to the complex nature of process manufacturing, newly developed customized predictive analytics offerings are readily becoming available to SMBs. With a solution templated for your industry, manufacturers are gaining access to information that pertains to their unique needs, using terminology specific to their business. When paired with the historical data in your ERP, predictive analytics identifies trends and anomalies, monitors equipment for maximum efficiency, and facilitates the creation of a robust plan of quality improvement for manufacturers. An industry-specific ERP solution integrated with PA software allows your company to remain competitive in the marketplace as you can easily see the future and respond accordingly.
As a leading mid-market ERP software solution for the process manufacturing industry, we pride ourselves on our ability to serve the unique needs of the food and beverage, chemical, cosmetic, nutraceutical, and pharmaceutical industries. ProcessPro’s Advanced Analytics package, including predictive analytics, features a robust data reporting warehouse that enables interactive visualization, reporting and analysis of your data from any device (mobile or PC) anywhere in your business. Contact Us today to see how we can help you take advantage of this powerful business tool.