The Risks Of Tracking Your Firm’s Records On Paper
Over the past decade, a significant part of the manufacturing industry has left the real world – it’s gone digital. This has been dubbed the 4th industrial revolution. More and more processes are digitized, allowing data to become the primary driver in many areas of your firm.
Worldwide, this is a part of the digital transformation effort, which is the initiative to use technology for better business outcomes. It’s one of the biggest buzz phrases going around the business community right now, and for good reason. Both in the manufacturing industry and otherwise, business leaders are realizing just how powerful new technology can be.
Don’t make the mistake of assuming this is all just hype. According to Reports and Data, the global digital transformation market was already worth $261.94 billion in 2018. By 2026, it is estimated to be worth as much as $1051.12 billion.
Why should it matter to you?
Metrics and business intelligence.
The Importance Of Metrics In Manufacturing
Given the scale of work and the often slim profit margins that a manufacturing firm undertakes, efficiency is key. The more you know about how long a given business process takes, and how accurate it is, the better you can troubleshoot and optimize it. Scaled up for the entire firm, you can drastically improve your efficiency, getting more done in less time, with better results. All of this helps to benefit your bottom line.
This is where metrics and business intelligence as a whole come into play.
Business intelligence is the collection and analysis of data collected such as department productivity, overall growth, firm-wide trends, and client behavior. Applications of this data can range from something as simple as Spreadsheets for the organization, and storage of data to Online Analytical Processing or Reporting and Querying software. Each has a specific use and offers various benefits to your firm.
Reporting and querying software extracts, sorts, summarizes, and presents selected data. This data could range from sale reports of specific items to a measurement of the efficiency of marketing plans.
In a nutshell, business intelligence will help you manage your firm more effectively. Still, many firms don’t take advantage of the tools that they have available to them. Dentists may know that they should be analyzing their data but often fail to do so.
There is a common misconception that business intelligence is mainly for large businesses and grand corporations. While analytics and other business intelligence applications are helpful to large businesses, they also work well for firms like yours.
Top 3 Benefits Of Digitizing Your Metrics
By moving your metrics from a paper-based environment to a digital one, you can improve them in a number of ways:
- Fewer Input Errors: This is the most significant benefit by far. You can vastly reduce the amount of time you would normally spend reviewing documentation for human error and data integrity issues by digitizing the entire process, allowing you to ship your products much more quickly.
- Fewer Deviations: By applying the right manufacturing software, you can analyze vast amounts of data to spot any deviations and reduce the need to take corrective and preventative actions. This allows you to further optimize your manufacturing processes and cut back on time and money spent in addressing deviations.
- Faster Review And Release: Conventional, paper-based records have a range of common problems, which are often as simple and pervasive as illegible handwriting, or incomplete data. Digitizing your records eliminates the issues immediately.
What Will Digitally Transformed Metric Practices Achieve For Your Firm?
As a key part of business intelligence initiatives, digital metrics will provide a number of firm-wide benefits:
- Increased Profits: One of the most critical aspects of a business is profit – without it, everything stops. Business Intelligence aids your business’ profit by providing valuable insight into your activity and your customers’ behavior. Tracking metrics can increase your business’s profit, both current and future through the use of analytics and science-based predictors.
- Boosted Efficiency: Efficiency is a vital cornerstone of any business. You can build the effectiveness of your small business operations in a few ways. Business intelligence analyzes data that comes from inside your organization as well as outside, such as those involving your customers and partners. This analysis offers you an opportunity to see where gaps exist and where they don’t. It also looks for patterns of efficiency within your business by showing which departments are running efficiently, and which aren’t. These tools ensure that you and your staff are making efficient use of all your resources, no matter how large or small.
- Long-Term Strategy: With accurate and up-to-date data available on all your business processes and initiatives, you can better plan for your future. You’ll know what works and how well it works, as well as what doesn’t, so you can adapt processes, invest more heavily in proven strategies, and more efficiently reach your business goals.
The point is that you’re no longer living in the twentieth century – so why do you choose to continue working in it? Reach out to Network Outsource to digitize your records and say goodbye to faulty paper-based record keeping forever.
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