ERP Reporting – which ERP reporting solution is best for my business?

Having recently implemented a new Enterprise Resource Planning platform, your management team is likely asking a critical follow up question: what reporting tool is best for our ERP environment? Modern ERP systems collect an incredible volume of raw operational and financial data, but that data only becomes valuable when it can be easily accessed, analyzed, and transformed into clear business intelligence.

Before any technology consultant can recommend a cost effective ERP reporting tool, there are several foundational questions your business must answer to define your unique data requirements.

Eleven Critical Questions for Your Reporting Strategy

To help you evaluate the vast array of reporting solutions available on the market today, your steering committee should review this targeted checklist:

1. One Dimensional or Multi Dimensional Analysis? Is your primary requirement for simple, static reporting or complex, multi dimensional analysis that pulls from various data modules?

2. Is Document Printing Required? While many reports should ideally be viewed directly on digital screens, does your business have a specific operational requirement to print physical copies? Certain reporting tools offer superior print layout engines compared to others.

3. Is Mobile Accessibility Necessary? More and more managers rely on smartphones and tablets to track performance. Do you need fully responsive dashboards that provide real time data when and where you want it?

4. Do You Require Automated Scheduling? Is it important for your business to schedule specific reports to be automatically compiled and emailed to managers at designated times, such as every Monday morning?

5. Are Graphical Visuals Needed? Does your leadership team prefer highly visual graphical reporting, traditional table based grids, or a hybrid combination of both layouts?

6. Is Advanced Business Intelligence Required? As you look at advanced reporting suites, they typically include deep analytical features, giving users the power to slice and dice information across multiple operational variables.

7. What Volume of Data Are You Managing? What scale of data needs to be sorted and arranged? Some business intelligence tools handle massive datasets and high transaction volumes much faster than basic tools.

8. Financial, Operational, or Both? What specific areas of your business are you reporting on? Are you focusing entirely on accounting and financials, or do you need deep visibility into warehousing, sales pipelines, and manufacturing?

9. What is Your Total Technology Budget? Reporting tools range from free, built in utilities to enterprise grade analytics packages that cost thousands of dollars. Your investment level will depend heavily on your feature requirements.

10. Ad Hoc or Planned Reporting? Are your data requirements centered around fixed, monthly planned reports, or do your teams need instant, ad hoc answers to unexpected questions, such as looking up an inventory level while a customer is on the phone?

11. Single or Multiple Data Sources? Is all your data living inside your new ERP application, or do you need to blend data from multiple external sources, such as a legacy CRM or a standalone point of sale system?

Selecting the Right Tool for the Job

The market features a wide spectrum of options, ranging from basic, built in database viewers to complete business intelligence suites and live dashboard platforms. Navigating this landscape requires not just a clear understanding of your business goals, but also an intimate knowledge of the technical table and field structures inside your specific ERP database.

It is also highly common for a business to deploy multiple reporting tools simultaneously to serve different corporate departments. For example, your accounting team might prefer utilizing Microsoft Excel Pivot Tables for financial reporting because they are already deeply familiar with Excel and love its computational flexibility. At the same time, your logistics and operations teams might utilize a specialized cloud business intelligence platform like Microsoft Power BI or Phocas to track live warehouse metrics and supply chain efficiency.

Build Your Requirements Checklist

Whatever path you choose for your business intelligence strategy, make sure you establish a formal checklist of functional requirements before signing a new software agreement.

The expert team at Leverage Technologies can assist you in auditing your data infrastructure, identifying reporting bottlenecks, and implementing the ideal analytical tools to complement your ERP environment.