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The Benefits of Real-Time Data Management in Businesses

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Know the 'Why?' of Embracing Real-Time Data Management

The benefits of real-time are numerous. There is real-time reporting, real-time processing, real-time transparency – in business. Everything can now be accomplished because of “real-time.” This allows for better conversion rates and more streamlined business. Businesses who embrace real-time communication enjoy the benefits of:

  • Clear communication
  • Less confusion
  • Saving time on manual tasks
  • Increased productivity
  • Saving money
  • More accurate reports

With the help of an SAP Supplier (or Vendor) Portal, you can drive purchasing efficiencies, increase supplier collaboration and make truly informed decisions. Instead of having to go through an intermediary to communicate or update information, users can simply log into a secure portal and initiate update requests for the information themselves. The program can then process this information and make certain tasks easier.

Tools for Real Time Data Management in Businesses

Since an SAP Supplier Portal for an organization runs SAP ERP, it manages all aspects of procurement and stock control mainly from within the core ERP system. Similarly, the portal stores the real-time transactional data and surfaces this data to ensure ‘one version of the truth’. Moreover, the data can be served up to multiple touchpoints like eCommerce, Call Centre Applications, and indeed a Supplier Portal. This real-time scenario helps ensure the supply chain is more effectively and efficiently managed.

Cons of Not Investing in Real-Time Data Management

If you do not fully utilize the benefits of real-time data management offers, then your company will suffer. Businesses have started their journey towards being global now, and chances are you will want to reduce the costs associated with your supply chain. If you do not invest in these software solutions, you will need to deal with:

High Processing Times

Human communication might be great for customer service, but it is fraught with risk for supply chains. Hence, your supply chain staff will need to make lots of calls, taking up time and energy. Not to mention the fact that there will always be an element of human error.

Lost Data

Large organizations have strict measures in place to ensure data security, but smaller companies who may consider this topic as less importance are putting themselves at severe risk. In the United States alone this lost data has cost businesses billions. Don’t fall victim to poor data management.

Customer and Supplier Information

With the onset of GDPR compliance over the previous years, security and usage around this information are paramount to any organizations’ concerns. Given the real-time data implications, the need to have systems in place to ensure instant data integrity is mission critical.

Pros of Investing in Real Time Data Management

The right digital transformation software like Omnia Ecommerce will vastly improve supplier collaboration and allow for real-time communications between everyone who can access this data. From automated reports to faster processing times, the pros of investing in real-time data management are numerous:

Automated Reporting

Having a product that provides and has access to real-time data enables accurate reporting across topics such as KPIs, orders, materials and any number of analytical reports surrounding the data held within the system.

Instant Communication

Real-time updates greatly improve communication and reduce processing times. With Omnia supplier portals, you can raise quality notifications and ensure any issues are addressed quickly.

Happy Customers, Clients, and Suppliers

Improved communication and transparency will improve the service you can provide to all those involved with your company.

Advantages of Using Real Time Data Management in Businesses

Forecasting

Again, with a product like a Supplier Portal, you can share demand forecasts with suppliers in real time to ensure they always meet your demands.

Businesses need to be efficient in order to cut out unnecessary costs. Without the right software and without using the data you have available, you will struggle to achieve the efficiency that you dream of. Reduce costs, improve processing times, and as a result manage your business more effectively. It’s a single solution that provides multiple benefits. So, start today!

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