Often regarded as the engine of the growth of a business, Big Data seems to have started receiving its due credit finally. When used effectively, the accurate and relevant enterprise Big Data can produce more actionable business insights in a consistent manner. In the present market, which is heavily driven and regulated by Big Data, any business – regardless of its nature or size – can thrive exponentially with each byte of data consumed by it.
Are You Aware of the Four-Vs?
However, the optimum usage of Big Data is not just about ‘data consumption.’ Rather, it’s all about ‘data digestion.’ Seemingly easy and hassle-free, the process of data digestion entails a great deal of complexities in reality, mainly because it revolves around four critical variables, which include ‘Volume,’ ‘Velocity,’ ‘Variety,’ and ‘Veracity.’ Together, these aspects make up for the famous ‘Four-Vs’ of Big Data. Making the most of Big Data is not possible without balancing out each of these variables. The more the balance, the better the results!
A New Perspective on ERP Software
With companies across the industries vying for betterment in Big Data exploration, the significance of ERP or Enterprise Resource Planning software is soaring high. Whether it’s about function i.e. procurement, accounting, risk management, project management, supply chain operation, customer service, finance or Human Resource management, the advanced Enterprise Resource Planning software has a crucial role to play.
In order to provide an actionable and accurate business insight, this highly powerful and business-centric software is required to feed on a deluge of Big Data. Such data should be 100% relevant and accurate, and deriving from different facets of a business. Exactly this is where the importance of Internet of Things or IoT steps in. As IoT has marched into our lives, the entrepreneurs have discovered new ways to sustain the Four-Vs for enhancing ERP systems.
So, what happens when ERP is combined with IoT? What role IoT plays in driving the Four-Vs in Big Data? Let’s run a glance through the following excerpt to quench your inquisitions –
IoT is Shaping the Future of ERP and How!
Before delving any further into this discussion, it’s important to thoroughly understand Io at the first place. So, what is IoT or Internet of Things? It refers to the network of different physical objects, which comprise the advanced and embedded technologies to sense or communicate to their external environments or internal states. There are reasons galore for every major organization to go bonkers over IoT. It offers highly efficient M2M aka Machine-to-Machine interaction to simplify the modern lifestyle.
Backed by IoT, your ERP will successfully amplify the precision and accessibility of information at your company. Some other benefits of combining IoT with Enterprise Resource Planning are the followings –
- One of the most notable benefits of this combination has to be the improved data accessibility. By automating data collation across a variety of processes, departments and points, Internet of Things will make it easier to access business-critical information.
- The enhanced business interaction among stakeholders is another major advantage of integrating IoT into Enterprise Resource Planning. The abundance of data availability can easily break down silos among different departments or users, which will automatically foster better collaboration among stakeholders.
- Even though Internet of Things has been there for many years now, it has started gaining a great deal of popularity lately. These days, companies are increasingly investing in this highly advanced technology to contribute to more informed and faster decision making. Data with high volume and accuracy plays a crucial role in deriving actionable and relevant business insights. IoT can accelerate this process by maximizing the availability of such data.
Impacts of IoT in Driving the ‘Four-Vs’
There are unique perks that Internet of Things can offer in breaking down the Four-Vs of Big Data. Every company generates a large ‘Volume’ of data from various processes. IoT helps in tapping into the right data before feeding them automatically into ERP. With IoT, data transmission becomes automated and less time-consuming. Thus, it automatically cuts down the lag in feeding or capturing Big Data into Enterprise Resource Planning. It translates into the huge availability of updated data, which later infuses real-time visibility in business operations. This is how; IoT plays a big role in data ‘Velocity.’
IoT plays a major role in feeding a wider ‘Variety’ of Big Data into a company’s ERP system. Only pre-defined and specific data are captured by IoT. It holds the unstructured or inaccurate data back from affecting your ERP system besides saving a lot of time and efforts that is otherwise needed in data filtration.
The Final Words
Internet of Things holds incredible potentials, when it comes to adding real-time value to an already utilitarian, upgraded and versatile ERP system of a business. Most importantly, tying ERP with IoT can open up manifold avenues to maximize the efficiency of Big Data.