Complex processes and insufficient data quality are the greatest obstacles to analyzing and evaluating product costs. Business Intelligence (BI) clears these obstacles with ease. Modern BI solutions intuitively filter the most important insights from huge volumes of data, giving companies access to the latest detailed information so that they can make the right decisions.
With Enterprise Product Costing (EPC) solutions which give a holistic, enterprise-wide view of product costs, applying BI solutions brings tremendous advantages.
Networked information from different data sorces
EPC solutions provide all types of costing data in the prequoting, quoting, purchased part analysis and product tear-down and benchmarking phases in a central, standardized way. Modern BI solutions connect these with enterprise data from other sources, such as CRM and ERP solutions, or spreadsheets. The consolidated data is assembled for the specific target audience in dynamic dashboards and reports. The results are available for relevant stakeholders in the company to view at any time.
Fast answers to dynamic questions
The costing data saved in the EPC solution can be provided via interfaces in any BI solution to create reports and perform analyses. Modern systems feature powerful visualization options, drill-down and filter functions. Users respond quickly to dynamic questions and deliver fact-based answers. This enables company stakeholders to analyze results independently and infer specific actions (self-service).
Clear data visualization
BI solutions enable users to navigate through extensive data records for product costing. Complexity is reduced thanks to target group and application-specific dashboards. Companies use these powerful visualization options to present correlations in interdisciplinary overviews of all product costs and analyze them as they pertain to specific applications. Monitoring the company’s own key performance indicators in Enterprise Product Costing is clear and efficient.
Effectiviness thanks to transparency
Connecting EPC solutions to modern BI systems helps businesses achieve transparency as they analyze enterprise-wide product and project profitability – an area where early and continuous monitoring is key. Central access to all calculation data and visualization options makes it easy to quickly identify deviations – in targets, for instance – at all times. Companies use this foundation to define counteractive measures and achieve the maximum possible efficiency in optimizing their business processes.
Modern BI solutions are the optimal enhancement for Enterprise Product Costing. All costing information is recorded in a comprehensive, enterprise-wide way and key figures on costs, investment requirements, profitability and revenues in projects are made transparent in the shortest time possible. The seamless presence of information that is relevant to the decision-making process gives businesses a significant competitive advantage.
Learn more about the interaction of Enterprise Product Costing and Business Intelligence solutions in our webinar on demand "Cost Transparency in Real Time - Modern BI Solutions in Enterprise Product Costing".