RamBase: The importance of data quality on accurate decision making
23 April 2021
It is a fact that if you can’t measure something, you can’t manage it. However, for many small businesses, much of the critical data needed to manage the business is at best on a spreadsheet or at worst in the heads of key workers.
Real-time information is paramount
According to Per Kverneland in his role as Managing Director of VVS Prefab, "Running a company without real-time information is like driving a car without seeing”. This analogy sums up the challenge perfectly!
You would not take the risk to drive without seeing, but why would you take the equivalent risk when it comes to managing a business?
The benefits of having immediate access to accurate and current information – means that any changes in product specs, component availability or price changes, can be instantly modelled with full sight on margin implications, customer pricing and delivery schedules. Once armed with the facts, you can manage the risks, target supply to priority customers and minimise any negative impact.
One source of the truth
For businesses making decisions based on spreadsheets, different mangers are likely to have their own version of the "same” thing. Whose view do you use to make the right decision?
The benefits of having a "single view of the truth” mean that you have transparency of information across your business and single view of your business health. Having proven, standard processes also help to ensure accurate data quality. By using cloud technology with common processes that everyone works to, the same information is available to all your different devices – any place, any time.
Informed decision making
Access to trustworthy real-time, aggregated data delivers huge benefits to businesses and having an holistic view of the business truth is key to making good decisions.
Having clear vision on all aspects of manufacture from design, order, production and documentation to shipping, and knowing that you always have the right data, at the right place and right time, means that reliable and informed decisions can be made at each step of the process. This has been particularly valuable over the last year when access to suppliers, workers and customers has been particularly challenging.
With the help of tools such as RamBase Sales & Operation Planning tool, you can balance your forecasting and purchasing to calculate demand, manage stock and fulfil your order book. You can produce Work Orders and Production schedules in the same place, from the same data, making complex production easy to manage.
Case study - VVS Prefab
Norwegian Manufacturer VVS Prefab recognised the value of having accurate real-time data found themselves in a strong position to cope with the recent challenges. They had already implemented RamBase to manage complex engineering processes and has seen its business grow by 30% in this last year, despite the pandemic.
You can find out more about how RamBase Cloud ERP continues to support VVS Prefab in this series of articles.