In today’s fast-paced business environment, firms in Bangladesh face the difficulty of coordinating information located in many databases, spreadsheets, and organizational silos. Significant challenges, including inaccuracy, inefficiencies, and a lack of comprehensive insights, are presented by this fragmented data.
Interestingly, ERP software in Bangladesh can solve fragmented data issues by centralizing data repositories, ensuring data integration and consistency of data.
But is that all? Well, no. This blog post will examine the role of ERP software in increasing Bangladesh’s business ecosystem by means of streamlined operations, more accurate data, and better decision-making.
Come explore the advantages of enterprise resource planning software and how it is revolutionizing the way businesses in Bangladesh handle data and access previously unattainable levels of efficiency.
Why is Fragmented Data Bad for Your Company?
Inaccurate and Inconsistent Information
Fragmented data often results in inconsistencies and inaccuracies. Data stored in different systems or spreadsheets may have variations in formats, naming conventions, or data entry practices. This makes it difficult to ensure data accuracy and reliability, leading to errors in decision-making processes.
Time-Consuming Data Retrieval
When data is fragmented, retrieving relevant information becomes time-consuming and inefficient. Users have to navigate through multiple systems or search through various files to access the data they need. This leads to wasted time and effort in gathering and reconciling data from different sources.
Lack of Data Integrity
Fragmented data increases the risk of data integrity issues. Inconsistencies and discrepancies between different data sources can result in conflicting or contradictory information. This undermines the trustworthiness and reliability of the data, making it challenging to have confidence in its accuracy.
Difficulty in Data Analysis and Reporting
Fragmented data makes it difficult to perform comprehensive data analysis and generate accurate reports. Analyzing data from multiple sources and integrating it for meaningful insights becomes a complex and time-consuming task. This hampers the ability to identify trends, spot patterns, and make informed decisions based on a holistic view of the data.
Reduced Efficiency and Productivity
Fragmented data leads to inefficiencies in business processes. Employees spend more time searching for information, manually reconciling data, or dealing with errors caused by inconsistencies. This hampers productivity and slows down operational workflows, affecting overall efficiency and performance.
How Manual Processing Creates The Fragmented Data Issue
Data Entry Errors
Typographical mistakes, poor formatting, and data omissions are commonplace when entering data manually. Data inconsistencies and fragmentation result from erroneous or inconsistent data entry across systems or spreadsheets. One common source of data duplication and confusion is the introduction of duplicate client records due to typographical errors in contact information.
Lack of Standardization
In manual procedures, everyone has their own system for keeping track of information. Disparities in file formats, naming standards, and information architecture result from a lack of standardization. It might be challenging to reconcile data between departments when, for example, one utilizes abbreviations and the other uses complete names.
Due to the nature of manual operations, information is generally scattered across several locations. Data silos form when different groups or people keep their information in isolated databases. Information silos make it difficult to get an enterprise-wide perspective on data and stifle cooperation. For instance, it might be challenging to measure overall performance if sales data is handled by the sales team and inventory data is controlled by the warehouse team.
Manual Data Transfers
Sharing or transferring data across systems is typically done by hand. Transferring information manually takes time, is prone to human mistakes, and can result in errors or even the loss of data. For example, if data from one system needs to be manually fed into another system, the data may become fragmented or incomplete due to human error.
Lack of Real-time Updates
When data is updated manually, it usually takes longer than necessary. It may take time to update all necessary systems or spreadsheets with new information after a major event, such as the receipt or sale of goods. Inconsistencies in databases caused by a lack of real-time updates lead to disjointed and out-of-date knowledge.
How Can ERP Software in Bangladesh Fix the Issue?
Centralized Data Repository
Take, for example, a manufacturing firm in Bangladesh that was keeping track of its information in many databases and spreadsheets. One system handled their financial information, while another was used to record manufacturing and stock levels. Because of all the many pieces, it was hard to see the whole picture of the company. Data from accounting, stock, and manufacturing may be merged into one easily accessible location with the use of an enterprise resource planning (ERP) system. Managers can now make better decisions thanks to a centralized interface where they can view data such as stock levels, financial transactions, and production plans.
For instance, a Bangladeshi retail firm had trouble keeping track of customers, orders, and inventories because to their disparate systems. This caused irregularities, including stock-level mismatches and mismatched customer records. The CRM, Sales, and Inventory sections of an Enterprise Resource Planning system may all work together seamlessly. When a purchase order is made, the stock levels, replenishment requests, and customer information are all immediately updated. By coordinating efforts across divisions, we can ensure that data is accurate and reliable.
Consistency of Data
Let’s pretend that a global firm in Bangladesh used many databases for human resources, finances, and purchasing. Employee information, financial records, and purchase details were thus stored inconsistently throughout divisions. The implementation of an enterprise resource planning system can enforce defined data formats and validation requirements. For instance, when an employee’s wage is changed in the human resources module, that change is reflected immediately in the finance module, allowing for more precise financial reporting and eliminating inaccuracies due to human error.
Real-time Data Updates
Let’s assume a distribution firm in Bangladesh had trouble keeping track of stock in its many different storage facilities. Manually updating inventory information caused delays and mistakes in the past. An enterprise resource planning system allows for instantaneous data changes. When a warehouse receives fresh stock or a product is sold, the inventory levels are instantly updated across all warehouses, giving all stakeholders accurate and up-to-date information.
Picture a service-based business in Bangladesh that has trouble keeping track of projects, resources, and customers due to the use of several incompatible databases. Because of this, staff members had a hard time getting their hands on the data they required to provide excellent service to customers. With an ERP system, you can access all of your data from a centralized hub. The ERP system allows project managers to track tasks, allocate resources, and monitor information about each client, which helps to increase productivity and delight customers.