Manufacturing data analytics is a vital element for the company management and meeting the strategic planning. The Power business intelligence tools have shown their significance for the decision makers because they are available from any point in the world, and are regularly updated for the moment you see the analytical report.
The managers and directors can continue their working processes until they need the dashboard data for the right decisions. At the same time data analytics for manufacturing companies will work via the cloud based service and regularly update, gather data from the ERP, API, CRM, databases, Excel and any IT systems to form the analytical reports.
Big data analytics in manufacturing includes five main dashboards you will need to check the results and correct the workflow. They are:
- CEO Dashboard
- P&L dashboard,
- Working capital dashboard,
- Marginal income factor analysis,
- Production Cost Details.
CEO dashboard is the most handy data analytics manufacturing report for the decision makers which reflects the key metrics of the company activity.
It includes the revenue, operational profit and other structures.
Sales dynamics and level of margin, account balances, level of costs, company profitability, net profit, current state of the accounts receivable and payable will be reflected in this Power BI manufacturing dashboard.
These data are analyzed in dynamics and by the main companies activity directions. On their base the CEO can estimate the main business tendencies and what happens with it daily.
P&L dashboard is increasing financial control of manufacturing companies. To tell the truth this manufacturing kpi dashboard is important for all types of businesses. It is connected with the calculation of sales, gross profit, financial incomes and expenses to get the net profit. The main metrics here are revenues from sales, cost of goods sold, gross profit and expenses of the company connected with operational (administrative salaries, rents, etc.) and non-operational activity, financial and other incomes and costs to calculate net profit. Net profit is the result of P&L.
Cost of Goods Sold (CoGS) is not always shown by products, because there are general manufacturing expenses too. Moreover, manufacturing companies can use different principles to define Cost.
Working capital dashboard is an important financial index which shows the sum of shareholders’ capitals frozen in the current assets of the company. It suits all the types of companies and deals with the accounts receivable and payable, stocks and money leftovers.
Working capital is calculated as the sum of current assets such as money leftovers, accounts receivable and inventory. Later, from this sum the short-term loan debt is subtracted.
Finally, it reflects the sum of frozen shareholders’ capitals. When working capital is positive (10 million), it means that this sum is frozen in the current assets
Marginal income factor analysis dashboard is connected with the Revenue and Cost of goods Sold.
Factor analysis means the affection of the sales changes (by amount, by price) and reflects which factors affected the marginal income.
Here you may see the revenue plan, factorial plan, % of plan implementation, deviations from the plan; dynamics of planned and actual revenue per month; dynamics of monthly marginal income, etc.
Production cost details is the fifth dashboard connected with data analytics for manufacturing.
It can show different limits and types of goods produced. Here are analyzed finished goods, working progress, semi-finished products, finished products, trade goods, raw materials, spare parts, fuel, etc.
In the first place, the owners get some costs for the first calculation of prime cost. Then, after the next production stage the calculations of prime cost changes with additional costs.
The advantages of Power BI dashboards
Business intelligence in manufacturing is comfortable for usage as you can see interactive reports any time in any place in the world. It is timesaving for the vital decisions of directors and other decision makers.
Dashboards don’t demand time for calculation because they show the analytical reports refreshed and ready. Just use the data when you need your Key Performance Indicators for effective management of the business. This way they save your time for the other jobs around the company and management.
Manufacturing production reports are easy to understand because they are tailored to clients’ needs and design. Each of the department heads will get the necessary data for work and vital KPIs for the company’s success.
Reports are available from any point in the world as manufacturing dashboards use cloud based service and are regularly updated for the moment you see them. Developing the business becomes more comfortable when you regulate the workflows according to the fast reports with interactive analytics.
Whether you are implementing a new BI tool or building an entire system from scratch, Cobit Solutions team can help you meet your business intelligence needs. Our seasoned professionals will provide you with an effective BI system to make your business succeed.
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