Data collection and access has become more crucial for businesses of all sizes, which is why firms should adopt a barcode inventory system that feeds information to Microsoft Dynamics NAV in order to capitalize on this trend and increase profits.

Due in part to the growth of personal computing and available devices with internet connectivity, the amount of data now being created on a daily basis is staggering. According to IBM, 2.5 quintillion bytes of data is created every day, and 90 percent of all data has been generated in the last two years.

While some businesses may look at the data growth as a hindrance, smart business leaders know that it presents opportunities for finding new insights and generating additional revenue streams. Increasingly, savvy companies are leveraging business intelligence and big data analytics to best maximize these new data streams.

In order for an analytics initiative to succeed, however, organizations need to think of every product and process as a potential new source of information, according to InfoWorld contributor Michael Voellinger. This may require business decision makers to fundamentally change how they think about every aspect of the company, but this paradigm shift will enable organizations to be more agile and competitive in today's fast-paced enterprise environment.

"Rather than trying to replace, retrofit, or overlap, look at how the underlying data is captured and utilized," Voellinger wrote. "I'll bet you'll find more than a few places where similar or identical data is being captured three or more times to serve different purposes."

How a barcode inventory system affects data analytics
Manufacturers and retailers are especially well suited to capitalize on today's data collection and analytics trends, but such an effort may require partners to adopt new warehouse inventory management software solutions.

Since retailers and manufacturers deal with so many end points within their supply chain, the potential for gathering more data than ever before is vast. However, these enterprises need a way to accurately track everything from incoming shipments to stored parts. A barcode inventory system is especially ideal for this task since it is an easy-to-use technology with a proven track record for accurately collecting large amounts of information.

Collecting information with a barcode inventory system is only one part of the equation, though, as businesses need a way to store and share that data. With a quality enterprise resource planning (ERP) platform like Dynamics (formerly Microsoft Navision) in place, this data transfer and storage process is greatly simplified.

Learn how to define your ERP strategy by downloading the white paper entitled "ERP in Manufacturing: Defining the ERP Strategy" from the DMS website today.