Criteria to be Know it now® Certified
A Know it now® solution must meet certain criteria. Whether Pettit Consulting is creating a solution from scratch or just optimizing an existing solution, the goal is always to meet as many of the following criteria as possible.
Real-time data capabilities
- Information updates instantaneously when connected to network/Internet
- Updates process through the entire system once the transaction is approved
- No posting, batch processing, or closing necessary
Why is real-time data needed?
- As information ages, it loses its usefulness and relevance–information that’s only hours old can be completely outdated.
- For instance, say your ERP system only updates once daily. You, as a distribution manager, look at the sales data. It says that a customer ordered 1,000 widgets, so you package and ship them. The next day you check the sales data again and realize that the customer actually canceled their order the previous day and placed a different order! If your ERP operated in real time, this miscommunication and problem could have easily been avoided.
- Customizations and enhancements are added back into the core ERP software
- Eliminate third-party add-ons as they make upgrading difficult
- System able to support the latest relational databases
End-user data ownership
- The system is designed so the user closest to the transaction inputs the transaction
- As such, the system should not limit and/or charge by the number of users
- The system is designed to ensure ease of data input on a person to person and/or department to department level
- Method of data entry is fully customizable to ensure accuracy and timeliness
- The system is designed so that those inputting transactions do not need accounting knowledge to use the system
Why is end-user data ownership needed?
- The more distance between the transaction and the person entering the data, the more chance there is for error and the longer it takes for the data to be entered into the system to be accessible by those who need it.
Long-Term Data Storage
- Need unlimited years of history for real-time predictive analytics
- No need for file cabinets full of financial/accounting data
- Easy auditing and year-end closing processes