Introduction
In a society where the environment is constantly changing and in a globalised world where companies are competing, technology plays a key role. Technology like ERP software can significantly increase creativity, efficiency, and business productivity, allowing businesses to compete in the digital economy of a global world with the ability to make decisions quickly and flexibly.
ERP is growing fast, especially within the service industry where it is driving the bulk of new revenue growth. Considering this progression, it is apparent that ERP software is essential to the modern business world, from global multinationals to small-to-medium enterprises.
ERP software assists with sales management, customer relationship management, warehouse management, manufacturing, human resources, financial management, and so on. These modules are integrated with each other, reducing the stress of duplication of information and double entry with different departments. Overall, an ERP solution facilitates business operations for an entire enterprise.
Moreover, ERP software is designed mainly to eliminate the complexity involved in managing the resources pertaining to the company. Though the main motive of ERP software is to increase the productivity of a business, it has many other benefits as well. Let’s discuss some of the benefits involved in using ERP systems.
Centralised information
A company which doesn’t use ERP really finds it difficult to have proper cohesiveness with each business unit. Even though many software applications are available to share the resources efficiently, ERP overtakes every other software due to the fact that it offers a centralised service for any kind of information available related to the company.
Improved production
ERP has many components included within it which helps the productivity of a company. Since ERP includes many features which track the past history of information, forecasting is done in a simple way. This also helps in efficiently managing the inventory and thus the productivity of the company.
Furthermore, tracking orders and fulfilling customers’ needs is also something ERP can assist with. ERP provides this assistance with simple user interfaces. Orders are tracked efficiently, and delivery is also monitored for the fulfillment of the customer. ERP tracks all financial data, starting from the invoice to the cash receipts. So, using ERP software makes it easier to track your revenue cycles.
Synchronised data
The problem of synchronising multiple datasets from human resources, finance, sales, and marketing are handled and eliminated by ERP. Cross functional services which need communication between different business units are permitted by ERP, creating a full view of the organisation. Moreover, a considerable amount of risk in losing important data is eliminated, meaning the gap between production time and delivery time can be reduced.
Realtime databases
ERP systems give organisations access to realtime databases, meaning that there is no duplicate records or playback operations. This also means that if your business previously had to make reports and take them from one place to another, that time is now spent on other activities due to the fact that ERP provides realtime data that can be instantly analysed and sent to the entire organisation through the use of detailed, automated reports.
Reduced operational costs
One of the most important benefits of using ERP is that it helps you reduce your operational costs since it coordinates with different departments of an organisation. ERP increases and boosts day to day business activities, since the details of every department is available to the business, enabling quicker decision making and faster turnaround times.
Optimised analytics
Contemporary industry models require up to date analytics to provide process optimisation and business intelligence on which to base decisions. ERP is a platform that allows businesses to scale their data and analytics’ needs accordingly, in order to boost overall business performance.
Instantaneous access through the cloud makes information immediately accessible which has value, particularly in manufacturing industries where realtime analytics are required to optimise product development.
ERP is the way to go
ERP is the way to go for companies today to remain competitive. The commercial landscape is becoming more and more data-centric and thus organisations need solutions to manage their information. Cloud-based ERP software has the added benefit of being cost-effective, fast, and scalable, giving it value-added status in the enterprise management realm.
Besides the above mentioned benefits, there are many other advantages of using ERP for your business. Therefore, you should put ERP to the test to see how it can help you make your business successful.
Find out just how beneficial ERP is for Enterprise Resource Planning
