Choosing which type of technology your company should invest in isn’t a walk in the park. With more and more technological innovations emerging today, deciding which one is best for your business can be overwhelming. Enterprise Resource Planning (ERP) software, for instance, has grown in popularity over the past years. Despite the increasing number of businesses implementing ERP software, many are still in doubt whether or not ERP is worth investing in.
Introduction to Enterprise Resource Planning (ERP)
At its core, Enterprise Resource Planning software or simply ERP, is a business management software that offers a suite of integrated applications that will allow them to automate routine tasks and streamline business processes for accounting, procurement, project management, customer relationship management, risk management, compliance and supply chain operations. Moreover, ERP allows businesses to optimise systems through the use of resource tracking and reporting, database management and data sharing.
ERP software is used by companies that are looking for ways to effectively manage their business operations within a centralised and integrated system. It is commonly used by businesses that are working within the supply chain, allowing them to monitor and track all parts of the manufacturing and distribution. ERP can also be beneficial to users that belong to different industries such as those in healthcare, construction and hospitality.
6 Different Ways Businesses Can Use ERP Software
ERP software can be one of an organisation’s biggest assets. By automating processes while protecting all critical information, ERP software can help businesses efficiently manage their day-to-day operations while gradually achieving their long-term goals.
Here are 6 different ways enterprises can use ERP software for business success.
Improve business agility
In order to survive in today’s fast-paced, rapidly evolving world, having the ability to effectively respond to change is a must. A reliable ERP system comes with great scalability that will allow you to quickly adapt to ever-changing market dynamics and customer needs. By investing in ERP software, you can have the freedom to implement applications that you see fit for your business for the time being and eventually add on integrated applications as your business grows.
Reduce IT costs
While most ERP software can be considered as a huge investment, it can help reduce your IT costs as it allows you to expand your business without the need to spend on additional staff or multiple systems. Furthermore, ERP software can help reduce training requirements for end-users as they will only be required to learn a single system instead of numerous applications.
Provides total visibility
One of the biggest selling points of ERPs software is its ability to provide total visibility of the overall business process by making data accessible to all essential departments in the company.
With all essential information located in a centralised system, various departments of a company can benefit from better collaboration and faster completion of tasks. By providing businesses with complete visibility, ERP software also allows organisations to make quick yet logical business decisions.
Enhance reporting and planning
Alongside providing improved visibility, businesses can also use ERP software for better reporting and planning. By implementing ERP software, your organisations will have a single, unified reporting system. This powerful software can instantly generate accurate reports and analytics allowing you to analyse results without the need to check numerous spreadsheets. With ERP, you can think ahead and create efficient plans from inventory and sales down to customer services.
Improve business productivity and efficiency
Manual workflows and inconsistent spreadsheets can hinder your business from reaching growth and success. When implemented properly, ERP software can greatly contribute to business productivity and efficiency. It helps reduce repetitive tasks allowing employees to focus on more revenue-generating activities.
What;’s more, ERP software gives you access to cutting-edge technologies such as Artificial Intelligence (AI), robotic process automation (RPA) and machine learning. These technological advances can help generate purchase orders and accurately monitor products from manufacturing to delivery.
Boost customer service
With ERP software keeping all client information in a unified location, it provides the sales team with more time to focus on what’s important: maintaining strong and healthy customer relationships. After all, businesses are all for customer retention.
In addition to this, most ERP software today also comes with e-Commerce integration which allows businesses to better manage web-based order processing and create more meaningful client interactions.
Key Takeaway
Whether you’re looking for ways to effectively grow your customer base, streamline your business operations or you’re planning to enter a new market, implementing ERP software can be your best bet.