Does your business have an ERP solution (Enterprise Resource Planning) solution in place?
Most businesses could benefit from a more effective way to manage their business activities. An ERP is a software solution that manages the key parts of your business, including but not limited to sales and marketing, manufacturing, logistics and accounting. It provides you with a holistic picture of your business in real time, allowing you to make better decisions.
It can be used by every department in a business (sales, marketing, logistics, accounting) and ensures that everyone is using the same information. As well as this it provides you with flexible reporting and analysis tools that can be tailored to meet your needs.
Here are 8 Reasons Why Your Business Needs An ERP Solution
1.An ERP solution improves the accuracy of your business processes
A key advantage of an ERP system is that it helps reduce the likelihood of errors occurring in your daily operations. This happens in a number of ways:
Automation reduces the need for human intervention
The more automated your business becomes, the less you have to depend on humans for every step of a process, from receiving an order and placing it in your warehouse to processing it and shipping it out via courier.
This helps free up time so you can focus on growing your business and making sure you’re meeting customer needs.
Less manual data entry and processing reduces the probability of mistakes being made
One of the greatest advantages of an ERP system is that it reduces the need for manual data entry. For example, when a product is sold, orders are sent to the warehouse and inventory levels change automatically. This means no one has to physically enter the order details into another system, thus reducing the chances of human error occurring.
Improved consistency reduces the risk of confusion resulting in something going wrong
Because all information is collected in one place, there are less opportunities for confusion to occur.
A good ERP system ensures that all users have access to the same information at the same time, so there’s no risk of someone working from an out of date document or spreadsheet which can result in mistakes being made.
Greater accountability and traceability results in issues being fixed quickly and reliably, reducing their impact on business activities
With an ERP system, every action is recorded for auditing purposes. As such, if something does go wrong, it’s easy to identify where and when the issue occurred and fix it quickly and efficiently. This is particularly useful if you’re part of a large business with multiple people working on the same area at once.
Increased transparency improves efficiency, resulting in fewer wasted resources, which in turn means less opportunity for error to occur during workflows
Data entered into an ERP system is forwarded to all relevant departments as part of the workflow process.
Instead of having to send information from department to department — which can result in lost data or delays — it’s automatically sent wherever it needs to go, resulting in a more streamlined user experience and less room for error.
As users gain access to more accurate and up-to-date information, they are better able to make decisions. This means fewer mistakes and increased productivity across the board.
Automation reduces manual data entry, and therefore the chance for human error (like data entry mistakes). The more automated your processes, the more accurate your outputs will be.
2. An ERP system gives you insight into your business and helps you make informed decisions
As a business owner, you probably have a good idea of the state of your company. You know how well it’s performing, where its strengths lie and where there might be room for improvement.
But to truly understand every aspect of your business, you need access to more data than you can get by only looking at the big picture.
An ERP system gives you access to all your data, from accounting and inventory management to HR and manufacturing.
It can also give you insight into how much revenue certain projects generate, what your sales cycle looks like and whether or not you’re charging enough for particular products or services.
With this information in hand, you’ll be able to make better decisions about how to run your company—and that means greater profitability over time.
3. An ERP solution increases productivity by automating workflows and reducing repetitive tasks
Today’s business owners should understand that the way people work has changed.
With more and more employees working remotely, having an ERP solution in place that automates workflows and tasks can help ensure that productivity is maintained.
ERP systems help employees perform their daily tasks more efficiently. They reduce the time spent doing repetitive tasks, reduce errors, and improve the overall quality of work being done by ensuring employees have a clear understanding of what needs to be completed each day.
ERP systems can also often be configured to automate complex tasks as well such as data entry and data analysis.
4. An ERP system makes information accessible for all users
How often does a business have to deal with an employee asking for something that is already stored somewhere in the company, but the employee has no idea where it is?
This time can quickly add up to hours or days of lost productivity. With ERP software, employees are able to access information from anywhere within the company, streamlining workflows and creating increased efficiencies.
Employee access is also important because collaborating across different departments becomes much easier.
A streamlined process allows everyone involved in a project to move at the same pace and know what everyone else on the team is doing.
And finally, having one central source of information (rather than data being spread out over multiple systems) leads to fewer errors and helps create a more transparent business culture.
5. An ERP system integrates all aspects of your business, from accounting to inventory management to customer relationship management
Each year, businesses have to file their tax returns, which may be a daunting task for a small business owner.
Imagine having to craft an onerous document in a language you don’t fully understand. Imagine that document being the tax return of a company that deals with every aspect of running your business: inventory and sales figures for one department, payroll for another, shipping and receiving for yet another.
So, imagine what it would look like if all of those departments were able to communicate more freely with each other—and whether all the information they were gathering was being processed correctly.
Enter an enterprise resource planning (ERP) solution: software designed specifically to consolidate data from multiple sources into one database and make it easier to access and manage once all the data is there.
An ERP solution reports directly into your accounting system so that your financial team can actually work with real-time data instead of trying to guess at what’s going on in your day-to-day operations.
This kind of clarity leads to better goal setting and faster decision making—both useful tools when running a business as busy as yours.
6. An ERP solution allows you to access real-time reports
Your business is your baby. It deserves the best! And an integrated, real-time reporting system provides that.
With an ERP solution in place, you can access reports without having to access multiple systems or logins and you’ll be able to track all of this data from any location at any time.
Integration between all applications allows you to gain insight into your business and make informed decisions that will get better results and improve your business, which will ultimately benefit your customers.
7. An ERP system reduces the total cost of ownership for software and hardware
One of the biggest advantages of an ERP system is that it reduces the total cost of ownership for software and hardware when compared with other systems.
Since most businesses already have multiple systems in place, the cost of switching to an ERP system is usually less than the sum of all the separate systems that it replaces.
And the savings are even greater when you factor in that some ERP systems require less complex and expensive infrastructure to support them.
Overall, ERP systems are a practical solution for businesses in many industries. The ROI for an ERP system is high over the long term and any small start-up business can afford an ERP system.
8. An ERP solution facilitates a transition to the cloud
There are many benefits to be enjoyed from cloud computing, and an ERP system is a great way for businesses to make the transition.
It eliminates the need for on-premise software and hardware
One of the greatest benefits of using cloud storage is that you no longer have to store data on your own hardware; it’s all stored in the cloud. That means no expensive servers, server racks, security systems or air conditioning units—just maintenance costs and monthly subscription fees.
It reduces staffing needs
When software and hardware is installed on-premise, the company has to hire employees to work in that area of the business.
With a cloud system, there is no need for this department, which frees up payroll funds and allows you to use them for other areas of the business that will generate more revenue.
An ERP-based solution will allow businesses to do more with less by replacing manual processes with more automated operations.
It allows employees access information from anywhere they can get online access
One of the benefits of using an ERP system is that it lets employees stay connected with each other and access information from wherever they have Internet access.
This makes it easier for them to complete tasks and respond quickly when customers call or send communications via email, etc.
Employees can complete tasks and access information through an ERP application online instead of being restricted to their workstations or having to return there after hours during offsite meetings or visits with clients.
There are a lot of things to consider when choosing an ERP system for your business. But we hope this article has made clear the benefits that an ERP system can bring you, and what it can do for your business.
With an ERP system you will be able to make better decisions, as well as saving money on operational costs and improving productivity. An ERP system will help your business grow and provide a great return on investment.
So if you’re thinking of making the move to an ERP system, why not get in touch and we can help you on your journey.