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In short, ERP (Enterprise Resource Planning) is a suite of applications built to manage and integrate core business processes. Although large enterprises mainly used it, it is now popular among small and medium-sized businesses as well. In this article, we’ll guide you on answering the question of “How ERP can help my business.”
Is Your Business in Need of ERP?
It is very important to understand the critical requirements of your business. Every business is unique and faces different challenges. Now the question is, how do you know that your business needs ERP? Here is a minimalistic checklist that can help you evaluate your need for ERP.
Do you have quick and easy access to the data you need to make a business decision?
Does your business involve multiple vendors and suppliers?
Does your business operations happen across various countries?
Do you face troubles in monitoring your inventory daily?
Does your staff spend too much time on tasks that shouldn’t be done manually?
Do your teams find it tedious to collaborate and share information?
Can you proactively determine and address the problems in your business process?
Do you need to access important business data and information when you are outside the office?
In the event that most of the above points resonate with you, then it’s time to find an ERP solution immediately.
A Robust ERP System Drives Business Growth
In general, ERP is flexible and industry-specific. It is designed based on the needs of customers from various aspects of industries such as manufacturing, distribution, retail, service, etc. While maintaining our vision of having a deep understanding of your industry and simultaneously handling complexity, we were able to arrive at powerful solutions that free your resources and spur growth.
7 Ways In Which ERP Is A Business Optimizer
Have you ever stopped to question yourself why so many businesses are looking for ERP solutions? According to the latest statistical data, 81 per cent of companies are in the process of implementing ERP or have successfully implemented it. They would never consider implementing ERP in the first place if the systems don’t have advantages for their businesses. Let’s break down the benefits of an ERP system for your business.
1. Financial Management
From basic bookkeeping to advanced analytics, ERP solutions help to automate and streamline financial functions.
Supports industry-specific complex standards and regulatory requirements.
Maximize efficiency while accessing, reporting and analysing data.
Gain powerful insights into performance, expense and risk.
Gain control over processes and remove unwanted procedures and costs.
2. Financial Management
Accurate and flexible planning and scheduling tools to help meet customer demands.
Allocate the appropriate workforce to profitably carry out a task.
Anticipate and respond flexibly to changes in customer demands.
Minimize downtime and disruption.
Simplifies project planning and execution.
3. Governance, Compliance and Risk (GRC)
Embedded tools and capabilities make compliance easier and help ensure accurate reporting.
Helps ensure your employees and partners stay compliant with GRC capabilities.
Tackle compliance requirements and support global enterprises in managing their cross-border operations.
Embedded tools help mitigate risks and boost productivity.
4. Human Capital Management (HCM)
Effectively engage, align and lead your workforce.
Help Human Resource professionals to focus on strategic initiatives.
Modern tools that simplify and automate self-service HR processes so staff can complete tasks quickly at a lower cost
Encourage employees to take ownership of their careers by self-managing goals and measuring achievements.
5. Service Management
Care and maintenance from initial customer contact to post-sales.
Promotes visibility and accountability of your business needs.
Deliver services proactively and profitably.
Leverage real-time data and integration across your enterprise.
Gain better control over contractual obligations, service level agreements and outstanding warranties.
6. Customer Relationship Management (CRM)
Manage your entire customer lifecycle in the cloud.
Increase supply chain velocity to keep pace with the global competition
Drive out costs to improve profitability through effective coordination.
Enhance your customer experience with a data-driven focus.
Meet expectations for information accuracy, inventory, product delivery, and service.
7. Global Business Management
Manage your worldwide enterprise as one cohesive business.
Manage multiple sites, languages, and currencies.
Help your global workforce stay connected with customers, suppliers, and business data in one application.
Manage your global workforce – from recruitment to retirement – and build a culture of growth.
Conclusion
ERP system is essential to growing a successful business and with vast experience in multiple sectors ranging from manufacturing to financial. There are hundreds of concepts and terms that relate to enterprise resource planning. If you are not sure of the features you need in an ERP system, don’t hesitate to discuss it with the right ERP solution provider.
