9 Benefits Of ERP Software
Large businesses are bound to reach a point where working through spreadsheets becomes taxing rather than productive. To grow, you need to have a proper, accurate, visible, centralized, efficient, and productive database.
An ERP (Enterprise Resource Planning) system comes forward as the solution to this issue.
An ERP allows a business to make use of an integrated and structured database that stores and compiles information for various functions and processes. Proper insights aid decision-making and bring in tons of other benefits.
If you are wondering what advantages you can attain using an ERP, you are in the right spot. Here are the top 9 reasons to switch to an ERP system today!
Effective Data Security
An ERP system offers greater security than spreadsheets or basic accounting software. On-premise ERPs and cloud-based ERPs offer excellent data safety.
A cloud-hosted ERP system offers features like data encryption, anti-malware, intrusion safety, and regular backups. Backups are useful in case data is attacked by ransomware.
Most people believe that cloud-hosted ERP systems are far more secure than on-premise ones. However, the security levels depend on the software provider.
Higher-end providers have superb secure data centers that are monitored each second thoroughly. They also offer full data recovery in a day in case a data breach occurs. These providers are also very responsive to customer queries, and their security teams work continuously to keep the servers safe.
Versatility And Compliance
An ERP system is capable of handling various departments of a business that are not just solely related to accounting and finance.
A smart system will offer you CRM, HRIS, inventory/distribution management, and invoicing tools all in one place. Each system makes use of the same data bulk to provide insights and reports.
If you are a food or beverage company with particular legislations and rules to follow, an ERP can come in handy for you. Since complying with standards like IFRS/GAAP is essential, an ERP’s features like process control, security, reports, accuracy, documentation, and training will come in handy.
This way, you can handle various regulatory compliance like:
- Industry compliance.
- Business, finance, and accounting.
- Governmental regulations.
- Information Technology (IT).
- Labour/trade regulations.
As a B2C or B2B company, taking care of customer experience or CX must be your top priority. This is because satisfied clients mean more revenue and increased credibility.
Modern ERPs with built-in CRMs help the sales department analyze, assess, manage, and identify key customer data details.
This information, along with patterns, demographics, needs, and interests, helps businesses develop useful insights. These insights can then be used to create strategic marketing plans, improve a product/service, build a website, change product categories, build customer groups, etc.
Top-notch ERP systems also offer other important features like invoicing, transaction statements, customer service requests, contracts, tracking, and other data.
Most companies love an ERP due to its user-friendly design and functionality. Not only does the system help streamline various processes, but it also aids automatic data management in a fast, secure and reliable manner.
With an ERP, the margin of human error is greatly reduced, and the need for paperwork is eliminated. Automation of taxing manual tasks boosts productivity and improves employee performance.
The employees can focus on other important tasks to save time. The best part is that all business work is done faster, more easily, and more accurately.
Dashboard With Proper Insights And Reports
Improved insights are one of the key features of an ERP. The software makes use of company data and breaks it down into more readable and useful information. This helps a company see where they lack and what it can improve.
Helpful analytics, insights, and reports can also help eradicate unnecessary procedures and focus on those that boost efficiency instead. This will ensure a smoother cash flow.
- ERP software also offers BI (Business Intelligence) that gives detailed business insight and analytics related to company operations.
- BI tools help organizations make fruitful decisions using updated, accurate, and current data.
Based on a company’s requirements, ERP software can be used in the form of mobile or web applications backed up by cloud hosting.
This also means that you can access the system anywhere as long as you have a mobile, PC, or laptop and a WiFi connection. The best part is that this access is not limited by time and is available 24/7.
These features aid mobility and flexibility in business processes and are also apt for organizations with traveling or remote employees. They can be within one city, in different ones, in different countries, or even in different time zones. Even larger teams can stay connected through the use of an ERP system.
Updated, accurate and precise data helps with strong decision-making and gives tough competition to others in your target market.
Easy To Scale
As your company grows, your ERP system will too. This is all thanks to an ERP system’s ability to scale and flexibly adjust to a greater size to support any business.
Even though tons of smaller companies believe that an ERP is only suitable for a particular business size, this is truly a misconception.
Since ERPs are easy to scale, they are an all-in-one solution for all businesses. Adding functionality, turning on specific features, and customizing the software have become easier than ever.
All of this ensures smooth business flow no matter how large it grows. You can opt for modules, integrations, and add-ons to customize the system fully and make it apt for your company.
Most top-tier vendors offer paid scalability features once a business expands, so you do not have to start paying a fee right from the beginning. This way, you only pay for the features you use and exactly when you need them.
Easy Data Sharing And Collaboration
The addition of data sharing and collaboration tools makes ERPs even more valuable. These can help improve relationships, efficiency, and satisfaction amongst stakeholders, customers, and employees.
Users are divided into various sections or departments based on capabilities and can access data differently.
Dashboards, metrics, and insights, along with live chats, allow employees to share reports and updates. Task assignment, making notes, and receiving/sending notifications or alerts also becomes easier.
- Data can be shared with clients, stakeholders, partners, and other relevant people.
- Invoices, reports, documents, and insights can be sent with real-time updates to any company, organization, or group in one click.
Investing, implementing, and scaling an ERP system may seem difficult, but the advantages surely outweigh the effort, time, and initial money invested.
A system like ERPGo can lead your business to new heights. You can easily build a customized solution to target all company requirements and come on top of competitors. Truly a win-win!