The world of ERP is very complicated. There are plenty of ERP software options, and each has its own set of capabilities. But one thing is for sure; businesses can benefit from robust, feature-filled ERP software that meets their requirements. Let’s discuss some of the advantages of ERP software for any business.
- Online Community Support
A lot of businesses from around the globe utilize ERP software systems. Their users are actively involved in the online knowledge community of their chosen ERP. If your business has experienced a specific problem or issue with the ERP, chances are other companies have encountered it too.
Solutions to simple problems can be solved by searching your ERP’s online knowledge base. Forums and community support are usually active, and you can get answers from posts made by other users.
ERP systems provide user permission settings that are more secure and advanced compared to Google documents and Excel sheets. There’s no need to use non-secure documents for your inventory or financial needs. ERP software provides robust and secure functions. User permissions can be set up to ensure sensitive information doesn’t end up in the wrong hands. Users will only have access to the things they need within the system.
Sometimes, security exploits within software occur. During these rare occurrences, vendors can usually provide security patches. The ERP software company can easily share updates and patches to every user automatically.
- Better Data
Using different systems that are poorly integrated results in chaotic, non-standardized data. Thus, comparisons of data among different periods become inaccurate. The process of analyzing data becomes time-consuming and difficult – this is a severe problem when it comes to forecasting accurately.
Modern ERP software integrates various applications providing you with standardized data. Built-in tools can be used to see comparisons and forecasts. Usually, this data is presented in easy-to-understand dashboards. With better data, you can make better decisions to grow your business. Informed decisions lead to business improvement – this, in turn, allows you to make customers happier and more satisfied.
A lot of ERP vendors provide applications on Windows, iOS, and Android smart devices – this allows you to use the ERP software from any location. Usually, these apps provide real-time updates on key performance indicators (KPIs) such as revenue, sales, web traffic, customer acquisitions, and manufacturing output, among others.
Today’s generation prefers applications that are connected through a network. Thus, allowing easy use and access through tablets and smartphones. Mobile accessibility is a growing trend, and ERP vendors are capitalizing on this. Also, ERP companies are providing integrated applications with other types of software, allowing users to switch functions within a few seconds easily.
- Gives Employees The Capacity To Generate More Revenue
Decentralized data and inefficient processes result in higher labor costs – this can be harmful to small and medium-sized businesses, especially if resources are limited. ERPs can be used to streamline and automate business processes. Thus, employees time are freed up for more essential tasks — activities that lead to revenue generation.
For instance, ERP software can instantly connect sales to that of accounting. Also, they can also show reports without the need to use complicated spreadsheets. ERPs can be regarded as a comprehensive technological strategy. Automation of processes allows businesses to benefit significantly. Also, it will enable organizations to link both operational and administrative capabilities such as HR, finance, purchasing, manufacturing, and distribution. Thus, businesses become more flexible and agile.
- Helps Businesses Conform To Regulations
Gone are the days when you worry about governmental regulations and hurdles that result in more demanding jobs for employees. ERP systems allow you to stay on top of government regulations. Compliance is now easier for various processes such as data security, financial accounting, and product traceability.
For instance, tools for product traceability can benefit small food manufacturers. These tools allow companies to trace cases of improper handling or contamination back to its origin in their manufacturing plant. Publicly-traded companies can also benefit from ERP systems. They need to make sure that their financial records are 100% accurate. The ERP software can ensure that they’re in line with Generally Accepted Accounting Principles (GAAP).
- Multiple Options
There are numerous software options when it comes to ERP. Tech giants such as Oracle up to niche vendors catering to specific industries provide robust systems for businesses. Having a lot of options to choose from is advantageous. Each vendor has its own set of pros and cons. Depending on your budget and requirements, there’s undoubtedly an ERP vendor fit for your business.
Now that you know the advantages and how you can benefit from ERP software, it’s time to level up your business and switch from manual to automated processes. You can shortlist vendors you think are capable of providing your needs. To avoid the costs of choosing the wrong software vendor for your company, you can talk to a consultant to get expert advice to address your unique business needs.
If you also operate brick and mortar stores like retail shops or restaurants, you’ll need a POS system to handle your sales and payment processing. To learn more about our POS solutions, please visit Harbortouch to find out how we can help your business.