This is where an ERP system comes into play. Just like your brain controls all parts of your body to make sure they work simultaneously, your customized ERP system will control all parts of your business to make sure everyone’s doing what they need to do.
Enterprise Resource Planning or ERP is a business management software that can handle all of your business processes using one comprehensive system.
Which sounds great! But the real question is, does your business need one of those in the near future? Today, we are going to figure that out.
Even if you don’t have an ERP for your business, there’s at least some kind of software you use. And software integration does not come cheap. You have to pay the licence fee, train your employees to use the software and get all the softwares to work together (if that’s even possible). The costs can add up real quick.
An ERP system will lessen the training cost, save further licence fees and reduce data error significantly. Moreover, the amount of efficiency an ERP can provide will end up improving your customer satisfaction.
To grow your business, accommodate more clients and employees, store and process the growing data, only a customized ERP system can provide the scalability you need.
An ERP software can be used to hold a big amount of data. It can generate reports that are customized to your business needs. And keep the data flowing among various departments of operations – from sales and distribution right back to manufacturing planning.
An ERP will provide you and your team with one single workspace that can seamlessly manage all your operations. It will also consolidate the processes and data into one easy-to-navigate dashboard. No more going back and forth among multiple softwares and websites.
This North-Carolina based business used to track their inventory in a spreadsheet and finance in a desktop accounting software. As their sales kept doubling year-over-year, they outgrew this system quickly. Spreadsheets couldn’t account for changing inventory costs, and the accounting software couldn’t calculate Cost of Goods Sold (CoGS). The team had to perform double data entry.
Soon, they decided to implement an ERP for their business. Within 20 days, their software was ready and good to go. This software enabled them to-
– Catch and correct inventory related bookkeeping errors
– Stop working with external accountants
– Increase sales by about 50% year over year
– Get a more accurate picture of margins and inventory.
Implementing this ERP was the stepping stone towards a tremendous growth in their business and management. The efficiency saved them both time and money.
Now, let’s get back to why you might want an ERP for yourself!
Working in a central workspace will automate most, if not all, of the redundant tasks. It’ll also mean less data entry error because data will only need to be entered once.
Now that you are aware of why your business may need an ERP system, you might be wondering what features will best serve you. Here is a list of 7 standard ERP modules to get you started.
An FMS will help you understand your business’ current financial situation and help with a financial forecast. Some of the features of this module include tracking Accounts Payable and Accounts Receivable, as well as the general ledger.
This module tracks each step of the supply chain – from suppliers to retailers or consumers.
This module tracks orders from receipt to delivery.
A CRM stores the contact information of all of the company’s customers and prospects as well as the communication time and order history.
This module will allow you to plan and manage projects. Service based businesses often use this module.
An HCM is much like a CRM for the employees. It stores detailed records on all employees as well as tracks the hours worked and Paid Time Offs.
This module will help you to quickly launch a B2B or B2C ecommerce website.
By this time, you have probably already decided whether an ERP software can be beneficial to your business. If the answer is positive, you might want to consult your team and seek advice from someone who specializes in Enterprise Solutions like this.
As an expert on the subject, we are ready to help. Call us now.