The only way for your business to succeed is for it to keep improving. There are many areas you can always refine, like company policy and customer service. One important improvement you should consider, however, is getting enterprise resource planning (ERP) software, and here’s why.
ERP is a program that integrates all your systems into a single database, so if you want to take a look at human resources, accounting, or sales, you only need to access one system instead of three. In practice, this means that everyone, regardless of department, will be able to access the same information. This also means that employees will no longer have to re-enter data onto their department-specific database, because all databases will already have been linked.
Simplicity isn’t the only merit of an ERP, however. A single database lets you see all information across every branch of your business and gain actionable insights that enable you to make more informed decisions. Financial reporting, for example, benefits a lot from ERP, since general ledgers, revenue recognition, and tax reporting functionality are built into most ERP software solutions.
In addition to this, ERP systems come equipped with business intelligence features that provide intuitive analysis into your operations and forecast the growth of your company. This helps you and other executives identify bottlenecks and business opportunities.
Better customer service
ERP makes better and faster customer service possible. For instance, if a customer asks whether or not an item is still in stock, customer service representatives can easily access the ERP database and provide a quick answer, instead of having to ask the supply manager.
With an ERP, meeting stringent data management regulations is much easier. That’s because the software generally comes with audit functionality, giving you full visibility into your processes. It also provides templates and guidance to help you meet regulations within your industry, such as the Sarbanes-Oxley Act and the International Financial Reporting Standards.
ERP streamlines workflows by eliminating redundant and time-consuming tasks through automation. For one, you can set your ERP to instantly reorder materials when stock levels have reached a certain threshold. This ensures that your enterprise won’t have to deal with out-of-stock or overstocking incidents. Moreover, you can even assign workflows that route invoices and reimbursements to the right accountant to make sure tasks are handled quickly and efficiently.
One of the most beautiful things about ERP is its integration capabilities: you can integrate it with other services to extend its capabilities. For example, if you need to track customer information and sales figures, you can combine ERP with customer relationship management software or pair it with e-commerce services to streamline web-based purchases. This way, your processes will be seamless and everything you need will be at your fingertips.
As your business grows, your business needs change as well. ERP systems can adapt to your ever-changing needs by giving you unparalleled business management solutions.