With the growing business needs and advancements of technologies, it has become imperative to get an ERP implemented in your business system. Here are some more good reasons why your business must use the software in 2021.
Enterprise Resource Planning or ERP software is what every business needs today. Although the ERP adoption rate is increasing incredibly every day, still there are many businesses that do not have a clear idea about it. The customer demands are growing, business processes are increasing and technologies are getting advanced day-by-day. And to let your business cope up with these, ERP has come into the limelight. ERP integration results in increased productivity and higher ROI for businesses.
Every business has a different and unique set of operations that needs to be performed and met. And there are some functions that these businesses need to deal with every day like finances, human resource management, customer relationships, manufacturing, sales, supply chain, marketing, and a few more. An ERP is an all-in-one integrated software that comes with thousands of modules and applications to automate and manage these functions or processes efficiently, thereby streamlining the business workflow. In other words, it’s nothing but a software tool that integrates and manages different business operations. And the best thing about this tool is that it can be customised, implemented, and used by different industries like manufacturing, construction, eCommerce, retail, healthcare, and many more.
Every business must go for ERP implementation today for efficient management of business processes and cope up with the huge consumer demands. It should not be on the wishlist of a business but must be on its to-do list. There exist so many different processes in an organisation apart from the core operations. And if your business drops, your communications get poor and piled up in the mails, and if you are still dealing with papers and manual entries, then it’s time for ERP implementation.
ERP adoption rate:
– Nearly 53 percent of businesses have got ERP implemented and have experienced remarkable results.
– Mid-size organisations’ ERP adoption rate has grown with a CAGR of 8.3 percent from the last year.
The 5 best ERPs that are ruling the market now are:
1) Odoo : With more than 5 million global users
ERP integration has helped millions of businesses till now and here is the feedback from a few ERP users.
– “We replaced 14 different applications and increased revenues by 10% overnight.” – Marc Peeters, General Manager of the Vending Division
– “While maintaining the same amount of employees, we increased our revenue 20%!”- Victor Nalin CEO
Want to get a detailed idea of why your business must have an ERP today? Here’s the answer to your question.
Business benefits of ERP in 2021
Not only the large-scale businesses but startups and small-scale businesses too need an ERP today to grow rapidly. And there are many companies that have already experienced a pool of benefits with ERP implementation.
ERP lets you manage your entire business under a single integrated system:
This is the first benefit of using an ERP. Businesses can effectively manage all core processes using a single tool or software. Operations like customer relationships, human resources, finances, manufacturing, sales, etc., can all be managed under a single integrated system. In simple words, ERP for small business and large-scale businesses acts as the complete suite of business management tools.
Helps with cost reduction:
Funding in an ERP system is a long-term investment. Moreover, with a single ERP system, you won’t have to invest in different software for managing different business operations. For businesses that do not want to invest a huge amount in the software can go for the open-source ERP solutions available like Odoo. Overall, the business owner has to invest much less capital with an ERP.
Improves and increases productivity:
Processes like generating reports, timesheet tracking, processing orders, etc., can take hours for employees to complete the tasks manually. In addition to taking up so much more time, manual processes make the tasks more prone to errors. However, ERP implementation automates all business processes making them more efficient and fast, thereby saving more time, and leading to increased productivity in less time. Moreover, with the tasks being performed and managed automatically, there won’t be any chances of errors. Huge and difficult financial calculations can be done perfectly in just minutes now and manufacturing a huge number of products can be done in minutes with an ERP, and more.
Reinforces customer relationship management:
No company can keep on selling products and services until and unless it is able to maintain the old and existing customer base and aims to add more such loyal customers. ERP software like Odoo comes with a CRM module that helps businesses efficiently manage customer relationships. With all data stored in one place, it becomes easy for the employees of all departments to access the data easily and get back to the customers in real-time to answer their queries, resulting in quick and more effective customer relationship management.
Improved collaboration and communication between different departments:
ERP connects employees of different departments. In traditional businesses, communication often gets piled up in mails or is simply overlooked. For every business, collaboration is very important for all employees. And ERP systems facilitate the same through group chats, centralised data storage, a single database, accessible data, file sharing, etc.
For example, once your sales team confirms an order, the message will automatically generate in the finance, purchase, inventory, and the other departments. In other words, with all data stored in one place, it becomes accessible to all, which in turn, increases collaboration and communication between them.
Consistent & smooth functioning:
ERP solution ensures efficient and smooth business management with all processes automated. Also, ERP systems store all data in a central location, making it accessible to employees of all departments. This also helps the employees in quick decision-making. A common and unified system enables the employees to receive data and have a holistic view of all operations spread across different locations, thereby helping them in taking quick decisions and responding to the customers instantly.
Regulatory compliance & security:
Integrated ERP software solution ensures that all back-office processes are in sync with the industry’s regulatory rules. Most of the ERP service providers check and monitor compliance & regulatory changes and also keep updating the features to help businesses meet their current business requirements.
ERP software solutions not only streamline all internal business processes and simplify data processing, but also improve the security of the business with features like in-built firewall systems, and regulated data access. The integration of different processes and data storage into a single unified system make it simpler for the system administrators to monitor and control the software’s security.
Mobility and flexibility:
With an ERP system, data from different areas of the business are brought and streamlined into a single unified platform. With the increasing popularity of business trends like BYOD, the need to have flexible software also became a significant factor while choosing the software. ERP systems can process several business operations by using a centralised database to provide exact information to the customers using different devices and living in different places in the world. Real-time access to the data also saves both effort and time, ensuring delivery of the best results within the deadlines.
Also, with the growth of your business, the processes and functions also change and expand. The flexibility of the ERP system helps the ERP professionals to keep adding the modules or applications of the ERP according to the changes and with the business expansion.
Improved accounting and financial report management:
Keeping a track of all your finances and accounts is a crucial factor and determines the success of your business. But with the growth of your business, the complexities also increase in the financial transactions. And these complexities may seem overwhelming without a modern, power-packed, and efficient software system.
Manual data entry reduces the productivity of a business significantly. But an integrated software like ERP automates all these manual tasks, thereby making things faster and more efficient. ERP integration also negates the need for any kind of repetitive data entry tasks.
Faster response time:
With efficiently managed tasks and all data stored in a unified platform or a single database, employees can connect with each other and with the customers in real-time. In simple words, ERP ensures a much faster response time.
The Enterprise Resource Planning software is expanding its roots every single day. And with this, it is becoming even more essential and beneficial for businesses of all sizes and verticals. Getting success with automated and efficient processes is possible only with the right ERP integration now.
With your business growing, it becomes important to make the most out of the available technologies. This helps your business to stay ahead in the competition. And out of so many available, Odoo stands out to be the best ERP for small businesses and large-scale businesses of all sectors and for the ones who are looking out for the most advanced solution that is consistently getting improved with its new versions every year. And, Envertis Software solutions, a reliable Odoo ERP implementation partner in Australia, is always ready to provide the most effective software solution to all types and sizes of businesses, regardless of the business requirements and processes.