10 Reasons To Invest In An ERP System For 2021
For some small businesses, implementing a full ERP system may seem unnecessary. But, if you’re beginning to expand or plan to grow your business in the future, sooner or later you’ll need an ERP system. From data analysis, to reporting, tracking, accounting, and automation, ERP’s provide you with the data needed to succeed.
What we’re really trying to say… spreadsheets can only take your business so far, and although ERP’s don’t come cheap, the return for your business is worth the investment – we’ll explain how. Here are 10 reasons your business should look to implement an ERP system in 2021.
1. Increased productivity
Without an ERP system, those manual and tedious day-to-day tasks are simply unavoidable. Tasks like generating reports, keeping timesheets, and monitoring inventory levels can take up precious time, not to mention they leave room for human error.
With the right ERP solution, such tasks can be automated, freeing up time for your staff members and ensuring accuracy across your business data.
2. Better accounting and financial reporting
Having full control and overview of your financials is essential when looking to grow as a business. However, if not prepared with an efficient IT solution, the complexity of your financial data can begin to seem overwhelming.
So how can an ERP system help?
Essentially, an integrated ERP system can take this data, make sense of it, and showcase it in a way that is easy to understand with dashboards/reporting.
3. Greater flexibility
ERP’s allow you to connect data from various sources into one streamlined platform, offering a single, flexible system for all departments of your business. This could involve harnessing the power of Salesforce, HubSpot, and even the likes of Shopify.
In short, a modern ERP solution today can handle multiple features that deliver accurate information for your business.
4. Enhance customer service
It is important to build on both new and existing customer relationships for businesses looking to grow. Being able to cross-sell and up-sell effectively to a wide range of customers opens many avenues for additional revenue.
ERP’s enable better distribution of customer information across departments, as well as offer order fulfilment features to ensure demand is met with supply.
5. Reduce costs
With real-time data on your company’s operations, ERP’s allow decision makers to better plan their strategy using data-driven judgments for a more profitable future.
ERP’s are also extremely valuable when it comes to reducing administration work and therefore human errors. Think about it: when your employees spend their day repeating manual tasks, they’re bound to make an error or two. Automation allows data to be sent from one part of the system to another, without any chance of input mistakes, which could end up costing your business.
6. Improve inventory monitoring
For growing companies, a major challenge comes with tracking and monitoring their expanding inventory levels. From utilising barcodes to serial numbers and RFID tags, ERP systems keep track of your inventory at every stage of the supply chain. This enables you to monitor where products are, including different warehouses and which are on the shelves ready for customers.
Optimising your warehouse visibility can greatly improve the efficiency of your operations as a whole. ERP’s help remove the speculation, and provide clarity to your business.
7. Simplified compliance
If your company’s looking to expand overseas, it can be difficult to keep track of the varying regulations imposed on your business. In fact, even local companies have various information security and HR regulations to think about.
Fortunately, many ERP systems are developed with this in mind. With built-in auditing tools to assist with documenting important business information, it makes generating and sending over reports to relevant governing body’s simple.
8. Clearer analytics and reporting
Having clear, easy-to-digest data is not only essential when it comes to conveying analysis to an end user, but can assist with ironing out any weaknesses in your business.
ERP provides detailed reports that are intuitive, actionable, and relevant to your company. This is often achieved through customisable dashboards, pie charts, Gantt charts, and other visual representations.
9. Mobility is key
In the modern business world, mobility is a crucial factor to ensuring work is completed on time. This goes especially for current times where COVID and lockdown regulations prevent employees travelling to work. Being able to access relevant information from anywhere in the world using a smart phone enables work to continue no matter the situation. Remote access cannot be overlooked. So, when selecting an ERP system, be sure to explore the possibilities of mobile integration.
10. Standardised business processes
With many ERP systems being developed according to industry best practices, they bring major benefits to businesses across the world. Using a tried-and-true process allows your business to standardise its systems, which further enhances efficiency through all departments. This enables you to deliver consistent results and continually improve the way you operate.
Next steps: Choosing an ERP implementation partner
As we’ve covered, the importance of an ERP for your business is substantial. It far outweighs the cost and time involved to implement properly.
But to maximise your return on investment, a strong implementation partner is a must. They’ll take time to understand your individual requirements, recommend a solution that best fits your business, and guide you through every step of the way.
As both Microsoft and NetSuite ERP implementation partners, we help businesses like you reach their potential. Whether you’re looking to implement Microsoft Dynamics 365, Dynamics GP, or NetSuite ERP, we have the experience and skills needed to ensure your business has all it needs to thrive. Click here to contact our experts today and we’ll let you know exactly how we can help. Alternatively, email sales@nolanbusinesssolutions.com or call us on 01252 811 663.