The goal of an ERP is to boost your company’s performance and growth through the use of technology. The competitive business landscape we live in drives companies to deliver exceptional results to their clients. Organizations need technology to support and help advance their objectives. One type of software that can help is an Enterprise Resource Planning (ERP) system.
This centralized, integrated system organizes your company’s data and unites your internal business processes, making all of this accessible to your workers. Also, most ERPs have their own Customer Relationship Management (CRM) system, or can easily integrate one. A CRM will assist you to keep track of customer activity and provide actionable insights.
The implementation of an ERP system is a significant investment, but I believe it’s worth the time and money. Here are five reasons why I recommend implementing an ERP in your company:
1. Automate workflows
An ERP helps you reduce human error in your everyday processes. By automating certain operations, you can eliminate repetitive tasks that occupy your workers’ time and streamline operations that can be easily programmed.
Thanks to this, your employees will have more time to concentrate on other assignments and consequently improve their productivity and efficiency.
2. Synchronization of data
ERPs gather all your information and synchronize it throughout your organization. This creates a central data repository readily available to you and your workforce. This allows every department to use the same information and avoid miscalculations at any step of the process. Centralized access to data makes retrieving and uploading information effortless.
And since every area has access to the same data (depending on security), interdepartmental communication and collaboration become easier and faster. Eliminate business silos by boosting coordinated efforts between different departments, like the Sales and Marketing teams, for example, thanks to data synchronization.
3. Better analytics
Access to data and analytics is one of the hallmarks of an ERP. ERP’s provide the foundation for your companies reporting, providing insights that help you and your employees make better decisions. Modern ERP machine learning and embedded intelligence improve the quality of reports and analytics.
These insights, reports, and even predictions can be beneficial and crucial for your company’s growth and improvement in several key areas like manufacturing, profitability and customer service.
4. Regulatory compliance
A very important aspect of operating a business is ensuring regulatory compliance based on local laws, regulations and industry specific standards. ERPs can help ease the complexity of managing your compliance by tracking changes in your data, ensuring proper security, granting access to individuals, and generating statutory and auditable reports.
Most providers can also configure your ERP to comply to international laws and prerequisites, so your company can operate worry-free in other countries.
5. Increase accuracy of accounting
One of the primary benefits of an ERP is core accounting. ERPs track your accounts payable, accounts receivable, fixed assets, multi-entity intercompany and many other accounting tasks.
This is especially important for enterprise size organizations and multi-nationals that need to manage one or more legal entity as well as small or midsized organizations that must ensure profitability to owners.
In conclusion…
Yes, deciding to implement an ERP implies several operational changes for your company, besides the initial investment. You must be willing to rethink and reorganize your operations before you see any benefits. But in my experience, once your workforce is trained and empowered, you’ll definitely notice improvements throughout your company, as well as measurable results.
Pangea Group offers implementation services for Microsoft Dynamics 365 and can be your trusted partner for this business journey. Contact us at contact@grouppangea.com for more information about a proven ERP solution for your business.