For all of you who thought that ERP systems are useless, you should have a look at some of the stats. The market for ERP software was worth $35.81 Billion in 2018. However, stats suggest that it will reach $78.4 Billion by 2026. Now come to think about it. Would people be considering the ERP system if it were not giving them any benefit? Certainly not.
Before we get into reasons why you should consider one, here is what an ERP system is.
What is an ERP System?
An ERP system software is essential software that allows companies to keep track of their daily activities. For example, from feeding the talent acquisition strategies (to view later) for a company to project management, the software allows doing all. Other than that, ERP systems are capable of taking care of other tasks including accounting, risk management, procurement, and regulatory compliance as well.
Not only this, but the advanced form of the software also includes the likes of enterprise performance management, funds allocation, and financial reports. Thus, allowing the companies to reduce human error to the maximum. Apart from managing the various processes, the ERP system also aids businesses in avoiding the duplication of data.
However, you cannot introduce an ERP system in your company one day and expect your employees to start using it with efficiency the other. Prominent ERP software providers like Oracle provide training sessions as well. Enrolling in these sessions is essential so that you can better understand the operation of the software.
Reasons Why You Should Use ERP System
Time and Money Saver
The cost of the ERP packages might surprise you at first. However, remember that will be just a one-time investment. And the costs that the various software will allow you to save will be much more than the investment. Therefore, do not ditch the idea of purchasing an ERP system. Consider the benefits that it will have on your ROI.
You must be wondering as to how can a system aid in saving the cost. So, here is the deal. The unification feature that ERP systems offer allows that to happen. You could unify any of the systems or departments. For example, product development and accounts payable. Moreover, you won’t have to invest in separate software for every task. Your employees will be able to retrieve whatever information they wish to from the ERP software.
Not to forget the time that the employees can save because of the unification of processes. Thus, saving them the hassle to look for information on various platforms. And as they say, time is money. So, your employees can utilize the saved time elsewhere.
Automation
Perhaps the tone of the most essential ways in which ERP system helps is the automation feature that it offers. All the daily tasks become much more manageable with ERP systems. Thus, allowing the staff to channel their energies on tasks that matter more. And rightfully so. As the employees do not have to deal with menial tasks. And when they don’t have to, you will observe that their productivity will increase by many folds. And this will translate into the growth of your business as well.
Not only this, but ERP systems also allow companies to reduce the overhead costs that they would otherwise incur. And if you still believe that your company can do without one, you will be risking your business’s workflow execution.
Operational Efficiency
Apart from the many things that an ERP system helps companies in achieving, one crucial feature is operational efficiency. Think of investing in ERP systems as investing in your operational efficiency. Both have a direct relationship. It is good for a company as manual processes do not only drain the company’s time but money as well. And human errors are an added burden.
Therefore, it is suggested that businesses should automate all of the critical processes. However, small businesses fail to understand that they need such software just as much as a big business. And perhaps more.
Improved Reporting
Both your accounting and financial Where Can We Find Roller Blinds In Sydney? reporting improves if you employ the use of an ERP system. Because let’s face it, no serious company would afford to mess up things in these departments. The way numbers get handled in your company speaks volumes about it. And when a company is going through the growing process, it CANNOT afford to make any mistakes in the finances as any such mistake could affect the company’s reputation by a great deal.
However, things are not any different for companies that are well established. They get much more complicated when it comes to renowned companies. As the complexity of all the transactions only increases. Hence, the need for ERP systems.
Flexibility
Flexibility refers to the access that every employee has to the information all in one place. You do not have to spend hours asking your colleagues for a certain document. And the best part is that in most cases, employees can even get access to these shared files and documents from their homes as well. Or any other place that they might be at. Thus, saving them the hassle to carry files with them everywhere.
This fits perfectly fine in the modern-day scenario where the culture of ‘bring your own device’ is on the rise. Moreover, you can choose to access the ERP software from any device that you may please. Apart from that, no information remains hidden from the employees who are allowed by the company to have access to certain details. For example, if your boss allows you to have all the data regarding the company’s IT staffing, you can access every detail.
If ERP systems are not a blessing in disguise, God knows what they are then. The software continues to facilitate the lives of many businesses and employees alike.