How Can ERP Software Help Your Business Grow?
With 64% of companies and organisations planning to implement an ERP system within the next 3 years according to Gartner, many business leaders want to learn more about how ERP software can help their organisation grow.
For many organisations, Enterprise Resource Planning (ERP) systems are a critical element of their success. ERP systems manage all core processes of an organisation and can considerably streamline operations. A great tool for connecting all aspects of an organisation, let’s look at four key benefits of implementing ERP software.
ERP software acts as a central hub for storing real-time business data, allowing your organisation to make realistic estimates. Such data helps you plan your future strategies and make informed decisions on finance, sales, inventory and customer service. With such data available, organisations can accurately forecast and eliminate potential business mistakes.
Another benefit of having a unified ERP system is that it allows data to be conveniently housed in one place so that it is easily accessible and accurate. For example, Business Central users can use the Microsoft Dataverse integration to combine data into a single set, making it easier to connect to other Dynamics 365 applications such as Dynamics 365 Sales. This means that reports can be delivered at a glance instead of waiting on other departments to deliver information that is often outdated by the time of sending. This quick access to data allows organisations to react efficiently when things go wrong.
Improved Customer Service
ERP systems give customer service reps access to detailed client information such as billing, order history, shipping, item fill rates and any previous problems all in a single portal. This means that customer service reps can meet customers’ demands more quickly. ERP tools can be programmed so that the user can see the most relevant information they need through customisable dashboards.
To give the bigger picture of a client relationship, CRM systems integrate seamlessly with most CRM and sales systems. For example, if you use Dynamics 365 for Customer Service, you can enjoy seamless integration in the lead-to-cash process by using Business Central for backend activities such as processing orders, managing inventory, and doing your finances.
ERP software reduces administrative and operations costs by minimising errors, duplicate tasks and excess inventory through using real-time information. This ability to manage operations and prevent setbacks enables owners to make efficient decisions in terms of avoiding additional and unnecessary costs. ERP software also improves employee management and scheduling which makes it easier to manage operations and prevent disruptions and downtime. A manufacturer can also prioritise its best customers and reward them with automated discounts which can result in further efficiencies, increasing ROI. A lot of money can be saved as well through the use of an ERP system as it reduces the need for externally generated reports while also gaining a more granular visibility into the organisation.
Increased Security Levels
ERP Solutions are typically provided by large, trusted companies which means that these service providers often have many full-time teams who are dedicated to maintaining the integrity and security of your software at all times.
Using Business Central as an example again, this ERP system can provide your company with the security of a large corporation. It comes with built-in capabilities to guarantee that your data is backed up and kept safely and securely as a cloud based solution. This security can be improved using features such as authorization, authentication, data encryption and auditing. Dynamics 365 Business Central also allows customers to customize settings so that their data is gathered and kept compliant with local regulations if they are doing business internationally.
If you are looking to get started with an ERP system or simply just want to learn more about ERP, check out our on demand webinar “Financial Management for the Hybrid Business Landscape”.