The biggest areas of Epicor 10 value
We all know that investment in ERP software can be costly but where can you get the most Epicor 10 value?
The implementation process can be challenging to personnel and the business in general. This makes sense when you consider the complexity of your current processes and the system that you’re about to migrate to.
However, in many cases, the benefits can be so immense that powering through can be incredibly rewarding to your bottom line in the medium to long term.
Identifying where you’re likely to see the most value upon changing to ERP software is the first thing you’ll want to do before taking the plunge. Thankfully we’ve put together an article that does just that!
Here are seven areas you’re likely to get the most Epicor 10 value.
Free-up cash flow
A reliable cash flow is essential for any business. But keeping things moving can be a challenge when staff are tasked with doing so manually.
Epicor 10 allows you to ensure faster, more efficient cashflow for your business. This can be done through late purchase order reporting, planning reports, and automated processes.
You can also keep updated with any overdue invoices that might otherwise have been missed through human error.
Usually a significant portion of your business’s capital will be tied up in inventory. ERP will allow you to identify patterns when stock arrives. It will also flag when it goes out and tell you how long you’re sitting on expensive materials unnecessarily.
Once you know this, you can begin to reduce inventory levels and free up cash flow. Hallelujah!
Improved reporting
Accurate and comprehensive reporting is more important than ever to businesses. Finance directors, or finance staff in general, will no doubt have a lot to say on the matter.
Through Epicor Financial Management you can help your staff make more informed choices and assist decision-makers. This is done by ensuring timely and accurate financial information.
This reporting can also be real-time, meaning that key personnel can see how their department is performing against its KPIs on the move at any time.
Being able to assess your fiscal information in real-time provides greater clarity and increased flexibility to your department. And who can say no to that?
Automate those workflows
One of the main benefits that comes to mind when thinking about ERP software is probably that it allows you to put all of your business processes in one place.
However, the ability to automate processes is just as important.
In particular, this is helpful for organisations that have a lot of paperwork. If this rings a bell, automated processes will help your business to optimise processes and make them more efficient, while removing ‘manual’ interventions. In turn, this will minimise human errors.
Automate processes with Epicor ERP and you’ll tap into new possibilities to save money by streamlining and cutting out waste. You’ll also free up a lot of time for staff across areas as diverse as finance, the factory floor and sales. This means they can be deployed to more important tasks.
Financial forecasting
It should come as no surprise that ERP software can provide a significant boost to your businesses forecasting capabilities since these systems build up swathes of data that can then be used to predict future trends and behaviours.
Everything from purchase orders to supply forecasts to inventory records can be stored, analysed and presented. This wil help your business identify future opportunities and eliminate recurring hurdles that might otherwise have gone unnoticed.
Having all of your financial data at the tips of your fingertips is a great way to plan ahead and evidence-based decisions to move your business forward.
Affecting change on the go
One problem for decision makers is how to monitor and affect change when they are out of office.
Never fear, modern ERP solutions can be fully integrated with mobile devices in order to reduce response times and improve field productivity.
In the past, your insight into certain processes was limited to being in the office or factory floor. Now you can access critical information such as billing processes, work order and inventory in real time from your tablet or mobile phone.
How could you refuse? Go mobile and optimise your business processes from anywhere.
Improved transparency
It was common for businesses in the past to be held back by a lack of transparency. So much information was being moved across departments and along the supply chain without key stakeholders having the necessary insight to make incisive decisions.
Now, with the advent of powerful ERP systems, transparency has greatly increased. This means decision makers have access to all of the information they need to move the business forward and make real-time choices.
Another benefit is in customer relationship management. Now you can see when a lead is hot or cold and who contacted your customer last. Having all of these contact details in one place greatly improves your chances of making a sale.
Another advantage is found within Customer Relationship Management. This allows your purchase or enquiry history to viewed by all relevant personnel. This ensures that when one staff member is out of office and your business needs to move quickly on a deal, crucial information will be visible to everyone and the job can be easily picked up.
What’s not to like? Click here to find out more about Epicor CRM
Speed up processes
There are many ways that to get Epicor 10 value by speeding up workflows.
When dealing with transactions, for example, a user would traditionally spend time entering information into forms, documents or records. This would be created manually, stored in different places and would prove difficult to access at the same time.
With ERP software, users are now able to keep all of their information related to individual transactions in one place and follow a logical workflow when entering information for a sales lead, new vendor or job.
With a business process review, your company can ensure that the most efficient processes possible are in place before aligning them with your new ERP system to automate workflows and routine procedures.
Speeding up these processes results in less time on admin and more time adding value in different business areas.
Inventory management
Inventory is one of the main areas of business that ties up cashflows. If you’re not careful, excess stock can cause profits to fall as products expire or simply collect dust in the warehouse.
By the same token, a lack of stock can drive potential customers away. This happens when lead times spiral out of control while you wait for new items to arrive, shutting down production.
ERP can help by managing your inventory along with demand and repurposing or offloading any surpluses that might appear.
By keeping track of demand and acting accordingly you’ll can hold less stock and boost production. Who can argue with that.
For more information on beginning your journey into Epicor ERP 10, whether you are upgrading your current system or migrating from another ERP provider, we are happy to help. Get in touch by clicking here.
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