The importance of ERP in growing your business
It’s hard to dispute the importance of ERP in growing your business. But how can you utilise it to maximum effect?
We take you through some of the key areas where ERP can help expand your bottom line and boost growth in your business operations.
Money and time benefits
We all know that an ERP project represent a significant investment of cash, but the returns can be huge over the medium to long term.
ERP systems save you money by bringing disparate systems within your business together and removing waste.
Once implemented, departments can instantly share and view information that would otherwise have represented a serious blind spot, reducing the risk of errors or miscommunication.
Most of all, the increased control and visibility frees your staff up to spend less time on admin and more time on the tasks that matter.
The long term accumulation of these time saving features means a healthier bottom line.
Time can be further freed up by automating your key processes.
Rather than wasting time inputting data, your ERP system can handle the boring bits (and with greater accuracy and reliability).
Therefore, not only do you save time, but you can rest assured that key data is shared across all of the staff members who require it, without human intervention or the possibility of error.
Unsurprisingly, this is likely to boost productivity and benefit collaboration across departments.
It’s easy to forget that when you invest money in ERP you’re putting your money towards better operational efficiencies.
This is a major positive, because manual processes have a way of draining time and money (critical resources) from your business.
A commitment to automation and better processes is a must for small and large scale businesses alike.
ERP software (implemented correctly) should provide this.
Improved financial reporting
Keeping control of your finances is imperative to any business.
ERP gives you greater visibility and oversight of the numbers that matter.
One common problem with a growing business is that the complexity of transactions can grow faster than your ability to process them.
This is where ERP comes into its own.
By reducing manual reporting and moving towards greater automation, the finance staff who were previously under pressure at month end can finally get some relief.
In centralising your systems, the transactions and reporting can be carried out steadily, rather than waiting until month end.
In a post-COVID world, we are becoming less chained to our desks while opening ourselves up to the moving key decisions away from the factory floor.
The greater mobility offered by ERP systems allows personnel to make interventions or key decisions from anywhere in the world and at any time.
In doing so, you can move away from outdated modes of working and embrace a more flexible approach.
This is not to say that your staff have to be permanently switched on – it simply offers more scope for how important decisions are made.
By offering you and your workers remote access to the database, ERP can help save time and effort with no harm to quality.
Are you interested in how ERP investment can help grow your business? Contact a CBO consultant today here.