Improve Your Business Efficiency with ERP Solutions
What is Enterprise Resource Planning?
Enterprise Resource Planning (ERP) is an application used by organizations to manage day-to-day business operations of all the departments including human resources, procurement, accounting, project management, supply chain operations, risk management, sales and many more. It collects input from these departments to provide insights & internal controls and automate the business processes.
ERP systems integrate with many business systems and enable data flow between them. By collecting an organization’s shared transaction data from multiple sources, the organization’s resource planning systems eliminate data duplication and provide data integrity with a single source truth. In this digitalized world, ERP systems are very important to manage businesses of all sizes and sectors.
Following are the top 10 ERP tools used by large as well as SMB enterprises to reach their business goals in the global market -
- Microsoft Dynamics 365
- Oracle ERP Cloud
- SAP ERP
How ERP Solutions Help Improve Your Business Efficiency?
Here are five ways in which an integrated ERP solution can improve business performance:
Tasks such as monitoring inventory levels, generating reports, processing orders and timesheet tracking have historically taken a lot of time from employees. Rather than being time-consuming, these processes reduce employee morale and expose you to human error. After entering the same type of data into different forms, even the best staff will have to make a mistake.
ERP solution is here to automate your tedious and repetitive tasks. The database in ERP software removes unnecessary tasks such as data entry and enables the system to perform complex calculations in just minutes. This enables employees to concentrate on other complex challenges, work diligently, and improve business revenue. From this, Enterprise Resource Planning will improve the efficiency, profitability, productivity of your organization.
Improved Inventory Monitoring
The main challenge for companies is to monitor and track their expanded inventory levels. ERP uses serial numbers, barcoding and RFID tags to place tabs on your list at each stage during the supply chain. ERP software helps to find out what products are on the shelves and what products are in transit for customers.
Inventory monitoring also promotes reporting as the latest tracking technologies provide more accurate numbers. Customers can configure custom KPIs to determine which items are moving the fastest — showing the highest demand and increasing the carrying costs. With the greater accuracy that the ERP solution offers, warehouse managers can track live data on their inventory to make better business decisions.
Improved Production Planning and Resource Management
In addition to maintaining your inventory, it also handles ERP manufacturing. ERP offers insight into all the manufacturing activities, including the shop floor. It allows customers to optimize product schedules, and labor to increase efficiency.
ERP solutions also manage your fixed assets and the Bill of Materials (BOM). Using ERP, users can track all previous changes as well as create and modify BOMs. Fixed asset management allows customers to schedule equipment maintenance to reduce idle time, improve supply chain relationships and profitability.
Simplified Compliance and Risk Management
When companies are growing and doing business in different countries, it can be difficult to keep track of all the different rules imposed on your company. Local organizations also need to be concerned about data security, HR regulations and various environments. Many ERP submissions are built with these terms in mind to help you maintain compliance at each stage.
ERP solution providers offer built-in auditing tools to help in documenting things such as tax regulations and chemical usage. In addition, ERP often offers tools for risk management. Improved accuracy and reliability of the ERP solution will improve overall financial management as it is less prone to errors during accounting. Forecasting tools enable users to predict events when it comes to labor, demand, and budget.
Improved Customer Service
ERP systems allow businesses to accurately plan production, better control over inventory, coordinate distribution channels and streamline process scheduling. Up-to-date access to business data helps in providing high-quality customer service. For example, when a customer enquiries for an item in stock, agents can simply access the ERP database and inform the customer about the stock availability within a minute.
By using an integrated system that allows omniscient monitoring, your business can save on IT administration costs or manage support infrastructure. For manufacturers, the main hurdle in optimizing capacity and reducing costs is leftover and misused inventory. ERP solutions help find out the slow-moving inventory and accelerates its time-to-market by recognizing faster and better ways to deliver products and services.
ERP systems improve productivity by integrating data and processes across multiple locations, allowing the company to process orders faster, move products faster, and deliver goods more appropriately and quickly to customers. It can automate many tasks and streamline the information to operate more efficiently and making business decisions.
Want to Implement ERP Software in your business? Please Contact us. Our ERP solution providers help computerize your business inventory, accounting, production, human resource, sales, marketing and billing processes. We ensure that you will get good business performance and efficiency.