Before wondering whether implementing an ERP system would prove beneficial or not to your company, it is best to first understand what it is and how does it actually work. ERP stands for Enterprise Resource Planning and its main feature is a business management software that allows employees from many different divisions to rely on the same information for their specific need.
The software basically integrates various functions such as accounting, human resources, sales and many more into a single database application and user interface. In other words an ERP system helps employees with their daily chores by making it more efficient and how this is done is by breaking down the barriers in between different units and departments making it easier for them to connect and communicate with each other.
There are many known advantages of ERP implementation such as an improve in productivity, increase in efficiency among employees, decreases cost due to the integration of systems and streamlining of different types of processes in a company. Here are some of the main benefits of ERP implementation to your company.
Efficiency
Implementing an ERP system will eliminate messy and data that is not standardize. You will also be able to reduce the need to manually enter data or information that can take up a lifetime of your employees and thus making them less efficient. By standardizing all your data you are also able to make comparisons between the past years more accurate. You have tools that are built in the ERP systems that will enable you study year-over-year comparisons more accurately by a common portal or dashboard that enables you to quickly understand the performance of your business. ERP implementation enables you to streamline your business processes and making it easier for you to collect and compile all data. For example, when you have a sales order it would flow directly into the financial system without any manual re-entering of data. The order management department can then proceed to quickly process the orders and the finance department can the close the booking on time as well.
Integrated information.
Looking back at the example above, when a sales order is made all the data is placed in a single location. You don’t have to look all over the place for the data that you have entered as it will not be located on separate databases. By doing so you not only increase the efficiency of your business but also you are able to run your business smoothly without major hiccups. Furthermore, all your data can be kept consistent and up-to-date making it easier for you to refer to them whenever the need arises.
Reporting
ERP softwares also helps employees with their reporting making it easier and customized across departments. Instead of getting your employees to manually merge reports across units and departments ERP softwares would allow them to pull out reports from one main system. All databases and spreadsheets can be maintained on one system instead of having them to generate new ones all the time. In a nutshell, ERP implementation helps to make reporting a lot easier and more customized and your company will be able to respond to complex data more efficiently and rely less on the IT department when running reports.
Customer Service
Once again going back to the example when you have a sales order, you have keyed in all data that is related to your customer that has made the purchase. In the event, you have a recurrent order or enquiry from the same customer you have all data needed on hand and you are able to get back to them easily and accurately. By doing so, you customer will be very pleased with your services and your relationship with them is further improved. ERP implementation enables your sales and customer service to interact with your customers better through faster access to all their information and history.
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Strengthens Security
ERP implementation is also able to improve and strengthen your business data as they often offer advanced user-permission settings. By having this attribute, high profile and sensitive data can be prevented from going in the wrong hands as it will only allow certain users to access certain data that they need from the system. Restrictions to certain data can also be enhanced especially if you are not comfortable with every employee being able to access it.
When you add up all the advantages above it is rather clear that ERP implementation is sure to be beneficial to your company. This is because work efficiency is improved, data and reports are able to be accessed to faster and customer relationship is able to be improved. Not only that, ERP systems is also able to reduce or even eliminate all redundant processes or systems making the cost of maintaining your business much lower.
Now let us look at some of the top examples of ERP systems that is available around us in order of ranking.
- Oracle + Netsuite
- IQMS Manufacturing ERP
- The E2 Shop System
- ECount
- Work Wise ERP
There are many more example of ERP systems available but the above are the top 5 trusted brands. ERP software sales is also on the rise as many companies has come to realize the benefits of it. Be sure to carry out a research in order to have the most suitable ERP system for your company. As ERP software sales are on the rise you do want to make sure that you too have the best. And if you are still unsure we at ThunderQuote are always ready to help you.
ThunderQuote is the most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.