According to a recent report, 44% of supply chain leaders have already implemented an upgraded ERP (Enterprise Resource Planning) system or are currently in the process of implementation. Around half of these organizations report undergoing this process simply to replace an outdated software system. However, the key to success with an ERP is fully understanding the benefits it provides. Modern-day, cloud-based ERP systems – such as the Acumatica platform – are invaluable tools to a business owner and management team, especially in a fast-paced decision-making environment.
As a uniquely specialized managed services provider, AppSolute has explored the top four ways that a modern ERP helps businesses make better decisions:
Simplify business health reports
Successfully owning and operating a business of any size is no easy feat. While most business owners have an idea of their company’s overall health, it can be a long and complicated task to fully analyze performance. With a modern ERP in place, you no longer have to wait for reports and analysis from various departments before receiving a full picture. Instead, all the crucial information you need is presented in a comprehensive manner at your disposal. In turn, this allows you to identify your business’s strong points and overcome any minor weaknesses before they turn into critical problems.
As your business grows, the day-to-day activity and the operation as a whole become drastically more complex. With a modern ERP in place, you eliminate common time-consuming mistakes like data re-entry with access to real-time data and information across all departments. In turn, each department is able to collaborate with one another more efficiently and effectively. Modern ERP software allows every aspect of your business, from manufacturing to accounting, to operate in sync within a single system. This allows all senior management from numerous departments to offer valuable feedback while looking at the operation in its entirety.
Related: 5 Signs You Need an ERP System
Focus on customer retention and pursuing sales leads
With a modern ERP, many repetitive, manual processes can be drastically reduced or eliminated altogether. In turn, this allows employees to focus on other aspects of their job. For instance, instead of spending hours entering data into a spreadsheet, employees are free to focus on customer retention, sales leads or other revenue increasing tactics. Similarly, this eliminates frequent human errors and makes the information more accurate and accessible to management.
Fine-tune targeted marketing campaigns
A compelling advantage of using a modern ERP is the ability to track customers from the beginning of their journey to the end. The data is stored and compiled to more quickly and easily identify your target audience. In turn, you can be more confident in your targeted marketing campaigns utilizing this data. Along with saving an immense level of time, it can also eliminate the guesswork associated with marketing and improve your overall ROI by up to 33%.
Remain competitive in your industry
Above all, one of the greatest benefits of implementing a modern ERP system is to stay ahead of the competition. In today’s technology-driven business climate, it is likely that your competitors are already reaping the rewards of the software. While older, standard methods are still utilized, business owners who invest in innovative solutions save time and money in the long run. This allows them to achieve more accurate results and make better, more informed decisions for their business.