If you’re a small business owner focused on growth, you’re already invested in marketing and scaling up your ability to deliver goods and services. One thing you might be overlooking, though, is a software-based tool that can support your company’s growth through data collection, sharing and workflow automation. This tool is known as an enterprise resource planning (ERP) system, and it’s so important to modern businesses that the market share for ERP software is expected to grow to $49 billion by the year 2024. Here’s what you need to know about modern ERP solutions and how they can help your business grow.
What is enterprise resource planning?
Put simply, ERP systems are software solutions that bring processes from many different parts of a business operation together under a single roof. ERP solutions can be used to manage everything from finance and accounting to customer relations and product distribution. Tying these different departments together through a unified software solution allows for easier data collection and sharing between departments. All this leads to making your business more efficient and productive.
Keep your business growing
One of the most important advantages of implementing a modern ERP software in your business comes in the form of improved workflow. ERPs provide for automated workflows that will take your employees through tasks in a step-by-step manner, making it less-likely for oversights to occur. In this way, your SMB can exert higher levels of quality control on its processes and spend less time correcting human errors.
A modern ERP solution can also support your company’s growth by providing you with valuable marketing insights. Thanks to their ability to collect and share data, modern ERP platforms can be used to measure the effectiveness of growth strategies such as expanding into new markets or penetrating further into existing ones.
Using operational insights produced by an ERP solution, your business can refine its marketing, adjust pricing and even develop a more complete customer profile for future targeting.
Improve customer service
Of course, the benefits of a modern ERP solution aren’t limited to the back end of your business. ERP software can support the customer-facing side of your SMB by providing improved systems for inventory control, sales and even customer relations. When your team can communicate and collaborate easily through a unified ERP platform, your customers are likely to have a much better experience and encounter fewer difficulties.
Cloud-based ERP solutions offer strong security protections that can be managed by a third-party vendor without draining your limited resources away from more critical tasks. If you want to keep your SMB on track for sustained growth by implementing good data security and cybersecurity practices, a cloud-based ERP solution can be a useful tool.
From improving efficiency and use of resources on the back end to supporting your marketing efforts and customer relations on the front end, ERP software solutions can provide incredibly useful tools for driving business growth. By making it easy to collect and share data between different departments, a modern ERP system can help your company make the best use of its resources and improve the customer experience it provides.
If you want to maximize the growth of your SMB, consider having your IT staff or managed services provider implement an ERP solution that will meet the needs of your company.