Enterprise Resource Planning (ERP) is broad-brush term for a full-fledged, end to end business resource management scheme. ERP can take in everything from HR to supply chain to accounting, and according to G2Crowd – Enterprise Resource Planning software is the number one tool to facilitate your efforts to implement an effective ERP system.
But what are the most important benefits that ERP software brings to the table? Well, we’re glad you asked! Continue reading for some informative and helpful answers to that question:
1. More Efficient Professional Services
One key benefit of ERP software is its role in streamlining your client services so as to improve client satisfaction/retention and to better manage the whole process. Professional service automation software systems (a form of ERP software) will assist you in efficiently allocating resources, budgeting, tracking expenditures and progress, and sending out invoices. ERP helps you handle more services volume with less personnel and still be efficient.
2. Enhanced Project Management
Professional services companies aren’t the only ones to benefit from ERP. Companies focused on “projects” (as opposed to services or products) also stand to gain in efficiency and profitability. ERP software designed for project management will help you effortlessly keep track of all of your ongoing projects from one central “control center.” Budgeting, resource allocation, progress tracking, and more all focused on the needs of project-centered companies, with the end result that you save time and money while delivering enhanced customer service.
3. Boosted Product Management
For companies that are more “product based,” ERP software can also lend a hand. Accounting, inventory management, and supply chain efficiency are all addressed by specific components of the software. ERP will help you track your products from manufacture to sales to delivery, and it will give you a bird’s eye view of how your product production/sales are impacting your bottom line (which leads directly to making profitable adjustments without undue delay).
4. Easy Asset Management
No matter what your business is, from professional services, project-focuses to product-focused, or some combination of these, your company has assets it needs to manage. What ERP primarily does here is give you quick access to the age, condition, and productivity level of your current business assets. Depreciation and maintenance is predicted, and the date when replacement will likely become a necessity is pinpointed. It’s far better to have all this information easily accessed in one location so sudden equipment repair or replacement costs don’t surprise you.
5. Overall Business Transparency
Any and all ERP software types can be summed up as benefiting your business in one very general way: providing better “transparency.” What we mean here is that the sheer volume of business transactions, inventory stock, assets that need their life cycles managed, and the like, make it nearly impossible to “play things by ear or by memory” or to go the paper-and-pen route.
Effective management requires advanced software systems that organize and present relevant data to you in a timely and easy-to-understand way. That’s what ERP software does, and that’s how it prevents you from making costly business oversights and mistakes.