5 key components you need from your ERP system

It’s hard for a business to claim that they have a great ERP system if they’re missing a core component (or more) from it. That’s why it’s always a great idea to check and see if your ERP system is giving you what you need for both today and tomorrow.

We’ve identified 5 distinct components that businesses need from their ERP systems to stay competitive  in 2019.

1. Business Intelligence

The ability to create timely custom reports is powerful

Large corporations rely on reporting to track KPIs across the entire organization. If one department or functionality falls behind, you’ll see evidence in the numbers.

An ERP solution with business intelligence can provide a single environment for gathering and housing data, making it possible to generate reports that clearly show where you’re already efficient and where there’s room for improvement.

2. Financial Management

Effective ERP implementation will almost always cut administrative costs.

When employees have fewer manual processes to weigh them down, they’ll be free to take on more innovative, profitable projects. Not only that, but work flows more easily. Turnaround time decreases and your production capability goes up.

For businesses with inventory requirements, ERP solutions create the opportunity for another kind of savings in the form of inventory management. An ERP system can help forecast demand for specific materials, decrease overstock, and track real-time supply. 

When supply chain management runs smoothly, your entire organization benefits.

3. Sales and Customer Management

If your business isn’t growing, it’s dying. But marketing and sales ensure that you’re always growing.

The right ERP software can help you track your sales opportunities and lead activities from first contact to the closing of the deal. Not only that – it should also give you reports on forecasts and pipeline tracking to add meaning behind it all.

Of course, there’s also the matter of marketing. Your ERP software should help you create, manage, and analyze marketing activities to turn prospects into customers and grow sales and profitability as a whole.

ERP systems will need to be able to incorporate direct marketing and data gathering links across multiple social media channels to remain competitive.

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4. Automated Flows of Data

Human error is inevitable. 

It’s also one of the biggest efficiency gaps in most organization. The more often your business process relies on a human being to re-enter the same data, for example, the more exposed you are to potential delays and problems.

Automating data flow makes it far less likely that human error will result in missed orders, inventory mishaps or miscommunication. When your business operates like a well-oiled machine, customers get a consistently reliable experience and employee satisfaction gets a boost. The positive effects of both are exponential contributors to growth.

5. Purchasing and Inventory Control

Simplifying the procurement process and controlling inventory should be easy.

After all, you don’t want to be wasting precious resources in having to tediously track everything yourself. You need an ERP system that centralizes purchasing processes by managing detailed data in a user-friendly interface. 

It’s critical that your software shows you real-time updates between goods receipts and inventory levels to keep your visibility unparalleled. You can make smarter inventory management decisions with real-time reports.

Did you know? Modern ERP system adoption is booming – Global ERP Software Market is poised to grow at a CAGR of around 7.4% over the next decade to reach approximately $63.1 billion by 2025.

What If You Don’t Have What You Need?

It’s possible you read through the list and realized you didn’t have everything you needed in your current ERP system. 

Now what?

That’s where we can help. We’re experts in helping businesses implement and manage their ERP software so that they can achieve business success without sacrificing visibility or wasting their resources to do so.

Want to talk to an ERP expert for a free consultation? Reach out today – we’re more than happy to help.