How ERP Can Put Your Business On Track For Fast Growth
You’re contemplating a way to grow your business. Although your business may have started in a small, humble way, hard work and dedication to your vision has helped it to grow to the point where it is right now. While you might now be contemplating some lean strategies to grow your business even bigger and at a faster rate, you’re just not sure where to begin.
If this description fits your situation, then it may be time to think about inquiring about Enterprise resource planning (ERP) software.
This business process management software can dramatically increase the growth of your company by deploying a system of integrated apps to manage your business. It’s also a superb way to automate many back office functions like human resources, services, and technology.
If you have a small or midsized business with an international reach, then a global ERP solution will help you have much greater control and coordination over various aspects of your business like financial management, manufacturing, supply chain, and operations.
ERP not only has the power to take your business to the next level, but it’s also easy to use and remarkably quick to implement.
7 Questions to Ask the Right Vendor
The best way to find out more about how exactly ERP works is by finding the right vendor.
Here is a checklist for vetting ERP vendors:
1. Ask how the vendor has changed their organization over the past few years.
2. Ask the vendor about their latest product line.
3. Ask the vendor what new products they are planning to issue in the years to come.
4. Ask the vendor how long their business has been in the business software industry.
5. Ask the vendor how well they understand the economic demands of a business like yours.
6. Ask the vendor if they have any experience in providing ERP to a business that has the same size and purpose.
7. Ask the vendor about the future direction of their business and whether they plan to stay in their current line of business.
How an ERP Solution Can Help Different Departments
An ERP business solution offers some unique ways to coordinate different types of business applications, different types of data sets, different types of documents, and different types of devices.
ERP is a centralizing system, meaning that it effectively put your people at the center of the business rather than on the periphery. This helps them maximize how well they use their time.
What makes everything easier is that there is one familiar and comfortable user experience from server to cloud to desktop to mobile, and the result of this streamlined coordination is higher productivity, increased sales, and unbelievable customer service.
In essence, then, all your departments will be able to go about their business with much greater speed and efficiency, for example:
· Your accounting department will be better able to manage cash, assets, and banking.
· Your supply chain department will be better able to track production, vendors, orders, and inventory.
· Your marketing and sales department will be better able to manage business leads, selling opportunities, and service contracts.
· Your project management department will be better able to create estimates and deadlines, track the progress of projects, and answer questions about capacity.
What’s more, you’ll enhance your ability to gather intelligence. Fast, accurate reporting will help you stay on top of your numbers. You’ll get real-time analytics, improve performance tracking, and have more than enough time to act on key insights.
What’s more, if you’re running an international business, you’ll want to be able to work with multiple currencies. ERP offers you multi-currency capabilities.
4 Benefits of an ERP Solution
Here are 4 benefits that you’ll quickly notice if you opt for an ERP solution:
1. It’s easy to get started. You’ll get fast installation, be up and running fast, and be a confident user from the beginning.
2. It’s easy to work from anywhere, even in different time zones. Since ERP is mobile friendly, your team can do business across the globe. It’s easy for everyone to stay connected and remain productive even when they are not in the office.
3. It’s easy to scale your business. The flexible platform will work with your entire ecosystem to adjust to different business cycles. In the busy months of the year, you can scale your system up and during slower months, you can scale it down.
4. It’s easy to do things more efficiently while trimming costs. You’ll not only grow all your business department more efficiently, but you’ll also slash many of your IT costs by eliminating technological redundancies from one department to the next.
Does Size Matter?
If you have a small business, you may be wondering if your business is too small for it. According to a Business.com article To ERP or Not to ERP: Should SMB's Invest In Enterprise Resource Planning?, “The truth is, a small business must be faster and sharper than the competition. In today’s business landscape, no business is too small for an ERP solution. ERP allows small businesses to appear, act and operate like an enterprise-scale business."