ERP software streamlines operations and allows you to integrate all your key functions into a single process. Business executives get better oversight on all functions, improving the decision-making process. Employees also get a single source of information, which improves efficiency.
As your business grows, it will give clear signs that it’s time to upgrade to an ERP software; these signs include:
Several Software Platforms Start Affecting the Business
If your accounting team uses one system to process receivables and payables, while your sales team uses an entirely different system to process customer orders, it is time to upgrade. Such a situation points to a wastage of time and resources as you try to transfer sales records from one software to another.
You lose accuracy in the exchange of data, which affects efficiency. For example, the sales team may fail at delivering data to the inventory team, which then delays orders for new stock.
ERP software allows you to integrate all of your business functions into a single database. It consolidates all your date, which makes it easily accessible to employees. They access real-time data faster, which speeds up the decision-making process. This allows them to focus their attention on other high value tasks that contribute directly to business growth.
Information Acquisition is Problematic
Businesses thrive when there is easy access to information between departments. For example, when someone asks about your sales margins or orders per day, you should provide the information at the click of a button. If your business operates on spreadsheets and siloed systems that rely on manual updates, it’s time to change.
Today business operates at a faster base, and there is more urgency when trying to access information. ERP software gives business executives a holistic view of business operations while making it easier for staff members to access and share information. For example, members of your sales team get better access to a customer’s transaction history which proactively improves renewal rates and increases upsell and cross-sell opportunities.
Poor Sales and Slow Accounting
As your business grows, you need a more sophisticated system to manage inventory. Consolidating your operations helps you deliver a better customer experience. For example, you ensure that you always have products in stock, and your staff can easily respond to customer questions with real-time updates on the location of deliveries. An improved customer experience encourages referrals and repeat business. Better yet, customers can log into your website and get all the information they need instantly.
Often, your accounting department is the first indicator that you need an upgrade. Manual accounting wastes time especially when employees have to feed information from paper-based invoices and orders into different accounting systems. Additionally, financial reporting wastes company resources. You need a large team to consolidate data across multiple systems and work through countless spreadsheets. An ERP software consolidates all your accounting information into a single system, which saves your accountants time they would spend manually keying in the information. It also helps them deliver critical reports faster and more accurately. With the software, you can reduce the number of accountants in your department and save on operational costs.
An ERP software will save you time and, gradually, reduce your operational costs. By streamlining your operations, your employees can focus on activities that drive sales and grow your business. Shop around for an ERP software provider with experience in your industry. Schedule a consultation with our team to assess the performance of your system.