If you are thinking to implement ERP for your company, the first question will be is it worth the investment.
Following ERP benefits will help you decide
Real-time reporting and accurate forecasting
Realtime reporting is the key to every business. With the ability to customize reporting you can easily configure what you want to measure. You see progress of the company, understand what's driving the business and what's holding it back and take measures for forecasting. Accurate reporting helps you plan the strategy to achieve goals.
Standardizes business processes and workflow
All of your apps are integrated in ERP. Whenever there is any change in the system, it will be reflected across all users and departments. This significantly reduces data duplication and errors. Your employees save time and efforts required to consolidate information stored across different systems without integration. All departments and employees follow collaborated processes and workflows which makes it easy for every one to track whatever is needed in consistent format.
Increased productivity and quality
Production requires material, assembly, work stations, workers and finally quality checks. When you prepare flows for all these in ERP, you observe operational efficiency. It helps you utilize your resources more productively reducing repetitive tasks, increase time efficiency, get things done faster, have clear understanding of work. Lastly you can configure your ERP to go through quality check of the product.
Compliance
ERPs aid in regulatory compliance under secure and validated data, combined with built-in reports, making compliance critical. Having accurate, up-to-date records that are easy to find and searchable can really reduce the work required to comply with any regulations your company must adhere to. You can automate reports to reduce the cost of continual audits. Customizable reporting tools within the software also make it far easier to track compliance and adjust as necessary.
Better customer service
Customer experience is crucial to any business as all are competing for the same customer. Better data management like customer details, order history, feedback and customer support play critical role in better customer services. ERP with accurate inventory and order information mean customers will almost always receive the right items and orders arrive on time. More happy customers results in good success stories for your business.
Cost saving
Certainly ERP license and implementation costs you certain money. You should do return on investment analysis and should not overspend in wrong place. May be it’s a worthy investment and saves you money in the long run. Instead of manually inputting data, this program permits you to input it once and carry it over to other departments in real time. You can also streamline redundant tasks like report drafting, invoice allocation, employee payroll, etc., saving you time for other high-priority responsibilities.
Additionally, if you spend more on disparate systems than you would on a centralized ERP, you might even save on IT costs overall. Using a single system also reduces training requirements for end-users since they only need to learn one system rather than interacting with numerous individual applications.