What is ERP?
Enterprise resource planning also known as ERP is a type of software that organisations use to manage their daily operations such as accounting, project management, risk management, compliance, procurement, supply chain operations, performance management etc. ERP software solution is used to enable data flow between different business processes and eliminate errors like data duplication, transactional errors maintaining data integrity.
ERP system has been designed to manage critical business operations and automate business processes for both small business and medium size business es.
The ERP solution allows users to manage their business from a single dashboard from anywhere at any time. The information shared across the software is secure and the cloud based version can store large amounts of data with ease. You can restore or check data at any point with the help of the ERP system.
It has impacted a lot of businesses and helped them grow, it is impossible to ignore its benefits. Almost every business organisation or enterprise is using an ERP software for easy operations management. It can be seamlessly integrated into different departments aligning them to improve workflows resulting in better time management. Some of the benefits from business point of view are as follows :
1. Detailed business insight : it gives you a detailed insight into your business operations with the help of real time reporting. You can analyse this data and look into your profits and device strategy to overcome any roadblocks in operations.
2. Cost effective : ERP solutions are highly cost effective as they streamline businesses reducing manual labor and automating tasks which significantly reduces the need for hiring more workers. A single person is able to manage multiple operations with the help of automated processes which reduces the cost of hiring more individuals.
3. Improved efficiency : as mentioned earlier it eliminates duplicate data and prevents any chances of transactional errors. Furthermore, it helps in monitoring many business functions and helps in establishing well defined business processes.
4. Enhanced Collaborations : it enables you to efficiently manage contracts, requisitions, purchase orders without making any errors. You can manage multiple branches and monitor their operations at any time from anywhere.
If your business is not using an ERP system then you are lacking in making better business decisions. Switch to an ERP system and witness your business growth.