How much further could your business go if it was running more efficiently? With a streamlined workflow and many of the costly operational hiccups of day-to-day business eliminated with an Enterprise Resource Planning (ERP) software solution, you will be equipped with the right tools to unlock your organisation’s potential.
Today, many small to mid-sized businesses depend on business management software to get things done, from invoicing to accounting to stock levels to customer management. ERP brings all these solutions into one application, and therefore brings all information into one central hub. This means that an update in sales for example, will also adjust inventory, order management, and financial management. Sometimes described as the nervous system of a business, ERP software allows each area of your business to communicate, relate, and integrate all into one dynamic solution, which has the potential to improve overall operations enormously. Perhaps the greatest aspect of an ERP solution is its versatility; different add-ons can be embedded in the software to suit the specific needs of an organisation – and you can even have custom add-ons designed specifically for your business needs.
Are you considering investing in business management software (like MYOB Exo) but not sure how exactly this software will make a difference? Here are five ways that ERP software can boost efficiency – and your bottom line.
With ERP sofware, it is possible to automate more workplace tasks. With all operational functions rolled into one over-arching management app, you’ll no longer have to spend time ensuring that your stock levels are sufficient in your warehouse, because inventory is automated. Lengthy and cumbersome order fulfilment paperwork can be fully automated as well, as can some facets of marketing, customer service, and accounting. This automation frees up labour hours so employees can work on more productive tasks like research and development and strategic planning.
Data Is More Visible and Readily Accessible
When all the information that you need about your business can be found through one central platform, you’ll save time looking up data files, cross-checking to ensure that data is accurate, and even searching for lost information. Everything can be found through the ERP software. Having all the data in one place also makes sophisticated forecasting possible – which can help your business form more effective business strategies with a clear picture of the numbers.
Ability to Reduce Waste Through Data Analysis
This is what really sets ERP software apart from using a series of separate business apps. With a single platform tracking your workflow, you can spot exactly where you’re losing money or wasting resources during normal operations. From poorly used warehouse space to honing in on excess production or long wait times, you’ll be able to recognise where you can make changes to help your business run more efficiently.
Better Communications, Which Means Faster Collaboration
Accounting, sales, customer service, and other departments can more easily communicate with each other because everyone is working through a central platform. When someone from sales enters data for example, the accounting department receives the same information, and in real-time. Not only does this make the flow of work between departments easier, but it also reduces the lost time and resources caused by errors, which are an inevitable by-product of using multiple apps.
More Effective Customer Service
Many businesses opt to embed a Customer Relations Management (CRM) app in their ERP solution, which can completely revolutionize the way your business interacts with customers. This will make the order management process simple, ensure more accurate inventory updates, and allow customers to keep track of their orders along the way. It also allows your organisation’s customer service team to spend their time interacting with customers, rather than doing the tasks and tracking that your ERP can do. When CRM is separate, managing the customer lifecycle becomes difficult as you would have to track data through the lifecycle from different applications, and then bring this information together in order to make a clear assessment.
Businesses with an ERP solution are operating at a great advantage. The more efficient your business is, the more you are able to excel, and grow. Get in touch with us to learn more about how MYOB EXO can improve your business’ efficiency.