Future of ERP
ERP 2.0: The Future of Enterprise Resource Planning
The pace of business and technology must complement each other to reach the goals of business because we are living in a technological era where people want maximum output with the least input. To use the resources of business effectively, it is important to have integration of all the departments and their functions. In the last 3 decades, the business world has seen a lot of changes that have completely changed the way of performing functions. Shifting from mainframes and minicomputers to PCs and laptops, using proper modules for accounting and financial purposes, last but not least using scanners and barcodes for inventory management and warehouse management clearly state the evolution of performing functions in different industries. Benefits and Importance of Over time with the change of everything, ERP has also changed as discussed in the previous blog (Evolution of ERP). In the current scenario, one can say the future of ERP exhibits the change of business. This decade will be considered as the cloud-based decade in the life cycle of Enterprise resource planning (ERP). Companies are heavily relying on cloud-based ERP systems that can be seen from this fact more than 90% of enterprises regard cloud-based ERP as a safer option. .
More beneficial as compared to the cost
ERP software indeed requires a major investment, but there’s also an even bigger cost that your business will pay if you are not making this investment. Using the ERP system will help the businessman to take wise decisions based on the 360-degree view of the whole picture by calculating the resources and opportunities for business soon. Implementing the software also helps in integrating the multiple functions of different departments. This feature will lead a businessman to make fewer mistakes regarding forecasting their business and generating the maximum output by using the least resources. If you are running a business and not using the ERP software, maybe you can survive there but you will not be able to reach the top level in terms of value and wealth maximization of your business.
Customization of system
Many businesses in the market don’t get fit with the off-shelves solutions available in the market. For this instance, they start looking for the most suitable system for their business but now this problem is also solved by the ERP system providers by developing the customized systems according to the requirements of a specific business. With the help of this feature, one doesn’t have any need to buy the already available system with those features that are not required to them. This also cuts the cost down.
360-degree view and customized reporting
The Top-level managers have no time to visit each department manually and evaluate their progress. There must be a system that can provide them proper customized reports of every department, with the customized period and also with customized employees options. ERP systems have made this thing extremely easy for the Top-level managers by providing the 360-degree view of business with customized reports as per their requirements with the help of different modules
Improve the efficiency of performing functions
ERP system improves the way of performing functions by reducing the need of performing repetitive functions and entering the data manually again and again with errors that lead to loss of business resources. If you are using the ERP system, you don’t have to worry about remembering your important upcoming meetings, events, calls, presentations, and many other daily business activities. The reason is this software will automatically send you reminders and make to prepare for the upcoming activities.
Integration of departments
Running a business means you have different departments and a number of people are working in it. The functions of every department are connected to another department in one way or another so they must need to collaborate for effective work. Suppose the Human resource department is planning to recruit new employees for the company, so for telling the audience that we are hiring they need a proper marketing campaign. They will reach the marketing department for this purpose, the marketing department will outline the important aspects of the campaign which will include the financial prospect also then they will move towards the finance department and all this happening by just sitting on your chair and working on the system. So the whole system needs to collaborate for productive working and the ERP system provides you this facility. Let’s see the other side of the picture, if a company is not using this ERP software then the same process will happen but every person will go to other departments manually and most importantly no one will have any idea what is the real-time progress of this project. This will end in the loss of the business resources which include time, money, and energy as well.
Accessibility and Reliability
One of the prominent features of the current cloud-based ERP software is everyone in the enterprise have equal accessibility of the system based on his/her authority level. The limited things required for accessing the system are the authority to access the system, device, and internet. This is called the centralized based system that allows the person who is doing sales on the road the same working experience of using the system like the person sitting in the office and performing the functions. The easy to use formula of the system is important because it is directly related to the productivity of the business. So everyone needs a system that works irrespective of their location. Data can be updated from anywhere in real-time that also show the employees that where we are standing right now. ERP system also ensures the security risk-free and error-free software for your business.
Customer service
One of the key features that often goes unnoticed is the benefits your customers receive through the ERP system whether they know it or not. Customer relationship management (CRM) is the proper module of the system that allows the business to keep the data about their customers, their behaviors, their way of thinking about the product. CRM allows the employees to track their customer’s thinking rather than wasting the time making spreadsheets about it. So whenever a company will launch a product that will be matching the previous response of customers, that customer will automatically receive a message about it. Customer’s behavior and their way of thinking about products help the enterprise to create the user persona about the product and then make changes in it. This data can also be used in automation marketing that will help the enterprise to reach potential customers. Because in the end, the only thing matters are your sales that will only be possible through satisfied customers.
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