In business, efficiency is key. As digital continues to dominate, businesses are becoming increasingly reliant on software to streamline processes, which ultimately saves time and money. One such solution is ERP software — but what is it and how does it benefit businesses? Datawright explains more:
What is ERP software?
ERP software stands for Enterprise Resource Planning software. As an integrated business management solution, the software works by centralizing data and processes to make management and reporting easier.
Core business processes can be managed from the software, including:
- Trace-ability — Each process is completely track-able from beginning to end, minimizing the impact errors can have.
- Stock Control — Simplify managing complicated supply chains and gain complete visibility of stock to free up finances.
- HR Management — Through improved visibility, recruitment gaps can be identified and filled with the right people.
- Business Intelligence — Gain greater insights and minimize reporting time with intelligent tools and centralized business-critical data.
- Project Management — View delivery times, budgets and billing on a case-by-case basis to enable greater project management.
- Financial Management—Take control of your assets, cash flow and accounting, reducing costs and maximizing profits.
- Customer Relationship Management—Keep a record of current contacts and conversations, as well as past communications, to maximize opportunities.
Benefits of ERP software
There are many benefits of ERP software, but the most notable are:
- Increased Visibility— You’ll have a 360-view of your business, so you can identify strengths, weaknesses, opportunities and threats. Likewise, all of your business will have access to relevant, up-to-date data, minimizing the chances of error. Limitations can be set to keep business-critical data safe too.
- Real-time Accuracy—unlike other systems like spreadsheets, the software updates in real-time, so you’ll have a clear overview of how your business is performing. Nothing is left to chance.
- Improve Efficiency—By centralizing your business processes, you’ll essentially streamline activities to improve efficiency, giving you and your staff more time to spend on what really matters.
ERP software, as you can see, offers numerous advantages to those in the manufacturing sector. If you work in the field, it’s well worth considering the investment.