5 Reasons Why Enterprise Resource Planning (ERP) Software Is A Blessing For Your Business

November 18, 2022
5 Reasons Why Enterprise Resource Planning (ERP) Software Is A Blessing For Your Business

It is often said that change is the only constant. With time, a lot of changes are constantly happening, businesses are changing the way they operate, employees are changing the way they work, and consumers are changing the way they consume products and services. 

Digitization has been one of the most significant innovations of the 21st century. From massive computer screens of supercomputers to palm-sized smartphones, digitization has also come a long way. Automation has become the forefront of accelerating digital growth across the world. 

One such prodigy of automation for businesses is Enterprise Resource Planning software, also known as ERP. 

In this blog, we will talk about ERP, its benefits, and how it can help businesses cope with their current challenges. 

Current Challenges Being Faced By Business

Before we talk about what are enterprise resource planning solutions and how they can be beneficial for any business, it is important to understand the current challenges faced by businesses. Here are the following challenges that businesses usually face in the absence of automation: 

  1. Redundancies: 

When it comes to everyday business operations, there are many redundancies when it comes to data entries, maintenance, updates, follow-ups, etc. These redundant tasks take away the precious working hours from your employees that they can put into other important tasks like planning, strategizing, executing, etc. 

  1. Time-Consuming Processes: 

The manual processes and trails of paperwork are exhausting and time-consuming for businesses. Performing these manual processes and keeping track of them takes hours and days for the employees, ultimately wasting a lot of time. 

  1. Inaccuracies: 

Manual data entries, accounting, data analysis, budgeting, and forecasting have multiple errors and inaccuracies due to the lack of intelligent insights and automation. The lack of integration between various departments like sales, manufacturing, supply chain, etc., only adds more to the existing inaccuracies. 

  1. Multiple Storage System:

Inefficient data storage is one of the major challenges faced by businesses. Hundreds of spreadsheets, documents, folders, and multiple applications are extremely difficult to maintain. These systems are all more expensive to maintain and update overall, which increases the likelihood of inconsistency while referring to or analyzing the data. 

An Introduction To ERP

ERP is an abbreviation that stands for “Enterprise Resource Planning”. As we all know, our economy is moving rapidly towards digitization and automation, and ERP software is bearing the torch of innovation in this journey for businesses. 

ERP is essentially software that helps in efficiently running all the core processes of a business like recruitment, accounting, operations, human relations, manufacturing, sales, supply chain, procurement, etc. ERP software is a place of integration from where you can manage all these crucial activities of your business. 

Often referred to as a central nervous system of an enterprise, ERP software supports everyday business operations with a much-needed boost of automation, efficiency, and intelligence. Scattered data can cause plenty of problems for business owners and employees as they have to constantly pull out various documents, excel sheets, etc., to find the data they need. 

ERP solution removes this clumsiness by storing all the data in a single place in easy to manage manner. Both leaders and employees can easily pull out the information they need, systematically maintain all of the important data and easily share it within teams. According to Market Research Engine, the ERP market is expected to grow by $49.5 billion by the year 2025. 

ERP has many benefits. Some of the major benefits are listed in the segment below: 

Benefits Of ERP: 

Here are the following benefits of the ERP solution that businesses can leverage: 

  1. Streamlined Processes: 

ERP is truly a blessing for all those businesses that are struggling to streamline their process. More often than not, businesses find themselves in a pickle as they do not have proper workflows, proper structures, a proper place for storing their important data, etc. While implementing an ERP solution, businesses are put in a spot to decide and prioritize their processes and workflow. ERP can streamline processes by providing a centralized system for data storage, eliminating redundancies, increasing productivity, and reducing the average time spent performing various tasks. 

  1. A Single Place To Manage Your Entire Business Data

Having your important information and data scattered all over the place can be one of the biggest headaches for businesses that will ultimately affect their overall productivity. As we have already mentioned, ERP is like a central nervous system of a business. With the help of ERP, you can have a centralized place for not only storing all your data but also running all your important business operations like accounting, finances, resource planning, inventory management, supply chain management, procurement management, sales management, and a lot more! You no longer need to manage multiple software or apps for each one of your business functions. Instead, you can have only one system that will do everything for you. 

  1. Better Data Analysis: 

ERP comes in handy when it comes to storing and analyzing your data. With ERP, you can create a single repository for all your important data and your employees can easily use this data to draw insights. It is way more efficient than storing important data at multiple locations. Also, unlike another legacy system, you can work with real-time data when you use ERP solutions. Having access to up-to-date and recent information makes it so much easy for your team to analyze data and make informed business decisions. 

  1. Enhanced Customer Experience:

Another significant benefit of ERP is better customer experience. In this competitive market, meeting your customer’s needs and desires is undoubtedly the number one priority for any business. With the help of ERP, you can constantly stay in touch with your customer, use their historic data to analyze their behavior, assist them better with their need, and communicate with them to create ever-lasting relations! 

  1. Scale With Your Business:

Last but not the least, ERP systems are capable of growing along with your business. For example, the current scale of your business might require just a few automation in terms of operations. But as your business grows, you might require to automate and streamline more processes to run it smoothly. The best thing about an ERP solution is that it can scale your business. You can always add more services, and upgrade your plan whenever you need it. Since it’s a cloud-based solution, the upgradation won’t even require any additional infrastructure. 

So these are the 5 reasons why ERP software can be an absolute blessing for your business. It can transform your current operations and bring up your efficiency and also provide ease to your employees! 

If you are eager to know more about how ERP can help your business? Book a demo with us here: https://calendly.com/onehash/anand

-Blog written by Anand