Investing in new technologies can be the stimulus your business needs to innovate, grow and achieve its goals. Choose the right Enterprise Resource Planning (ERP) solution, for example, and you can improve visibility across the whole organisation. But, with so many ERP solutions available, it can be difficult to know which is right for you.
In this post, we’ll look at the benefits of implementing an ERP solution and how the right one will improve visibility, efficiency and agility.
Why Your Business Needs an ERP Solution
Employing the right ERP solution in your organisation can be the difference between achieving or failing to meet your business goals. There are a few reasons why you might be considering an ERP solution.
For example, does your current system provide enterprise-wide visibility into financial and operational data in real-time? Or, are you currently using multiple systems and platforms to manage core business and operational functions?
Implementing a solution that can offer this visibility via one single source can drive quality, reduce error and improve overall transparency. 95% of businesses found that their processes improved following an ERP implementation.
Once in place, an ERP system can provide business leaders with real-time visibility into operations, instant access to global supply chains and provide a single version of the truth. Switching to data-driven decision-making allows you to identify new challenges and uncover lucrative opportunities that will fuel growth.
There are many key processes that are encountered in daily operations like order management, fulfilment, invoicing, cash collection, expense approvals and financial consolidations. Improving and automating such processes will increase efficiency and allow your resources to focus on value adding activities not routine processing.
Outdated legacy systems can be slow, inefficient and cause unnecessary complications. For example, older systems usually require manual processes which lead to the risk of errors. Plus, needing to use multiple systems, while having to rekey data between them, causes delays and errors.
Meanwhile, the right ERP can give your business the platform it needs to continuously improve and evolve processes so you can maximise business benefit.
How Can an ERP Improve Visibility?
An ERP solution offers improved efficiency and capabilities which businesses can use to build better processes. Better visibility is achieved through data analytics and real-time reporting which provides the ultimate insight into your operations.
For example, NetSuite is a 100% cloud platform, giving you access to information from anywhere at any time
Compared to standalone systems you might be working with, an ERP solution provides much clearer visibility. After completing an ERP implementation, small businesses saw a 48% increase in real-time visibility of their data.
Take inventory management. Previously, simple errors might have resulted in stock mismanagement. This is an area an ERP can drastically improve when it comes to visibility. When inventory level gets too low or high, managers can be automatically notified.
This ensures inventory levels are always at the right level and your business can be agile enough to meet shifting demand. You’ll have the resources you need to quickly respond to changing situations, something that’s far more difficult when operating via spreadsheet.
A comprehensive view of customers and their orders let your sales team build a clearer picture of who your customers are. The more you know your customers, the easier it is to know and meet their demands.
Collate real-time sales information and you can make data-driven decisions that are in the best interests of both your business and your customers. The key is speed. There’s no waiting around for different teams to corroborate their data before a decision can be made. You’ll have access to crucial KPIs from one place, giving you the support you need to take your business in the right direction.
Stop relying on spreadsheets and instead use detailed reports from an ERP solution. This visibility of all your operations through one system, without the need to extract data and create spreadsheets, is key.
View Our Case Studies
To see how an ERP solution can transform your business, take a look at some of our most recent case studies. We’ve carried out over 200 successful NetSuite implementations, helping businesses to get the most from their investment in new technology.
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