Benefits of an ERP System
Running a business efficiently today means streamlining your processes so that teams spend more time on tasks that create value rather than shuffling paper across departments. Valuable time wasted on tasks that could be automated is money lost.
To do this you will need a cloud based ERP software solution that manages all your core processes such as; finance, HR, projects and supply chains.
Before we look at how cloud based ERP brings return on investment (ROI) for a business, here’s a good working definition of ERP from the experts, SAP,
“The simplest way to define ERP is to think about all the core processes needed to run a company: finance, HR, manufacturing, supply chain, services, procurement, and others. At its most basic level, ERP integrates these processes into a single system. Yet modern ERP systems are anything but basic. They use the latest technologies – such as machine learning and artificial intelligence (AI) – to provide intelligence, visibility, and efficiency across every aspect of a business.”
Source: SAP What is ERP?
Many businesses think that installing an ERP solution means a lot of investment, but in reality, a successful implementation can be done in months or even weeks to bring about the maximum return on investment.
How to achieve faster return on investment (ROI ) when you implement ERP
A single home for your data
When your data is housed in different silos, getting a clear overall picture is difficult. You would need to bring the data together in one place before you could hope to generate the kind of reports and analytics that enables data driven decision making today.
The single data base offered by a cloud based ERP system brings together information from all the different departments across your business without the need for either pieces of paper or IT specialists. That’s a good return on investment (ROI) right there.
Running a business requires a huge amount of data to be keyed in, managed and moved around. If this is being done manually then it is taking a great deal of time and the element of human error is high.
With cloud based ERP software you can automate your routine, repeatable processes, bringing in a human only when an exception is flagged. This saves time, eliminates error and repetition, and saves you money. Better efficiency and productivity leads to a return on investment (ROI) over time and helps you achieve your business objectives.
Cloud means Real Time Information
The case for cloud based ERP is very strong these days, especially for medium sized and smaller businesses. Because you are accessing your data via an internet connection, information is available is real-time. You don’t have to wait until the next day to see reports. Your data is always up to date and your reports are based on the very latest information. This means you can make business decisions where ever you are – whether that is overseas on a business trip or working from home. You decide which people get access to your information but you can see how this ability to share helps remote teams to work together while apart. Your Return on Investment (ROI) ? You won’t lose customers if you can keep their business going when teams are forced to work apart.
Benefits of ERP for many lines of business
Whether you are a professional service trying to allocate resources to a project efficiently or a manufacturer trying to control inventory and monitor the flow of product across supply chains, cloud based ERP is designed with efficiency in mind. Your financial processes are at the very centre of your cloud based ERP software, linking together every part of your business – whether you are designing food flavours or shipping out tonnes of hygeine products to your customers. Take a look at these case studies for more ideas on how cloud based ERP can help you with a swift return on investment (ROI).
Reduce Total Costs
A reduction in costs is the most powerful reason to implement a cloud based ERP. Service based businesses will find it easier to utilise teams efficiently and to bill accurately while manufacturers will save money with streamlined processes and less waste. Minimising errors and staying compliant with regulations are all strong reasons to consider the return on investment (ROI) offered by cloud based ERP. Not to mention the customer retention benefits of improved customer service.
ERP Implementation strategies for faster ROI
One way to keep ERP software costs down, is with a rapid implementation package based on core financials. InCloud Solutions offers a basic package called In Cloud Express Financials which can see you up and running within a month. This implementation strategy is a wise one because you can still get access to the rest of the ERP solution when you are ready for it. Think of it as a department store with some of the departments roped off. Once your data is migrated and your are confidently seeing efficiency returns on your financial processes you can widen the scope as needed.
No need to wait to find out more. Get in touch here [email protected] and request a brochure or a call back. Meanwhile this website has many resources you may find useful with blogs and an ERP academy section here.