According to a survey, 96 percent of businesses that are hailed as industry leaders in their respective domains rely on at least one type of Enterprise Resource Planning (ERP) solution. From small retailers to large-scale manufacturing businesses, businesses across all industries now realize the importance of having ERP solutions.
So if your business is still using outdated techniques for inventory management, order fulfillment, or customer relationship management, you’re missing out on great opportunities. With an efficient ERP solution in place, your business also has the chance to emerge as an industry leader, as proven by the statistic above.
In this blog today, we’ll tell you everything you need to know about ERP solutions, the functions of good ERP software, and the benefits that will prompt you to make this investment.
What is an ERP Solution?
ERP solutions, also known as Enterprise Resource Planning, are a set of tools that helps businesses automate numerous business processes in a single platform. An ERP solution can look after your manufacturing business’s inventory, human resources, finance, customer management, and employee engagement.
What Does an ERP Solution Do?
Here’s what an ERP solution can do for your large, mid-sized or small business:
- Run diverse business processes such as inventory management, recruitment, supply chain, and finance allocation.
- Helps collect data through all the different departments of a business
- Reduces the administrative burden of micromanaging cohesion among each department.
- Automates day-to-day processes and establishes standard operating procedures for better efficiency.
Benefits of ERP Solutions
A huge majority of businesses are using ERP solutions to avail a wide range of benefits. Some of these benefits include:
Your operational costs will tend to get lower due to streamlined processes and efficiency in your operations.
An effective ERP solution also helps increase efficiency as it streamlines day-to-day processes and employees spend less time figuring out what to do.
Because all your departmental data is amalgamated on a single platform, this increases collaboration among departments and across all levels of the organization.
Due to the improved collaboration and cohesion in data, there’s less chance of human error. So if you’re looking to improve your inventory management and want to keep the finance department in the loop, an ERP solution is the way forward.
Once again, the uniformity in data and collaboration across all departments results in better compliance standards and fewer financial discrepancies.
A business that has ERP solutions in place is able to better cater to its customer’s demands, optimize its marketing strategy, and provide timely solutions if there are any problems. This translates into happy customers who benefit from your optimized operations.
Get Your Hands on Our ERP Solutions Now
If your business is keen to emerge as an industry leader, then it’s time for you to get in touch with us. At Althea Suite, we have cloud-based inventory management solutions for small businesses, POS software, and ERP for inventory management.