ERP Makes businesses more efficient, it makes businesses more profitable, gets employees paid on time, with Management making smarter and more strategic decisions. It even helps get your products to your customers.
What exactly is ERP?
It’s Enterprise Resource Planning: a Business Management Software which can be used to integrate most business activities in an organization. Many organizations have been implementing ERP solutions to help support and grow their businesses. ERP is an umbrella term for very complicated types of software solutions under one roof.
As an example, in a large manufacturing enterprise in many departments like Production, Inventory, Marketing & Sales share the similar data. An ERP solution can help simplify this sharing of data within multiple departments of a business.
Why Do Businesses Need An ERP?
An ERP can help financial departments, integrate their financial information. It can be used to integrate and process Customer order information. ERPs have been helping organizations standardize and speed up their operational processes, reduce inventory costs, and even standardize Human Resource information.
ERP is a step ahead with regards to traditional business processes. It has helped centralize multiple business processes within an organization by standardizing the information and reporting, to give a single view of the entire processes as one. It helps avoid the risks of de-duplication of certain data.
Cloud Services, Business Intelligence, and Mobility are the three most important new trends in Enterprise Resource Planning, and play a key role in helping businesses run more efficiently. Its estimated that about 45% of Manufactures will have piloted or will be using Cloud-based applications rather then On-Premise solutions. The benefits are impressive, as users can easily access ERP based applications over the internet. Manufacturers can adopt new capabilities making easier to manage growth and scale capabilities as needed.
Benefits Of ERP
Lower Initial costs, faster implementation, and seamless upgrades provide greater control over IT expenses. Business Intelligence gives enterprises visibility into Data which enables them to make decisions based on that information. As an example, a manufacturing organization stores more data than any other sector. This data provides visibility and insight across business operations, driving extraordinary gains and productivity growth within the business. ERP solutions provide greater visibility into operational data to allow one to make smart business decisions and improve business processes. Predictive analytics allow organizations to be proactive rather than reactive.
A recent trend within ERP is Mobility, which allows managers and staff to use smart mobile devices to interact with Enterprise systems from any from any location. More and more organizations are granting employees access to company data on the go. Today’s ERP solutions allow employees to use mobile devices to provide continuous real-time information to eliminate inaccuracies. Employees can also access company Data and Analytics at any time to help make better decisions.
Some of the core aspects that enterprises review before selecting an ERP are Market Share, Average Implementation Cost, Average Implementation Duration, Functional Rating which is based on evaluations between multiple ERP systems, and average Benefits Received which is in short how much time a client would take to identify the benefits of implementing the ERP and the time taken to cover up on the investment in the solution.