8 Reasons Why You Need an ERP System
In todays world of rapidly advancing IT and business, an ERP system could be the answer to your current business challenges. An Enterprise Resource Planning (ERP) system is essentially software that helps streamline business data and improves the running of day-to-day business processes, which in turn enhances productivity and allows the business to focus on developing and evolving. Aspects of which an ERP helps manage within a business include accounting, manufacturing, risk management, procurement, e-commerce, HR, and CRM, showing real-time data to its users. It integrates all of these into one system, enabling you to run your business on one platform. Below are eight reasons why an ERP system would massively benefit your company:
Lower Operational Costs
An ERP’s primary attraction is essentially the fact that as all business functions will be on one platform, it eliminates the need to purchase numerous and costly third party applications. An ERP can enhance systems and the business, improving efficiency with minimal material and product levels. It can also lead to a massive reduction in operating expenses and administrative costs.
Biyearly Upgrades
NetSuite has two mass updates every year, alongside frequent updates. This certifies that the software is always up to date in the ever-evolving IT industry with the latest business trends and developments. It also ensures that the software is entirely secure, which is essential specifically with cloud apps. The level of security a SAAS provider offers exceeds the company’s own thresholds, including data security like PCI DSS compliance.
Increased Productivity
Upgrades, maintenance, and system admin are all managed in the cloud and carried out by the vendor, meaning that the internal employees can utilize their time and focus on what’s really important. The analytical abilities mean that risks or errors are lessened, which in turn reduces the time employees spent on fixing errors or manually recording inventory management.
Complete Customisation
ERPs, and particularly NetSuite, allowing for complete customization of the system to suit your individual business needs. The initial vanilla ERP system is installed, alongside further modules for competitive differentiation. A handful of different modules to further improve and customize your ERP system in relation to NetSuite include Warehouse Management System, Advanced Revenue Management, and Suite Billing Advanced.
Scalable Resource
One of the most prominent benefits of an ERP system such as NetSuite is that the system grows with your business, empowering and encouraging businesses across the globe to evolve. When a company grows, the local software might feel overpowered and as a result performance issues may occur, whereas NetSuite ERP works from the cloud allowing businesses to become more agile.
Streamlined Processes
NetSuite ERP effortlessly integrates all functions such as CRM, inventory, and order management to streamline essential business practices. This manages all back-end processes and allows all employees to work from a singular source of finance, sales and customer data. In turn, this eliminates predisposed and time-consuming errors, which allows the business to focus on moving forward as opposed to manually entering in all data.
Paperless Operations
A huge attraction to NetSuite’s ERP is the fact that it promotes paperless processes within a business, with it helping one particular company Malco Energy cut order processing time from three days to 40 minutes. As documentation is the core of every efficient business, it is essential to swiftly retrieve all needed citations, which in turn will increase office performance efficiency. It also eliminates the risk of human error when manually recording information, ensuring all information entered is accurate.
Improved Accuracy of Forecasting
NetSuite ERP allows opportunities to seamlessly be converted into sales order or a client, which is a massive allure in relation to the CRM process. Primarily probability based forecasting within NetSuite allows for reliable and realistic measurement of opportunities, estimates and sales orders. It also permits amendments to be made during the process such as the probability and pricing aspect. NetSuite also offers fine tune forecasting alongside true forecast visibility, with integrated order management, as well as calculated, mood ring and multiple forecasts. Another aspect is NetSuite’s world class planning and budgeting offering, with advanced integration with the Microsoft tools, for accurate and detailed forecasting.
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