6 Benefits of ERP Systems That Are Often Overlooked

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None of the comforts and conveniences of modern life that we take for granted would be possible without a little something known as software. That’s right, simple lines of code revolutionized technology in a way unlike any other major development did and changed the world in the process. Software surrounds us; it’s become indispensable and we’re all the better for it.

This is perhaps doubly true for businesses. However, when it comes to the world of more complex software, such as enterprise resource planning software, or ERP for short, some business owners can be wary and forgo it altogether. In this piece, we’ll be taking a deep dive into the amazing benefits of ERP systems that tend to be overlooked, to convince you why that’s a mistake.

Here’s a comprehensive look at the top benefits of ERP systems.

1.     Boost and Tighten Security with Business Data

Cutting-edge modern ERP systems typically offer advanced user-permission settings. In other words, you’ll no longer need to use unsecured Google documents and Excel spreadsheets for your inventory and financial needs.

ERP software is far more robust and secure when it comes to carrying out these functions. The ability to set user permissions through ERP software’s access control functionality can prevent sensitive information from leaking; users will only be able to access the information they need to from the system.

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In the event that a security vulnerability is discovered, vendors can quickly and easily patch it and share the update with users automatically.

2. Take Advantage of Community Support and Knowledge

There is certainly no shortage of businesses that use ERP systems, many of whom are from the manufacturing sector. Companies that do utilize ERP software for their operations tend to have staff that is actively involved with the sizeable and diverse online community that uses the platform. This means that if you ever run into a particular problem with the system, the odds are that someone else has too.

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This makes addressing issues with the software that much simpler. You simply run a search regarding the problem on the platform’s knowledge base and voila, you’re directed to a wealth of resources to possible solutions. These communities tend to have fairly active user bases so you can always receive solutions from other users as well.

3. More Informed Decision-Making with Streamlined Data

When businesses use disparate software systems that are poorly integrated, they typically end up with non-standardized and messy data. Poor data translates to inaccurate year-over-year comparisons, making it far more challenging and time-consuming than it needs to be. When it comes to making accurate and informed business predictions, you’ll be hard-pressed to make them useful.

Using a state-of-the-art ERP software system, on the other hand, means you’ll have access to applications that are well-integrated with each other. Your business’s data will be uniform across these applications, and the tools you’ll need to view business predictions and year-over-year comparisons will all be built in the software. The system is user-friendly, and tools are presented in a dashboard format that’s easy to read and understand.

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In other words, an ERP is a one-stop powerhouse for all your business’s key performance indicators (KPIs).

4. Following Regulations Made Easy

Running a business means following governmental regulations for business operations that employees typically have to manage around. Most ERP software systems, however, come equipped with tools that make regulatory compliance easy. Product traceability, data security, and financial accounting will all be streamlined and compliance-ready.

For example:

  • Financial records for publicly traded companies must be 100% accurate. ERP system software makes sure that is the case through Generally Accepted Accounting Principles (GAAP).
  • An ERP system allows small regional food manufacturers to benefit from its built-in product traceability tools. Companies can utilize the tools to trace improper handling or contamination straight back to the source when manufactured in the plant. This will also go a long way in helping reduce the environmental problem of food waste.

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5. Incentivizes and Empowers Employees to Generate Revenue

When your business is bogged down with decentralized data and inefficient processes, you will also incur greater labor costs. For small and medium-sized businesses that have limited resources to begin with, this is simply unacceptable.

By integrating an ERP software system into your business, you will automate and simplify the daily tasks your employees would normally have to carry out on a daily basis. It’ll free up their time to better perform tasks that play a more significant role in generating revenue. For instance, ERP software automatically ties sales orders with your accounting system, or runs reports automatically, eliminating the need to use disparate spreadsheets.

Businesses will find it useful to think of ERP systems as a technology strategy. They are adept at automating and linking operational and administrative capabilities such as manufacturing, distribution, purchasing, HR, and finance. Businesses can utilize this strategy to achieve agility, flexibility, and efficiency.

6. Mobile Accessibility for On-The-Go Business

Top ERP system vendors provide native applications for most operating systems such as iOS, Android, and Windows on most smart devices. Their user-friendly applications provide real-time updates with critical business KPIs and other crucial data, including:

  • Manufacturing output
  • Web traffic
  • Customer acquisitions
  • Revenue
  • Sales

According to Gartner’s 2019 report on ERP solutions, 60% of service-centric ERP solutions will be cloud-based. This means that users will have increased mobile access from any number of devices. An increasingly connected and well-integrated network of devices and applications means better and easier management through phones and tablets. You’ll be able to switch between devices and functions in a matter of seconds.

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