Businesses need to be efficient enough to win the market competition! Thus, every business needs to analyze and improve their activities to get the task done fast without issues. One should not hesitate in taking the help of experts whenever necessary! For example, an ERP development company.
Thanks to technological development! Businesses can use many helpful IT tools and professional service solutions or simply software to ease their operations. It includes:
- Content Management,
- Project Managing software, and
- Enterprise Resource Planning (ERP) software.
By integrating these custom software solutions into the business, one can better plan, analyze and run its functions within a firm. This post will focus on helping businesses to get some tips on making better decisions while choosing ERP software tools.
An ERP software is capable of managing and easing certain business operations. Below are some main modules of it:
- Document Management, Business intelligence, Budgeting with Forecasting, Contract management, and Human resources;
- Order management, CRM applications, Business analytics, eCommerce, Billing, Invoice automation, and Payroll;
- Sales analysis & forecasting, SRM, Demand Planning, Route management, and Job costing;
- Warehouse management, Risk analysis, Payment applications, and more.
Why a business should use ERP Software?
ERP can give a business many easy-to-use and powerful tools that they can’t expect. It could be single-instance deployment software within a premise or just cloud-based software.
For many years, ERP software was considered expensive, and complex. People think of it as software that needs highly skilled technical care and support. So it was common only among multinational firms, large corporates, or organizations.
Today even mid and small-sized companies can use ERP tools to manage all their business tools together into a single centralized system. It includes risk management, supply chain operations, compliance, and project management integrated into one.
Unique or customized ERP systems can aid a business to provide resource management solutions to grow further. It can be related to the financial management of specific functionalities of an industry.
Accountancy and ERP Software
Accountancy is a brilliant example of how ERP software can help a business succeed and soar. Having to manually complete certain accounting actions can be an utter pain. It takes a long time and can be disastrous if done wrong. This is especially the case when interacting with complex accountancy.
Lease accounting is a prime example. If your business leases machinery, vehicles, etc. It can be pretty hard to account for it all properly. Especially if the terms vary. It’s why lease accounting software works extremely well as an ERP. Even then, there are intricacies of lease accounting that can trip people who aren’t using software up.
Take finance lease accounting for example. It’s a lease with the characteristics of an owned asset. They operate like a rental agreement in which the lessee records the leased asset as if they’d purchased the product. Again, pretty complex if you’re not using the right software. In terms of accountancy, ERP can not only help you save time but also get things right.
Why do many businesses still refrain from using ERP tools?
ERP software is much better as compared to using standalone software to manage or control every single division of your firm. There are many modules of an ERP system meant for various business processes. Many businesses prefer deploying such software locally, but they might face these conditions:
- ERP software, no doubt, is complex since it is a mix of different modules running together due to its custom nature.
- An on-premise software demands a special IT team with good expertise to monitor and manage it.
- You might need to bear installation charges separately from basic ERP subscription and licensing.
Hence, most people refrain from using ERP software in their enterprise. However, a cloud-based ERP solution is way better than the setup and using it on the premise but it needs some training.
You can get pre-configured or niche-specific ERP software focusing on a specific area of your business. As an example, you can make an ERP work efficiently for project-oriented businesses. It can help you track their personnel, costs, and other factors as per their need.
How to select an ERP system for your business?
The main focus of ERP software is to modernize business operations. It could be done by well managing its resources so making them more efficient than before. Following are the 14 tips to help you could refer to while selecting ERP tools for your business:
- It must offer different products or tools as per the business or industry needs for different sizes of enterprises.
- A user should be capable to track and measure the complete business operations. It can be arranging raw materials to offering after-delivery services of final products.
- You can have real-time visibility into business and plant operations to improve their efficiencies.
- It should possess a role-based intuitive user interface with a custom dashboard and homepages.
- One should streamline enterprise processes to increase profits by cutting the costs.
- It should be compatible with different OS platforms that might be running in your organization like android, Mac, iOS, or Windows.
- There are tools for planning, controlling & scheduling user processes.
- It is best to have different user profiles or workflows attached with the analytics.
- The software can adapt to changing market needs. It should also respond well to changes in technology, manufacturing ways, strategies, or customer’s needs.
- One can use its analytics to make smarter business decisions. A user can implement lean methods to avoid waste and prioritize client satisfaction.
- The ERP software should integrate well with the existing software (like CRM or HRMS) and tools of an organization with ease.
- An ERP software must provide flexible integrations. The aim is to enhance the functionality of underlying business tools to replace them fully with just a simple migration process.
- It should be customizable and offer different dashboards. One can easily configure workflows for every department! Imagine the scenario where you need to configure various workflows into one. It is usually when there are chances of inconsistent goals and even priorities in different departments.
- The ERP software vendor must provide you with needed assistance. It can solve your queries or doubts whenever required.
What are the necessary features of ERP Software?
The recommendations of ERP tools to select from for an enterprise are many. People mostly choose from Salesforce, Sage, SAP, Netsuite, Microsoft Dynamics, Entrée, Intacct, and PolyPM. However, a custom-designed software would be more flexible so you can tweak it as per your business or enterprise need, for example:
- Addition of Comprehensive solutions for front and back-office management.
- The Dashboards, Analysis, and Reports of an ERP system should be way ahead of just providing PDF or basic spreadsheets to download. There must be smart filters or real-time data analytics for advanced reporting capabilities. The Dashboards must be easy to use that help you analyze or compare different data in a few clicks. It should also display KPIs and complex reports with ease.
- Use of Industry-specific tools to manage processes belonging to crucial functionalities.
- Whether your business needs to respond quickly to the regular changes in the market without interruptions? If yes, you can also choose to integrate Adhoc reports and responsive reporting features into your ERP.
- Options for planning, visibility, and control of your multi-entity and multisite business network.
You must use the right vendor of ERP software systems for your business with the goal to make its operations more efficient! For a better Audit and Consulting of your Business, you need the help of expert Custom ERP developers like that of GBKSOFT.
It does not matter to which niche or size your enterprise belongs. Your preference should be fully about ‘What you will need’ or your actual requirements than targeting ‘One solution for all’. You must analyze your existing tools, size of the business, and goals in advance for better resource management for your business.
All the above tips could help you ensure you are moving in the right direction to choose the best ERP tools for your firm. The aim is to make your business highly efficient and easy to manage for its more profitable decisions ahead.
Finally, you could be a business related to any industry like Ecommerce, Public Service, Utilities, Manufacturing, Distribution, Building, Automotive, Wholesaling, or any Solution Providers.
All could take the help of ERP software products!