Enterprise resource management provides better business performance with these great benefits:
Workflow Visibility and Streamlining
Before ERP systems, coordinating between multiple worksites took a lot of time and effort. If you wanted updates on a specific part of your business, you had to call or visit the site physically. Large corporations with national and international locations alike had to work around time zones. And if there was an issue with one of your production partners abroad, it could set back your entire business while you made endless phone calls and site visits.
Fortunately, ERP systems revolutionized workflow visibility. Now, even when you’re in your office headquarters, you can open a common database from your ERP suite to get real-time details about what’s simultaneously happening at your manufacturing plants abroad and distribution centers right at home.
Business Intelligence and Data Analytics
In order to run your business, your decision-making needs to be guided by accurate data. ERP solutions use business intelligence (BI) tools to provide data collection, analytics, and reporting methods. There are even ways to analyze data in real-time to make instant changes to your production processes. You can additionally use historical data for business forecasting.
Or put your data into customized reports. Present these reports to important shareholders, business partners, or your team to keep everyone informed of key performance indicator (KPI) metrics.
Scheduling tools are a highly customizable part of ERP solutions. You can organize when workers come in for shifts, when inventory is delivered, and when your factories undergo maintenance. Then coordinate each schedule into a single calendar so all your departments and supply chain partners stay on the same page.
The more departments your company has, the more important it is to manage internal communication practices to avoid mistakes. And if your company has locations all over the world, you need a way for everyone to stay in contact across time zones and language barriers. A miscommunication between your raw material supplier and distribution center can lead to costly inventory errors. ERP communication tools organize scanned documents, files, emails, texts, and phone call recordings. There are even private, internal channels for instant communication.
You can also use customer relationship management (CRM) tools to schedule external customer interactions, like quote follow-ups and lead tracking.
Risk Management and Data Security
Protecting your company from fraudulent practices is more important than ever in the digital age. If your business operates online in any way, you can be at risk. Real-time risk management tools give your company additional security by performing automated audits and fraud monitoring.
Your company handles a lot of sensitive data. Using a single ERP system provides security by keeping all your important documentation and communication in one place. You can also cut down on data duplication by keeping all your information within one cohesive system.
Every company has to factor in some unique variables in their operations. Does your business work with international companies? Do you regularly have to submit official documents to government entities? Does your marketing department target audiences across social media channels? Good news: there are ERP softwares with custom modules to fit your exact business needs!
New technology is changing the capabilities of ERP applications. The latest trends include artificial intelligence computing and the Internet of Things (IoT) solutions.