Did you know that companies with an effective enterprise resource planning (ERP) system grow faster, are more profitable, and have better visibility into their business than their competitors? In fact, businesses that use ERP software to streamline their company tend to see a 45% increase in productivity. But what exactly is ERP software and why should you use it to scale your business? Let’s explore the top 5 reasons why you should implement ERP software today.
- ERP Software is the backbone of any company
ERP Software stands for “enterprise resource planning software”. It’s an integrated system that helps companies manage their supply chain, sales, customer relationships, and other business functions. Essentially, ERP software is the backbone of any company. It allows businesses to effectively manage their operations and see their financial position in real time. That’s because the software pulls data from each department so that businesses can understand their performance in the context of the entire company. Companies that use ERP software enjoy better visibility within their organisation. They know what they have in inventory, what they’re spending, and what they’re bringing in. They can track orders and forecast revenue to see how their business is doing over time. They can use that information to make better decisions, stay ahead of issues, and avoid cash flow problems. - ERP Software is a necessity for fast-growing businesses
If you want to scale your business, you need to implement an ERP system. Why? Because if your company has 10 or more employees, you’ll need a system that’s capable of handling the additional transactions, data, and reporting that come with growth. Without an ERP system in place, it can be tough to organise and manage your business effectively. Not to mention that you’ll probably experience ash flow issues down the road. If you want your business to succeed, you need to be able to track inventory, manage customer orders, and forecast revenue. You need to be able to see which products sell the quickest, which products sell the most, and where you should focus your marketing efforts. You need to be able to see if your employees are hitting their numbers, if they need more help, or if they’re spending too much time on certain tasks. You need to be able to see the big picture so you can make smart decisions and keep your company on the path to growth. Additionally, Cofficient can provide you with a fully customisable NetSuite solution. This means that you don’t need to worry about paying for features that you won’t use. As a result, you are then able to use they system to its full potential and have an efficient solution to scale your business.
- ERP Software allows you to collaborate and coordinate with other departments
ERP software allows you to collaborate and coordinate with other departments across your business. You can use it to share data such as product information, sales numbers, and inventory data. That way, every department has visibility into the company’s performance across all departments and divisions. This allows departments to better collaborate and save time when they don’t have to manually transfer data to each other. For example, if you’re using an ERP system to manage your inventory, the system will automatically update when an item is sold. That way, your sales team knows exactly what’s available and what their customers can purchase. If a client places an order and the item is out of stock, the system will let your inventory team know so they can restock the item.As NetSuite is a cloud-based ERP system, an additional benefit is that anyone in the organisation can access the system from anywhere in the world and at any time. This means that your team can collaborate remotely, saving time and effort and thus increasing productivity.
- ERP software will save you time and money, which you can re-invest in your business
An ERP system will save you time and money, which you can re-invest in your business. Let’s start with time. Using an ERP system will reduce the amount of time you spend manually updating data, tracking inventory, and managing employees’ hours. That’s because automated tools and reports will pull data from your system and give you a snapshot of the company’s performance in real time. Next, let’s talk about money. Your company is likely dealing with some level of risk or exposure because you’re not using an ERP system. There are many financial pitfalls that businesses face without an ERP system in place. For example, your company may have difficulty managing inventory across multiple locations. You may also have trouble tracking sales, forecasting revenue, and managing your cash flow. Using an ERP system will help you avoid these risks and save money in the long run.NetSuite allows you to pull reports of important business data such as P&L, sales and customer information. These reports generate automatically and at the click of a button, resulting in an efficient process that reduces manual data gathering and the risk of human error.
It’s Time for ERP Software
That’s the top 4 reasons why you should use ERP software to scale your business. ERP software is the backbone of any company, provides better visibility into your business, is a necessity for fast-growing businesses, allows you to collaborate and coordinate with other departments, and will save you time and money which you can re-invest in your business.
Using NetSuite as an ERP solution provides customisation that gives you exactly what you need, flexibility that allows your team to work from anywhere at any time and a reporting system that will ensure that you can use your business data to make reliable data driven decisions.
At Cofficient, we can support you every step of the way from implementation, through the set up and right up until completion. We can even provide training to you and any members of your team that will use the system.
