How do you keep employees engaged and business thriving in an economic landscape marred by the ongoing effects of the COVID-19 pandemic on society at large? Enterprise resource planning (ERP) systems are one way to keep up with ever-changing variables and to derive the insights that are critical to keep growing your business in uncertain times.
The ERP functional areas of management are extensive, as they aid almost every part of a business. Everyone from secretaries to executives can feel more empowered in their positions once menial tasks are eliminated and time is freed for more meaningful work. There are many benefits of cloud ERP systems such as SAP ByDesign, as they are designed with easy-to-use dashboards akin to those consumers use online in their everyday lives.
This matters even more today, as workplaces operate with hybrid (onsite and offsite) setups. If your workers will be doing their jobs from home permanently, you need to ensure that they have access to data 24/7. The benefits of cloud ERP systems are evident in this scenario, as real-time data ensures everyone stays on the same page regardless of where they are, and the business can remain agile.
Benefits of Cloud ERP in Finance Departments and Other Business Functions
Cloud ERP software simplifies operations by allowing your business to centralize documents, create templates, automate and streamline processes, and track manufacturing and distribution progress in real time.
Here are some of the top ERP functional areas of management:
Accounting and Finance
As money flows in and out, how many software solutions are you using to keep tabs on where it’s going? Adding ERP in finance departments is very popular for good reason, as the system consolidates financial data automatically and generates reports quickly and simply, regardless of file type and without any need to crosscheck and rekey data.
Automating and streamlining tasks related to budgeting, cost and cash management, activity-based costing, and other accounting or finance functions also helps ensure compliance with financial regulations.
If you’re a startup business looking for additional funding, rolling out ERP in your finance department can deliver real-time visibility into revenue and finances to provide a solid financial picture of the business and strengthen forecasting.
Manufacturing
ERP is designed to optimize efficiency in quality and compliance. An ERP system automates processes and provides real-time data on everything from engineering, scheduling capacity, and quality control to workflow and product life management. One simple dashboard gives powerful insights into what’s happening so you can make adjustments as needed, mitigate risks, and identify new opportunities.
More importantly, ERP provides end-to-end traceability and documentation in one central location. If a problem occurs, the business will be able to pinpoint exactly how it happened and efficiently track any product recall.
Supply Chain Management
Cost predictability is important in production, and ERP simplifies supply chain management by overseeing purchasing, supplier scheduling, goods inspections, claims and order processing, warehousing, and distribution. Many solutions can integrate with systems used by third-party providers so you can get real-time insights into supply and demand issues. The system can monitor vendor pricing, the cost of materials, and other spending variables while also flagging cost exceptions and alternative sourcing possibilities.
Strengthening agility in this area helps you deliver products consistently and cost effectively. Real-time visibility allows you to identify supply fluctuations, potential bottlenecks, and shortfalls so you can mitigate risk and improve decision making—or even find new cost savings.
Marketing and Sales
Artificial intelligence helps marketing and sales teams automate processes and save a lot of time with administrative tasks. For example, when a sales order is received, the system can immediately generate a purchase order, determine product availability, perform a credit check, update the distribution schedule, and send out an invoice with the correct cost amounts.
Furthermore, teams can use the data to track the customer experience from the earliest stages of contacting the customer all the way through to the actual order dispatch. Sales data related to customer visits, expenses, shipping, invoicing, forecasting, and competitor analysis are all available in one place.
Customer Relationship Management
Many ERP platforms contain modules that focus on how the business communicates with customers. The system can help leverage the combined power of customer relationship management and project management to give customers better service by automating processes for orders, inventory refills, payments, shipping, and more.
Stronger, more integrated data analytics related to the customer’s journey can give powerful insight into ways to improve customer service and ensure customer satisfaction.
Human Resources
An ERP system doesn’t just help make remote workers more efficient at their jobs; it also includes many tools optimized for managing HR data. Many solutions come with modules that contain tools for gathering and interpreting data on payroll, benefits, 401(k), retirement, diversity management, training, and recruiting. Dashboards allow HR managers to evaluate key performance indicators for individual employees, job roles, and departments.
Real-time information about increased needs on the factory floor, attendance issues, scheduling preferences, and even injuries at work lets you identify trends and mitigate risk. The quicker you identify any problems with work sentiments, the quicker you can address resignations or talent shortages.
Thrive with Stronger ERP Functional Management
The benefits of a cloud ERP system span all your functional areas of management. Such a platform can increase efficiency, productivity, and quality; lower costs and decision-making anxiety; and deliver greater flexibility and agility.
Navigator’s SAP ByDesign is a complete solution that is both affordable and easy to use. Thanks to the more than 255 integrations available out of the box, small to midsize firms can streamline all their business processes, get better insights into operations, and use real-time data to capitalize on opportunities for faster growth and profitability.