The coronavirus pandemic is quickly changing the world as we know it, and it is disrupting business on a global scale. An unprecedented number of employees are already working from home, while many companies scramble to get their VPNs and remote work policies up to speed.
Businesses that have the right infrastructure in place to handle the pandemic should be fine. But many businesses are still in the middle of their digital transformation, or haven’t even started.
While it is too late for businesses to roll out a modern ERP system in time to deal with the Covid-19 coronavirus disruption, businesses that that haven’t started the process can use the downtime to build for the future by starting their ERP project rollout right now.
Take advantage of this time to focus on the future
Now may be the best time in recent history to focus on the long-term goals and future growth of your business. Of course, businesses want to do everything they can during this disruptive time to maintain the status quo. But your company will be missing out on significant opportunities if you fail to look at the bigger picture and use the business slowdown to prepare for when things get better.
ERP has an enormous role to play in that future vision, offering immediate benefits like cost savings and productivity increases. But more importantly, investing in an ERP system will provide a host of long-term benefits that will help grow a company, refresh and integrate business processes, and provide a competitive edge during a challenging time.
Here are five reasons why now is the perfect time to invest in a modern ERP solution.
- Improve Remote Work Management
We are in the midst of a growing pandemic, and remote work is the only way businesses can stay afloat while remaining safe. ERP offers direct benefits for monitoring employees remotely, providing managers with cloud-based access to the system.
That means employees may be monitored anywhere, at any time, from any device. And worker data is updated in real time, enabling managers to make quick and better informed decisions. That capability offers immense value at any time, and especially during a period of uncertainty and crisis. The bottom line is that investing in better remote work management is a smart idea that supports the long-term growth of any company.
- Invest Now to Save Money and Boost Efficiency
Software integration is one key of business efficiency, yet many companies are regularly losing money due to siloed applications and business processes. Departments need to be able to share data to achieve maximum productivity and efficiency, and ERP systems enable businesses to do just that.
By investing in an ERP system now, a business can achieve massive savings from productivity and efficiency boosts down the road. ERP centralizes business processes across multiple departments, enabling workers to communicate and collaborate using a wealth of shared data. Of course, this capability is especially beneficial during a time of crisis when workers are operating remotely and feeling isolated from the larger team.
- Grow Business Without Increasing Head Count
We've already discussed the collaboration, cost savings and productivity benefits of implementing an ERP system. By empowering employees to work more flexibly and collaborate on a granular scale, businesses can grow organically without increasing their head counts.
Another benefit of ERP is that empowered and efficient workers will be happier and work better together. A spirit of camaraderie, collaboration and challenge benefits the entire team while also boosting long-term retention of a company's best and highest-producing employees.
- Discover and Pursue Missed Opportunities
When is it NOT a good time to pinpoint new opportunities to grow and add value to your business? ERP solutions offer a comprehensive and holistic view of all aspects of a business, along with intelligent insights and analytics. Metrics and benchmarks may be tracked in real time, and customized reports can be created on the fly.
That means businesses can quickly and easily identify new opportunities and areas that require improvement. That's a valuable asset at any time for a business, but particular during a disruptive and challenging time like that presented by Covid-19.
- Realize a Remarkable Return on Investment
Offices are shutting down and employees are working remotely, which means business operating expenses may be cut significantly for weeks, or even months. That extra capital should be used to invest in future, long-term business growth, and ERP will provide companies with a solid return on investment.
We've already discussed how investing in an ERP system will benefit business from a growth, productivity and efficiency standpoint. But for further proof that ERP will provide a solid, long-term return on investment, we can look to the entrepreneurs at Rothy's, a company that manufactures 3D-knit, sustainable shoes.
Rothy's grew from occupying a small stall in the San Francisco Ferry Building to a company valued at $700 million that earns $140 million in annual revenue in just three years. The growth can be attributed in large part to implementing the SAP Business ByDesign ERP system.
As Rothy's began to experience exponential growth, the company quickly realized its hodgepodge of back-end technologies was not the best path to maximizing future growth and opportunities. At just two years old and with 15 employees, Rothy's made the decision to invest in a Fortune 500-grade ERP system.
That investment has clearly paid off, and the company now has more than 100 employees. By automating many important back-end processes at an enterprise level, Rothy's was able to boost productivity and efficiency without a huge headcount increase as the company began to grow rapidly.
Rothy's had the right idea when it came to investing in an ERP system to support and promote rapid growth. That investment has had a tremendous payoff for the business, and highlights why now is an important time to focus on the future by investing in long-term growth.
Take advantage of the business slowdown from the virus. Use this time to prepare for the future.