Employing an Enterprise Resource Planning (ERP) system like SAP Business ByDesign and SAP S/4HANA Cloud Public Edition is an investment, and it can feel daunting for growing medium enterprises to decide to get one. But for any mid-market business that’s looking to scale, the importance of ERP systems can’t be downplayed; they’re essential to streamline work processes and data and ensure the seamless and efficient scaling of a company’s operations. So, the question isn’t if a company needs an ERP, it’s when it needs it. The answer depends on the business, but generally, the sooner you integrate it into your workflows, the better.
An ERP is an all-in-one software that manages the day-to-day activities of the business, such as accounting, project management, human resources, legal compliance, inventory, and production, among others. It streamlines multiple workflows and enables the flow of data between different processes, and therefore, increases efficiency, transparency, and productivity within the organization. It’s a handy tool for fast-growing businesses, especially those in manufacturing, consumer products, life sciences, and retail.
Mid-market ERP systems can be on-premise, cloud-based, or both. You can also customize your ERP by picking apart full suites, taking only those modules that your company needs for its operations.
Here are some signs that tell you that your business can greatly benefit from an ERP system:
Without an ERP, you’re likely relying on several software integrations to manage your data and workflows. However, having several platforms housing chunks of data (that may even be duplicates) is inefficient and expensive; it may also be too complex, which can hinder the productivity of your staff. Additionally, growing companies may find that they outgrow their individual software too fast, pushing them to either upgrade (and spend more) or constantly change programs (which requires extra training).
An ERP can integrate everything into one platform that has the flexibility to house different departments and large amounts of data, while still having room for growth. It also streamlines all processes into a single interface, reducing the learning curve of users.
If you’re drowning in backlogs and bottlenecks because of too many spreadsheets, software, and apps, then you need an ERP system that can integrate all of these into an all-in-one, easy-to-use interface. You can combine disparate operations in a central workspace, eliminating duplicate processes and reliance on multiple sources of data. With an ERP system, your workflows can become more efficient, increasing transparency between teams and enabling higher productivity.
A business’s growth is parallel to an increase in consumer demand for its products and services. Failing to keep up with surging demand can be the downfall of any scaling company, and this can be easily prevented by putting an ERP system in place. With an ERP, companies can better manage customer relations, organize data, and track resources since everything’s consolidated in a single dashboard.
The best business decisions are backed by great insights, which you can conveniently obtain through robust business metrics and data analytics tools that are often built into ERP systems. You can even have everything automated, allowing you to see changes in data and performance as it happens in real time and compare it with market trends.
In a world where technology rules, it doesn’t make sense for growing companies to still be doing their finances on paper. With an ERP system, you can say goodbye to paper-based accounting and reporting, which can take up grueling hours, weeks, and months to keep track of. An ERP handles these tasks in an instant, giving businesses better control over their bottom line.
If all the signs of needing an ERP point to your organization, then it’s time to employ the system in your day-to-day operations. SAP Business ByDesign and SAP S/4HANA Cloud Public Edition are two of the best cloud-based ERP systems for growing businesses. Contact Navigator Business Solutions to learn how ERP helps you scale your company!