Whether your business is just getting started or has been around for years, it is likely that you have grown and made acquisitions over time. In order to create an extremely sophisticated network of interdependent processes and people, businesses need a way to streamline everything seamlessly and efficiently.
What is ERP and how do ERP systems work?
Enterprise resource planning (ERP) software is a suite of tools used by companies to handle their business. It’s more than just accounting. The term “enterprise” means all departments and divisions of a company, from sales to human resources, from manufacturing to marketing, as well as IT and finance. ERP consists of specialized modules for each category (e.g., finance, HR and order management) that work together to create an integrated business solution for processing, storing and reporting information about sales transactions and other operational areas specific to the organization.
ERP systems are the backbone of any business. They provide a single view of all of your business’ data and applications, which helps you run the entire operation more efficiently, effectively, and with less risk. The system should collect, integrate, analyze and report information on all aspects of your organization’s business processes in order to provide strategic decision-making capabilities. It is designed to be flexible enough to streamline operations across different types of organizations like manufacturing and agriculture.
Why Global Companies Need An ERP
Choosing a software for your business is a daunting task for sure. It’s not just about finding something convenient and inexpensive. Your choice must ensure that it provides the right functionality and is built upon quality technology. An ERP system provides its users with an immense amount of potential, ensuring that they can anticipate changes in their business better than they would if they were using an outdated solution.
There are seven important reasons why businesses should consider implementing an effective ERP:
Improved Productivity
An ERP system is not a short-term solution; it will take time for the benefits to be realized. However, once correctly implemented by a reputable Net Suite solution provider like ScaleNorth, an ERP can improve productivity significantly. The first reason why this occurs is because there are fewer manual processes involved when using an ERP system. This allows employees to focus on more important tasks and reduce errors in their work performance. Additionally, there are fewer errors that occur when inputting data from different sources into one system instead of several different systems used by different departments within the company.
Increased Efficiency
Another benefit of using an ERP system is that it increases efficiency within your organization by eliminating manual processes. An ERP system helps improve efficiency by making sure that all processes are done transparently and in accordance with various regulations and standards set by various government agencies or other organizations like ISO or AISBL or other international bodies like UNIDO, WTO, etc.
Time saving
You no longer have to spend hours searching for information or creating reports yourself. An ERP system will do this for you, saving you time in the long run. You can also access all of your information from anywhere in the world, which is convenient for remote employees who work out-of-office hours or travel often.
Maximized profits
An ERP system helps companies maximize profits by tracking sales, inventory, financials and other important data related to their business operations, so they can make informed decisions about where to focus their resources. This information helps them stay on top of the competition and drive growth in their company’s financial well-being, while allowing them to stay competitive with other organizations around the world. A well-functioning ERP system will help global companies reduce their overall costs by ensuring that only necessary items are purchased, which reduces waste and unnecessary expenses associated with purchasing unnecessary items that may be replaced immediately by other items anyway (i.e., overstock).
Security
An ERP system is a robust platform that helps you to control your business processes securely. This is why businesses leverage Net Suite’s cloud capabilities. It ensures that all the transactions are properly recorded, audited and monitored. It also protects your data from being hacked or stolen.
Expanding Operations
Globalization is happening at an ever-increasing rate, which means that companies need to be able to manage their operations in multiple countries/regions across the world. With so much going on globally today, being able to manage your business remotely or otherwise outside your own country can seem like a good idea at first glance – but in reality it’s not always as easy as it sounds! Managing multiple locations requires planning for different time zones, cultures and languages; it also requires having good communication between offices so that everyone knows what’s going on.
Improved customer service
Using an ERP system, you can improve customer service by providing consistent information about your products, services and operations across all customer touchpoints – from sales to support teams to marketing departments. This ensures that every customer gets what they need when they need it, no matter where they are located in the world.
Bottom Line
For companies that are doing business on a global scale, implementation of an ERP ecosystem like NetSuite can be the key to success. There is no ERP out there today that is better than NetSuite’s growing and ever-improving system. With all the complexities that come with distributed businesses, these companies will need something more than just a standalone accounting solution or a limited business management software product to grow and succeed in today’s competitive market landscape.