We live in a cut-throat world where businesses don’t have time to drop a ball. A simple process failure is all it takes to plunge a business down while raising another efficient one to the top.
Businesses need processes that are fine-tuned for success. Today, it’s not enough to have good people; you need optimized processes along with software solutions that automate crucial business functions and save human time. ERP solutions are the answer to improving business efficiency.
Enterprise Resource Planning (ERP) is a business software that increases both productivity and performance. It is a central, powerful business tool that connects functions and departments and enables seamless collaborations across verticals.
Evolution of Enterprise Software Solutions
ERP systems date back to the early 1960s when they were known as MRP systems. MRP stands for Material Requirements Planning and was used by manufacturing companies to track inventory and production. As the development and maintenance of these systems were expensive, they were mostly used by big companies only.
The 1980s marked a significant milestone in the industry. This was the time when Manufacturing Resource Planning (MRP II) Systems appeared on the scene. They were more sophisticated than the MRP and supported several processes which made space for departmental collaboration and coordination.
ERP Systems came into the picture in the 1990s and helped industries beyond manufacturing improve the efficiency of their entire operations. What started as more of an inventory system soon became a comprehensive solution for multiple departments such as sales, engineering, human resources, and accounting.
Evolution of ERP Systems
ERP solutions have continually evolved over the decades with substantial changes coming in the form of cloud ERP. The cloud model made ERP systems accessible to small and medium sized businesses and opened the doors to extensive automation and optimization across verticals.
Then came the internet enabled systems – ERP II that seamlessly connected all the sources and were capable of pulling data from various applications. This advancement transformed ERP systems into data hubs that provided vast amounts of accurate data and also helped to process them.
Today, modern ERP solutions have become the lifeline of businesses by managing information, paving way for collaboration, generating winning reports and optimizing productivity to boost multi-level growth. In a recent survey, 88% of organizations highlighted that their ERP implementation helped them to succeed. 50% of companies said they will be acquiring, upgrading or updating the ERP system very soon. What are you planning to do?
Want to know more about ERP solutions and what they can do for your business? Read on.
Key Features and Functionalities of Enterprise Software
- Streamlining business processes
- Cloud-based solutions for seamless collaboration
- Data analytics and reporting capabilities
Enterprise software solutions streamline business processes by automating manual tasks, simplifying inventory management and improving demand forecasting. It also saves time and effort by enabling process standardization and optimizing cross-departmental communication.
Modern cloud-based enterprise software solutions enable seamless collaborations amongst teams. An ERP system works as a central repository of data that syncs in real time. It allows the users to quickly find, use and store information as they go without having to wait for manual responses and communications.
ERP software can deliver critical insights and analytics required for business processes. Their advanced user-friendly and role-based cockpits help teams view real-time information with the help of common functions, forms, report generators, KPIs and analytics. With an intelligent ERP system, managers can analyze data in depth to identify and forecast various business demands and create reports in a jiffy.
Real-Life Success Stories
Manufacturing Sector: Optimizing Supply Chain Management
Rootstock Cloud ERP is a top-notch Cloud ERP for the manufacturing industry. It is a classic SaaS solution that brings together efficient businesses processing with class customer journeys. Rootstock powers businesses with its “clicks, not code” approach which enables businesses to customize their ERP according to the need. It allows businesses to add compatible applications as and when needed while offering the convenience of mobile social analytics and AI tools.
Healthcare Industry: Revolutionizing Patient Care Through Enterprise Solutions
Sage Intacct is one of the leading cloud ERP solutions in the healthcare industry. It has gained immense popularity due to its focus on billing and people-centric processes. Well, that’s not it! Sage Intacct comes with one of the most advanced cloud ERP software that allows businesses to integrate real time data on mobile devices. It enables businesses to grow quickly with low upfront investment.
Reasons to Consider Enterprise Solutions for your Business
Looking for reasons to get an enterprise solution for your business? Here’s a list that will convince you right away!
- Strengthen Productivity
- Improve Collaboration
- Better Analytics
- Simplify Compliance and Risk Management
- Save Money
An efficient ERP system can reduce mistakes and save time by automating the tedious business processes. It automatically eliminates redundancies and also enables advanced calculations in less time. All of these functions free up human time which can be used to perform thoughtful work and give a boost to human dependent ROI.
ERP systems tremendously improve collaboration through the central, consolidated database. This means teams can collaborate seamlessly on tasks without having to wait for data (information) to move ahead. Everyone already has access to the data they need. The central data repository also reduces data errors, thereby improving the productivity of the processes.
ERP solutions come with excellent analytics and reporting tools. These tools make recording, storing and presenting easy and convenient. Better analytics saves a lot of time that is otherwise spent dealing with data. It also improves the decision-making process because of faster availability of data and deeper insights.
Several ERP solutions offer compliance and risk management tools that are a must for companies working in multiple countries. ERP software provides tools for monitoring tax provisions, labor laws, hiring regulations and other functions that optimize processes and help in risk management.
Yes, the initial investment in an ERP system is expensive but once you move beyond the purchase expenses, you will realize how an ERP system saves money at every step and gives a strong boost to the ROI. An ERP Cloud Solution creates a unified platform for the business. This platform is collaboratively used by all the teams towards one end-result, the ROI.
A central ERP system also reduces expenses related to training and logistical efforts. The collaboration, elimination of redundancies, reduction of errors and speedy executions improve the overall health of the processes and in turn the business.
ERP Systems are a Must for Businesses of all Sizes
Data has become the cornerstone of the world we live in. It is what drives the business functions for companies of all sizes and types. So, it is not a matter of whether a company needs an ERP solution, it’s about when. As companies grow, they deal in more data and more data means more management, which can be both time consuming and expensive.
ERP solutions may not be needed for data management in small and medium sized businesses. But if you step back and think, you will realize that a good ERP solution can provide smaller companies with a proper perspective of their business. It can give them a view that will help them understand the processes better, align them with their long-term goals and eventually lead the business segment.
TechnoMark creates highly intelligent ERP solutions that can drive business growth through process optimization. We have a world-class team of software developers who pick up your unique requirements and deliver solutions that will back you up when you leap to take on the world. Head to our website to learn more about what TechnoMark can do for your business!
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