The global enterprise resource planning (ERP) software market is one of the fastest growing in the world, and many businesses that scale rely on some proprietary solution made exclusively for their needs. ERP solutions are growing in traction with 53% of businesses naming ERP and CRM as priority investments.
For companies looking to scale, this blog will outline exactly what can improve from implementing an ERP solution.
ERP Growth in 2020
The global ERP software market is expected to grow by $19.52 billion during 2020-2024—and for good reason. There are many benefits to investing in ERP solutions. From scalability to security and flexibility, ERP solutions hold value for the future of your business.
In a competitive market, it’s important for your organization to be efficient in order to succeed. Being business management software, ERP solutions can offer lean solutions, so you will be spending your efforts where it counts. They can automate nearly all facets of operation from day-to-day functions to HR and finance. These applications save time (and money!) by integrating departments and management into one platform. This operational efficiency as well as data-driven decision making have factored into the growth of ERP solutions.
ERP Software Benefits and Downsides
Digital solutions are in high demand now for good reason. An ERP solution can help lighten the workload, but not aligning organizational goals and metrics to work with an ERP solution can be even more costly. When choosing to invest in new software, it’s important to be informed.
With a cloud ERP solution, all employees have access to the same data. Because everyone can access the platform, there is an increase in transparency where information can be shared freely.
Enterprise resource planning software can keep your teams on the same page with better communication. For example, your sales team can better work with your marketing team to move towards the same goals. No matter where you’re working, you can keep in constant contact with your team. There are no geographic boundaries.
Saving time means you’ll save money. Less time is spent on the same tasks, which can free up human capital. Tasks become timelier and more efficient, and you’re able to have a quicker workflow with more accuracy. With an ERP solution, you can focus on what really matters—like revenue building.
Improve day-to-day processes across departments. ERP solutions will reduce duplicate tasks, and your organization can have a competitive advantage by eliminating repetitive processes and centralizing your business functions. You can automate all kinds of tasks—from HR to inventory management—and decrease the issue of human error and duplication. ERP software makes things simpler.
As your business grows, your software will too. Enterprise resourcing planning software is completely customizable, which makes it flexible and useful to tailoring to your specific organization needs. It can adapt and accommodate to a business scaling up or down.
Consolidate IT Infrastructure
Unify your IT department. No need to rely on multiple platforms when ERP software can combine them and make it easier to manage. Multiple systems make training IT staff complicated, and many problems can arise when shuffling between them, such as duplication and incompatibility. One consolidated system offers streamlined training and eliminates issues that come with multiple applications. With operational costs reduced, you can focus on growing your business.
For small and medium-sized businesses, ERP software can be pricey and a significant investment. However, the benefits will save you money in the long run. Cutting down processes and adding in automation provides improved day-to-day functionality with transparency across departments, saving time that can be focused elsewhere. These reduced operational costs will pay for the ERP software over time.
Like any new software, employees will need to be trained, and you may be met with some resistance. Their comfortability with your old platforms may become a challenge. Though you will have to re-train everyone on a new system, you can rest assured newly hired employees can be trained more efficiently. It’s good to think about the future with ERP software.
Difficult & Complex
Because there’s so much data in these platforms, they can be difficult to work with. There is a learning curve when you’re used to doing things in a specific way. It’s important to voice your concerns and work with developers to create an intuitive platform that will work for your business needs.
Invest in an ERP Solution Today!
Whether your organization is expected to grow or you’re currently having issues maintaining your everyday processes, Code Authority can work with you to build an ERP solution that is sure to improve efficiency. Contact us today for a free estimate!