22 Oct Why is Modern Enterprise Resource Planning vital for a Modern Business?
Why Modern Businesses Need Modern Technology?
Modern Enterprise Resource Planning (ERP) enables the integration of all the functions of a business into a unified platform. When selecting Enterprise Resource Planning modern businesses often focus on the cost and functionality of the software. Although the functionality of the software to the current business processes is important, the ability of the software to adapt to future business growth can be just as vital when you consider how fast changing our world is and the cost to upgrade or replace your ERP within shorter time-frames.
Much of future adaptation depends on the technology platform on which the business management software is built. The architecture of today’s modern business system combines three important areas for evaluating Enterprise Resource Planning: User Experience, Application Functionality, and the underlying Technology of the Enterprise Resource Planning system.
User Experience. By harnessing ‘anywhere and anytime’ access and by having the ability to view and interact with every part of the application on any device with a browser, wherever you are gives enormous power to make well-informed and more importantly rapid decision.
Your next Enterprise Resource Planning system should offer:
- Customisable views and dashboards, so each user can set their own settings in the user interface
- Flexible reporting and business intelligence capabilities as standard features
- Role-based authorisation to allow access to specific fields and applications depending on the responsibility of the user
- Time savings, such as improved keyword search, data entry with suggestions, auto-completion, drag-and-drop functionality, and the ability to connect to Excel in real time
Application Functionality. Use one database with real-time integrated processes to ensure data accuracy (for example, ERP integration with CRM into a single system). Your Enterprise Resource Planning platform should offer:
- Embedded user-defined workflow processes, such as approvals for automatic routing
- Optional industry-specific product extensions to enhance basic functionality
- Integration with other software solutions through Application Programming Interfaces which operate constantly within each release
- Global capabilities, including support for multiple companies, multilingual and multi-currency
- Auditablity with electronic transaction activity
Technology of Enterprise Resource Planning. Look for the real-time solution and clarify the key components of ERP. Each piece of the ERP system delivers different value for your business. Your platform should offer:
- Ability to add all types of users, including clients and partners, without the need to purchase unexpected user licenses or install applications on their devices
- The simplicity of future development since it is built with Microsoft’s common tools.
Common Benefits of Utilising Modern ERP in a Modern Business
Modern Enterprise Resource Planning is flexible. Since modern ERP systems are configurable and robust they can satisfy the unique needs of your business. ERP software can adapt to the ever-changing needs of a growing business and allocate the resources sufficiently. Modern ERP systems are equipped with business intelligence and collaboration sensibilities. They have unmatched agility and flexibility.
Modern Enterprise Resource Planning is cost-effective.The operating cost of modern ERP systems is low and they can easily be increased or reduced to meet the requirements. ERP systems increase productivity so you can minimise losses delays and overtime expenses. In addition, your ability to better track inventory, along with more precise production planning will lead to the reduction of storage costs.
Modern Enterprise Resource Planning provides complete customisation. Vendors of modern ERP systems offer multiple platforms, each of them contains several applications that can be implemented in accordance with your business needs. Each application is designed to be able to stand alone or operate integrally with the others so that you are able to choose which components will work best. Another important aspect of customisation involves how the software is implemented. The two main platforms are on-premise and through the cloud. With an on-premise system, software must be purchased and installed on the computers and servers. With a cloud-based system, the entire software is handled completely by an ERP provider.
Modern Enterprise Resource Planning provides easy access to business information. Modern ERP systems have centralised data storage, data sharing capabilities and web-based access to services and resources. They provide valuable business information in seconds which allows you to make a decision.
Modern Enterprise Resource Planning improves financial and business reporting. Modern ERP systems will improve your reporting capabilities by allowing easy and fast access to data. All the data will be available and accessed by employees at any time. Modern ERP systems improve reporting for your business through the integration of financials with eCommerce. Integration in its turn allows automatic creation of invoices and sales orders with a click of a button. It will help you to save time and enable access to accurate data. Fully integrated modern ERP systems will provide you with wide interaction, enabling greater collaboration and communication across all departments and customers.
Modern Enterprise Resource Planning ensures better decision making. Modern ERP provides better decision-making. ERP allows your organisation to better strategise and adapt to changes in market requirements. When you have direct access to performance indicators such as sales margins and pricing structures, you can adjust your costs or respond to changes in customer requirements. Easy access to accurate data provides a solid idea for each department so that they can make sound and strategic decisions.
Modern Enterprise Resource Planning ensures customer satisfaction. Modern ERP provides customer satisfaction. Increased inventory management, precise production planning, improved communication between departments, increased productivity and better coordination of distribution channels all contribute to the timely delivery of products that is critical to maintaining loyal customers and attracting new ones. ERP helps to keep up-to-date information and also makes it easier to update all data in real time. This will help customer representatives get accurate, updated data and work effectively with your customers.
Conclusion
ERP implementation in modern business is vital and highly beneficial if you want to optimise successful business operations, boost economic growth and increase efficiency. Most modern ERP systems are modular and customisable. Different functional modules of ERP help in different business functions, and they can be implemented in accordance with your business needs. Today modern enterprises see ERP as vital to their business health and, more importantly, their growth.
