In today’s modern business landscape, the demand of having a software in-place to support business operations is increasing. However, with numerous technologies emerging every day, it is hard for business owners to choose the best-fit software. Of all those new technologies, you may have heard of Enterprises Resource Planning (ERP) or the benefits of an ERP system more than once, I bet. The global ERP software was valued at $35.81 billion and is estimated to be worth $78.40 billion by 2026. Yet, is it worth investing in ERP software? And, will an ERP system create a game-changing shift for your business?
In this blog, we will be listing out the 3 main benefits of an ERP system to assist you in your decision-making process whether or not your company should invest in ERP software.
1. Improve Business Productivity
According to Smartsheet, 40% of the employees spend at least a quarter of their work-week on repetitive tasks. This means if you want to enhance your business efficiency, you need to reduce the time spent on these tasks.
With an ERP system, a lot of repetitive and manual processes such as data entry will be automated. Key data and information from all departments are uploaded and flow automatically throughout various departments within one single platform. An example would be: an ERP system is able to auto-compute the total salary for an employee based on their hours clocked for work including overtime pay. This automation does not only increase productivity; it also reduces the risk of human error in an organization and it can make a huge contribution to help a company scale up their business in this digital era.
2. Provide Better Analytics
If your company relies heavily on business analytics and real-time information, this is when your company should look into implementing ERP software.
As all the business data will be uploaded into one centralized database, users can access cross-department data from one unified source regardless of time and location. This data consistency allows more accurate data analytics as compared to generating data from different software.
On top of that, with real-time information, users are also able to download many reports that are up-to-date such as inventory stock in hand reports and sales order reports, which are critical in many industries. When stock in hand is low, or when it reaches the minimum preset quantity, the system will also be able to alert users when it is time to purchase additional inventory.
3. Lower Operational Cost
With an ERP solution, business processes such as human resource and finance, supply chain and manufacturing, inventory, purchasing, etc are streamlined into one reliable system. By integrating and connecting all in one, there will be a cut down on redundant maintenance costs. Furthermore, using an enterprise-wide system means: there is no demand for separated applications to fulfill each function. The company will only need to offer employee training on one technological software rather than several systems. This will not only lower the training fees but also reduce the relevant logistics involved at the end.
To sum it up, investing in an ERP system can be beneficial for enterprises today. If you would like to talk to a vendor, please feel free to contact us – Synergix Technologies. As we are a Productivity Solutions Grant (PSG) pre-approved vendor, eligible companies can receive financial support of up to 70% from Singapore’s government.
Do reach out to us for a free consultant or if you would like to see a demo of our software!