Need of ERP in Business: 5 Reasons Why Your Business Needs an ERP Platform

Inarguably, there is a dire need for ERP in business. In the world of unprecedented business growth and challenging times, it has become even more imperative for businesses to make their processes seamless, have centralized data location, and build-on integrated real-time communication.

As mentioned by William Pollards, “Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit.”

Thus, if business customers are not satisfied due to a hotchpotch of data, the team is not delivering results as per KPIs, and sales are not according to the set goals, then it might be the right time to go for Enterprise Resource Planning Software (ERP).

With the right ERP (If implemented carefully), the businesses can ‘better support change and grow operating margins by 21%, reduce operational cost by 23% and administration costs by 22%’ - Aberdeen Group.

This shows why ERP is important to a company, irrespective of its size and nature, and why there is a need of ERP in business.

ERP is a set of software tools that combine data management by automating and integrating human resource management, supply chain capabilities, inventory management, and financial analysis.

It is critical to understand why there is a need for ERP in business. Here are five major reasons to invest right away in ERP:

1. Increased Productivity and Sales

In the business battlefield, prioritizing tasks is a deal-maker or deal-breaker. If a team is focusing on tasks of low importance and ignoring high-priority tasks, they might lose track and thus would not be able to deliver the desired results.

Therefore, it is important to prioritize tasks and rigorously communicate through implementing ERP software to increase productivity and sales.

According to the Oracle NetSuite study, 85% of companies implementing ERP had a projected timeline for ROI, while 82% achieved ROI in their expected time.

2. One Software for Different Processes

Imagine your sales team is using one software to record customers’ information, and the accounting team is using other software for receivables and payables. Therefore, at the end of the day, your data is not synchronized in one place and wreaks havoc on the decision-making process.

ERP software helps you align all your information in one place with easy accessibility. The centralized data can help you make better and faster decisions for the business.

3. Better Communication and Team Management

As the world deals with pandemic challenges and hybridization is a new normal, the way we used to work has changed dramatically overnight. It has now become intensively important for companies to manage more efficiently all remote workforce from anywhere in the world.

Today, productivity utterly lies in the way employers virtually assign tasks, monitor team performance, and keep them engaged. On the contrary, customers also prefer to work and coordinate remotely with the teams with pandemic disruption.

ERP offers a state-of-the-art workflow management system with exquisite features for managing strategic and operational teams. ERP software makes it easy for management to monitor, evaluate and analyze team performance.

4. Data Protection and Security

With the help of ERP software, it has become easier to integrate, analyze and align all the data at a centralized location with secure cloud storage. The teams can now seamlessly protect the customer’s information from cyber-attacks and avoid fines or legal repercussions.

5. Increased Customer Retention

Though businesses must acquire new customers to keep financial wheels turning, at the same time, it is equally important to retain current customers for sustainable growth. According to Adobe CEO Shantanu Narayen, ‘Customer retention is the new growth.’

Maintaining a good relationship with existing customers is essential because happy retained customers will become your brand ambassadors and spread good reviews about your company. Customer retention also enhances brand loyalty.

With an ERP platform, businesses can leverage the opportunity to provide unappalled support to customers and keep them engaged to build enduring relationships.

Over the time when your company grows, it will become essential to leverage technology to maintain control over things and stay ahead of your competitors. An efficient business ERP system can help you move on from ancient work processes towards the digital transformation you will need for the future.

The need of ERP in business is evident. By investing in the right ERP software, you can bring together diverse activities under a single integrated application, thereby streamlining your business processes and increasing efficiency.

TOP 3 ERP Software

According to Financials Online, the world’s leading ERP platforms are as follows:

• Oracle NetSuite
• Oddo
• Sage Intacct

How Tek Headquarters can help you?

Maintaining a competitive edge is what keeps business leaders up at night. However, an important and often overlooked part of success is regularly evaluating business systems. Without agile ERP software, companies will struggle to respond quickly and strategically enough to the inevitable business disruptions.

If the organization really doesn't see any room for improvement in its operations, you may not need an ERP. However, chances are your competitors are using one of these tools, and to stay up to the mark, the organization needs to use the right tools. TEKHQS is an anchor that ensures Organization's ability to achieve top performance and become a profitable leader in the industry.

TEK Headquarters is the official NetSuite Solution Provider, with over 150 certified professionals working with customers to define their key enterprise resource planning needs and create customized ERP solutions that fit their budgets. So, if an organization is looking to automate critical business activities and wants to create a single database for all financial and entire organization's operational data, look no further and reach out to TEKHQS for the most contemporary ERP solutions.