12 Benefits of Using an ERP System

Did you know that more than 70 per cent of businesses are using an ERP system to manage their finances? ERP software is used by enterprises to simplify and streamline operations, automate processes, and track data into meaningful insights. Today’s ERP solutions have rich features that bring countless benefits. Companies of all sizes have adopted ERP software because it drives real improvements in business functionality. Here are the top 12 universal advantages that ERP delivers.

1. Cost savings. By minimizing manual human errors, employee hours, and company inefficiencies
2. Workflow visibility. Employees can see the status of projects and performance of relevant business functions
3. Reporting/analytics. ERPs can display easily digestible KPIs and metrics to employees across all departments
4. Business insights/intelligence. Employees can access data in real-time, leading to better decision making
5. Regulatory compliance & data security. An ERP provides an audit trail by tracking the lifecycle of each transaction, including adherence to required approval workflows and security regulations best practices
6. Risk management. Access to control and defined workflows can strengthen financial controls and reduce fraud, as well as the ability to see operation status enables employees to handle risks quicker
7. Data security. Vendor-managed cloud ERP software uses cutting-edge security protocols to ensure your business doesn’t fall victim to a damaging cyber attack
8. Collaboration. ERP systems make it easy for employees to share information among teams
9. Scalability. Cloud systems adapt to minor and major operational changes as your business grows
10. Flexibility. ERP systems gives administrators the ability to build out specific workflows and create automatic reports that are relevant to different departments
11. Customization. Many out-of-the-box ERP solutions support business processes, but the ability to customize extra features or functionalities are also possible should your company require the additional customization
12. Customer & partner management. An ERP can strengthen a company's relationships by providing insights on suppliers, shipping carriers, and service providers. It can also provide insights into customer feedback and satisfaction.

Are you experiencing these benefits in your current ERP system? If not, you may need to work with a consulting firm that will allow you to utilize your software to its full potential. We can help you capture of all of these benefits (and more!) by focusing on your specific goals and requirements and discovering a solution that works best with your company and its system. This article was taken from a post by our partner, NetSuite. To read their version of the article, click here.