The Benefits of ERP Software You Need to Know

[Dakota]

It's a good time to be in the SME market. In the past, technology has taken its time to move from the enterprise level through the midmarket and into the small and medium enterprise (SME) space. But in the digital age, where every business is a technology company, technology vendors and their distribution channels are turning away from the saturated enterprise market to the gigantic opportunities offered by the midmarket.

The definition of mid-market varies widely, but we can say with certainty that companies with 50 to 1,000 employees fall into this category, as do organizations that generate between $100 million and $3 billion in revenue. This is a very large market that presents a new opportunity for many technology vendors and third-party managed service providers (MSPs).

The time is ripe for midmarket tech sales

Think about it. There aren't many companies starting out in the mid-market segment. These organizations have evolved from small and mid-sized businesses and grown around employees, customers, products, services, data and systems to manage it all. As businesses evolve, they need more sophisticated, integrated systems to make operations more efficient and support their future growth strategies.

One of the first platforms mid-market companies are implementing is enterprise resource planning (ERP) software. Don't let the name fool you: While ERPs were originally developed for the enterprise market, the demand for enterprise-grade business management software solutions for the SMB and midmarket has become unmistakable. Thanks to the cloud, these solutions are now within reach of companies with smaller IT budgets.

Put simply, ERPs make all your systems work together in real time, with just one set of credentials and a minimal number of touch points. Instead of isolated processes in each department, the ERP connects them together so that all data can be accessed in one place. ERPs today are no longer a one-size-fits-all solution - customers can add or change software modules, which are typically purchased individually depending on the needs of their business. There are modules to fit almost any function in companies of any size and in any industry: Supply Chain, Accounting, Human Resources, E-commerce, Marketing, Sales, Customer Service, etc. Today's ERPs can even integrate with your CRM (customer resource management) platform or CMS (content management system) so that all functions are truly under the umbrella of a single platform.

For small and medium-sized businesses, the headaches associated with switching to an ERP system Malaysia usually far outweigh the benefits. No matter what anyone tells you, there is no easy way to implement an ERP. It's a complex, difficult process that consumes time and money like it's going out of style. It's not uncommon for an ERP implementation to take hundreds of hours, which can stall departmental functions for months or require hiring new staff or consultants. And the headaches don't stop once the ERP system is installed. Then you have to train both your employees and your customers on how to use the new system, which usually leads to serious teething problems and, in some cases, even lost revenue.

So why should mid-sized companies bother?

Why is ERP software useful?

Why ERP software is important for growth

To grow, there's really no way around investing in an ERP system. You can't grow the number of customers and the data you manage with the same disparate systems. Excel spreadsheets won't get you far.

In addition to growing your base business, it can be extremely difficult to make a necessary business model transition if your systems don't communicate with each other. Can you imagine sales, marketing, accounting, and operations going from one-time product revenue to ongoing, recurring solution revenue when they're all working in separate silos? There's no way something big isn't being overlooked.

Ultimately, the biggest benefit of an ERP installation is efficiency. In today's business world, a company's bottom line can be as much affected by wasted internal resources as it is by turnover. You may make a fortune, but if you're wasting time and energy in your business operations, your path to profit will be much longer.

ERP software Malaysia eliminates duplicate processes and manual touch points. It synchronizes data across all business units for faster access to accurate information. Collaboration and communication improve because information is centralized and consistent between departments. And because all enterprise data is integrated into a single system, it's exponentially easier to scale the system. You can add new users and features to meet your business needs, and integrate other systems, such as your CRM platform, to achieve the elusive "single pane of glass."

1. Reports and forecasts

With all your data accurate, up-to-date, comprehensive and easily accessible, an ERP improves reporting processes. Systems also typically include custom reporting capabilities that can be tailored to individual users, showing only the most important data.

Without ERP, managers often have to turn to IT or operations to request the complex reports they need for accurate forecasting, and then analyze that data manually or with Excel. ERP software eliminates this intermediate step and enables flexible, accurate and customized reports in much less time.

2. Regulatory compliance

If your company is subject to strict regulations like HIPAA or PCI, you've probably already invested in systems and processes to manage your data. For the rest of us, compliance is still largely uncharted territory. However, as Europe implements the GDPR and other regions look to implement their own strict regulations, U.S. companies can no longer treat customer data lightly. Account billing software provides a more comprehensive view of your stored information, making it easier to see what data is stored on-premises or in the cloud, where the server you're accessing is located, and what safeguards you should put in place to protect your customers' most personal data. Fines for non-compliance with regulatory policies can cripple businesses, especially those in growth mode.

3. Improved relationships

Of course, there is a quantifiable number that can be associated with cost savings in terms of employee hours or elimination of errors from manual processes. But the side benefit of relieving customer service reps of tedious, error-prone tasks is that they then have more time to build real relationships with your customers.

Being ready for any challenge requires a lot of complex upfront work. For growing companies, implementing an ERP system is a necessary framework if they want to get to the next level.

[wise]

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[wise]

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[wise]

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[Jennifer]

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