5 Key Benefits of Utilizing ERP Software

As the business world becomes increasingly technologically advanced, it opens up an endless sea of opportunity and innovation. However, it is vital for a business to not only understand their needs but how organizations can utilize these new tools in order to stand out from the competition.

Among these technological advancements is Enterprise Resource Planning (ERP) software. These systems help businesses streamline their processes, while ultimately increasing the productivity and overall workflow.  But why are so many businesses still completely missing the opportunity to implement ERP software?

According to a recent study, nine out of every ten organizations will not have an ERP application strategy by 2018. This results in integration disorder due to the rising complexity of ERP solutions. It’s time that companies capitalize and join the ERP movement. We highlight the top five key benefits of ERP software in today’s business world.

Streamlined Access to Information

One of the key features of ERP technology is cloud services. These tools allow high-profile documents and data to be properly secured online– allowing them to be easily accessed at any time.

ERP software helps streamline the access to the cloud data by allowing employees to access vital documents within one centralized hub. This can significantly reduce the amount of time to find secured documents while keeping everything under one digital roof.

A 300-Foot View of What is Next

Forecasting what the future will look like is nearly impossible for any business. However, this is largely due to many businesses failing to harness the historical data that is already there. Historical information helps paint a detailed picture of the company’s standing and if their business strategy is effective. Past data helps companies figure out if their current strategy is working and if it’s not, how they plan to readjust and be more effective moving forward.

Utilizing ERP solutions allows a business to keep tabs on company activity and customer data. Thus, allowing a business easy access to an overhead view of their historical data. Analyzing industry and customer trends will allow a business to quickly pivot in order to maximize their overall potential.

Unifying and utilizing financial data

As many business owners know, there is a constantly-growing pile of financial data needing to be assessed in order to keep a business afloat. While this is a normal issue to encounter in the business world, it can be incredibly time-consuming to manage.

ERP solutions can help a business manage their financial data by implementing an accounting system that gives a detailed, real-time transcript of their finances. This can significantly cut down the hours of wasted time spent on analyzing finances by hand. Furthermore, having financial data updated in real-time will allow a business to make last-second calls to capitalize on an opportunity – or steer away from a financial crisis.

Secure your sensitive business information

Unfortunately, the rise in business technologies has also sparked a rise in fraudulent activity. The Identity Theft Resource Center found that the United States suffered from 781 data breaches in 2015 alone and this number has grown with the advancement of technologies. This means it is important to ensure that any business, customer or personal data is kept as secure as possible.

Thankfully, EPR software helps keep data secure by giving a business the ability to set specific restrictions on who can and cannot access their sensitive data. This alone can act as a barrier for any attacker who may be targeting your business.

Standardizing business practices

Of course, any business owner can sit down and analyze their industry in order to find today’s best business practices, but is that the best use of their time? A majority of new ERP solutions are designed around a set of industry standards and best practices. This allows for a business to apply these best business standards into their own organization. This helps many businesses gain footing in the enterprise world as well as assisting older, well-established businesses revamp their practices to meet today’s top-tier standards.

Enterprise resource planning tools are becoming increasingly relevant in today’s business world. It is important for a business to analyze their pain points to find where their business could be improved. Finding this information will ultimately help find if implementing an ERP solution is right for the business.

Which ERP solution will you implement? Explore your options with our FREE Top 20 ERP Software report.

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