How ERP Can Bring Transparency Into Your Organization?

Undoubtedly, finances are the lifeblood of your business. Business leaders need real-time access to financial information in order to make well informed decisions. To drive profits and growth, organizations need to track and analyze every incoming and outgoing dollar. Organizations need to understand full value of inventory in warehouse, product profit margins, project costs, employee expenses and more to know whether they are growing or struggling with finances. Without financial information, your organization is operating within a vacuum. Furthermore, organizations also need to keep pace with ever-changing regulatory reforms while culling expenses.

Thus, organizations need modern and sustainable ERP system to ensure amenability with government regulations concerning data, operations and transparency. With robust ERP solution, organizations get real-time visibility into the company’s receivables, payables, sales forecasts and inventory levels. ERP solutions enable organizations to operate bookkeeping functions, address ever-changing regulations, meet compliance requirements, facilitate communication with clients and staff, and position themselves for excessive profitableness.

Listed Below How ERP Ensures Transparency

Role Based Access – Some of the leading cloud ERP solutions like Oracle NetSuite  Services provide many standard roles with pre-defined permissions. These roles correspond to common employee positions as well as vendors, partners and customers, enabling organizations to easily manage access to functionality and data, ensuring that the integrity and confidentiality of the data should be maintained.

Comprehensive Reporting – Some of the ERP solutions are engineered to support global standard and country-specific requirements. They come with built-in analytics, access logs and workflow, and the ability to drill down to the underlying transaction details. These capabilities enable organizations to remain compliant while conducting business at global level. With real-time access to inter company transactions and reconciliations, decision makers can easily understand what is happening across the global business. Instant global view with subsidiary specific drill-down capabilities delivers more control over business.

Business Intelligence – In order to stay competitive, organizations need accurate view of their business. When information is stored across multiple, disparate systems, it becomes quite challenging to retrieve it. Most of the ERP solutions come with built-in Business Intelligence that delivers real-time dashboards, reporting and analysis capabilities, enabling business owners to identify issues, trends and opportunities. These capabilities bring real-time transparency into company performance across all business functions.

Business Automation – Manually calculating sales margin, profit ratios, managing information of clients and other such metrics is a nightmare. ERP solutions bring high degree of business automation, helping organizations to set future goals. With automatic workflows, data and reports can be synchronized on key metrics, ensuring that decision makers have access to data in real-time. By eliminating error-prone manual process, you also ensure that you have an accurate data to make well-informed, data driven decision. With automation, organizations can streamline accounts receivable and accounts payable management and cash management, ensuring that financial transactions can be tracked easily and quickly.

Freedom From Duplicate Data Entry – Organizations using separate systems have to re-inputting data from one system to another manually which is, in fact, prone to error. ERP solutions eliminate this tedious process of data entry by hand, making your data more accurate and consistent.

Concluding Thoughts

Thus, we can conclude from above text that ERP can help organizations in bringing transparency to their processes. Real-time visibility of the financial performance alongside rich business insights delivered by ERP systems enables decision-makers to identify the key problem areas. They can streamline processes and gain greater control over their business. They can easily see the bottom-line impact of events and decisions in real time. Automating mundane and time-wasting tasks improves productivity straightly while analytics and reporting function enable them to forecast costs and potential revenue to design budgets accordingly. 

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Feb 19th 2020 05:31. Viewed 384 times.

Share on APSense

Comments