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What is ERP? Everything you need to know.

by vinay kumar Digital Marketing Executive

Innovation, technology, hard-work and determination are not mere words in business. All of them have to be put to use constantly to stay in the game. Today the world is a progressive oyster and many businesses are finding their ways in it - small, medium or large. The large number of success stories coming up from around the world tells us that owning or running a business isn’t that fancy as it may sound. It’s not just about making money. It’s determination, conviction, ideas and the motivation to keep going.

However, along with working hard, working smart has made its way up. This can be credited to the upcoming up of machines and technology at large. ERP or Enterprise Resource Planning is one such technology that has proved to be beneficial to the business owners worldwide. It is basically a software to help businesses operate and manage their daily operations. It takes care of the data from across the organization, manages the finances, the supply chain and human resources in a repository and also analyzes this data to produce information as and when required.

But the big question is why do businesses need an ERP?

To make their work easier. Simple. If that doesn’t sound convincing, read through the advantages of having an ERP system for your business. 

Data management becomes easy - You know the fact that data is gold and you better reserve it well. ERP can help you with your data by managing it properly. You can automate the whole data management process using it. In fact, the data can be easily segregated for each department. This will help save time of your employees allowing them to focus on more productive tasks.

Unaccounted data management - ERP will make sure that there is no discrepancy in your data. You don’t have to worry in case of data missing. The automated data collection process and bifurcating it for each department will help find any kind of discrepancies within minutes avoiding inefficiency. This also helps you get real-time data at the earliest hour.

Predict trends before your competitor - Trends change within a fraction of seconds today. You have to be on your toes every time to be able to stay ahead of your competitor. ERP provides you an overview of your business based on which you can identify opportunities and capitalize on them at the right time. Some of the latest ERP systems come with ML  (Machine Learning) technology that allows the software to predict trends for future. You need to stay one step ahead to be relevant and in demand.

Customer satisfaction is the end goal - You are here to serve your customers. If they are not happy with your product or services, they will instantly make a switch. Always remember, you are not the only one in the market in your field doing business. 

There are hundreds of others making money by doing the same business. Therefore, you not just have to build a strong customer base for your business but also retain them for the long run. What could be better than data to understand customer behavior? You can easily dig out the data metrics provided by ERP and analyze the performances of different sectors of your business. 

This will help you find the loopholes of each department and work on them with new strategies. You need to have full control of your business processes which ERP gives you.

Go by the rules - You can keep a track of your organization's regulatory compliance using the ERP system. It can be a task to make sure that your company is following the prescribed regulations of the trade as it involves a lot of paperwork. With ERP in use, you can do digital and automate the process making it efficient and time saving. You can easily access it across different business verticals right from the dashboard.

Now that you know the benefits of using an ERP system, you must also know how to go about it.

Here are some easy steps that will help you implement ERP in your business.

Figure out the departments - Businesses run on various departments - financing, sales, marketing, customer service, human resources etc. You will have to find out the departments where you want to use this software. There is no thumb rule to use ERP systems. You can use it as per your convenience and requirement. It is important to note that ERP tools vary from one organization to another and one type of business to another, for example something that works for the fashion industry may not work for health insurance. It also varies for small and big enterprises. As per your need, you can easily decide on which one you want to use and where.

Use your wisdom while picking the ERP system - Take your time and use your understanding before you decide on the ERP system for your business. As mentioned above, it is customizable as per your need but you must find out where you want to use it and then pick the best one for yourself. Check out all the features ERP has to offer and how they can be put to their best use allowing you to upscale.

Seek professionals if needed - You must look out for professionals when setting up the ERP( Microsoft dynamics 365 business central ) system. They will help it make it easier for you - right from installing it to training your employees to how to use it efficiently. 

These professionals come with years of training and expertise to help you go along the way smoothly. They can prove to be a big support in the whole process. They will also help you with issues you may encounter after installation.

Businesses run when you spend on them wisely and keep fueling them with the right technology from time to time. With so much competition in the market, it is difficult to retain yourself. Therefore, stay updated with the newest technology and development happening and use it in the best way for your business’s growth, expansion and profit making capacity.

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About vinay kumar Innovator   Digital Marketing Executive

27 connections, 0 recommendations, 97 honor points.
Joined APSense since, July 2nd, 2021, From New delhi, India.

Created on Aug 2nd 2021 05:35. Viewed 119 times.

Comments

Sneha Shah Junior  Digital Marketing Executive
What is ERP? Everything you need to know. by vinay kumar...Innovation, technology, hard-work anddetermination are not mere words in business. All of them hav...
Sep 27th 2021 13:46   
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