You mostly run late for month end financial reconciliations. Sales forecasts are far from reality and have resulted more from solid predictions. Orders are always lagging behind, thus leaving customers scoffing and dissatisfied. Inventory management is always haywire and sorting that out is too much of a task.
Does it sound familiar- like your business or close to it? If you’re nodding your head in agreement, maybe it’s time you consider investing in an ERP system.
Every company is unique in its ways and services, thus there is no single index which directs you to decide on getting an ERP. However, if the problems faced along with the glitches and disarray resonates with those of others as well, ERP software can be applied to reap benefits. If you happen to be one of those suffering from the above-mentioned issues, read on to know the five most alarming signs saying your company needs Best ERP software.
1) You Have Numerous Softwares for Various Processes
When you think of the employees at your company from different departments, do you find anything in common? Do you recall how they record, track or process information? Do the accounts department use one system for receivables and payables and the sales department use a different one to record customer orders? Is processing all the data from entering them to recording and transferring into database a time consuming and a tedious and manual process? And do the inventory and warehousing follow a completely different procedure for the stocking as well as shipment?
Organizations must run on same plane along with all the different departments running along with, although separately. For the smooth run of the entire business, the front-end and back-end process must run in accordance with each other. Data from one department requires to be fed to another for the continuous flow of information and thus creating a ripple effect in the business surrounding. Lack of that may tend to inaccurate and/or redundant data all across the records creating havoc in marketing budgets to payroll.
For example, if you have a Plastic manufacturing company, how would you collaborate across departments? With a Plastic ERP Solution, each of these departments are consolidated and indexed to one database making it more accurate and authentic. One source of information, in the form of one database, makes it real-time and the software allows the information to pass in the form of packets with lesser chances of logjams. With lesser manual work and one place integration of all data, the employees free their time for better work.
2) You Find It Difficult To Access All Information About Your Business
What if one fine day you need to know the average inventory? Or want a report to be prepared on the average sales in the last quarter of the year a certain employee joined? There are many such key performance metrics which could help portray a picture about your business. For businesses which are more manual in nature would take up more time to convert into a report.
Suppose you own an Engineering parts manufacturing company, there would be multiple processes running simultaneously and you would definitely need an Engineering ERP Solution to have a bird’s eye view of each levels.
The processes in a company are continuous in nature and must keep moving at a standard pace for successful running of the company. For this to happen, the employees would require access to key data at all times to have a holistic view of the operations at any given time. For example, operations executives should be able to view the inventory along with the order quantity requirements from each vendor along with the payable and receivables related to each vendor.
3) It Takes Up More Time In Accounting
The earliest signs hinting towards getting ERP software for your company could be from the accounts department. When the employees still practice the age old procedure of manually recording from paper-based invoices and sales orders and take up weeks entering them into various processes in different departments, you might consider getting your hands on ERP software.
Similarly, when financial reporting includes numerous of weeks of cross-posting information and reconciliation of data manually from umpteen spreadsheets, it sure does say something about wasting a lot of time. This time could be well utilised for other productive work.
4) Sales And Customer Service Is Way Below Expectations
With a growing company grows the inventory too. Managing the inventory is a herculean task in itself.
Sales, inventory and customer data must be entwined cleverly to give a wonderful customer service and grow business. Unless all the data pertaining to these departments are consolidated, relevant, real-time and accurate information cannot be provided at all times.
With ERP system, all the information are accessible from one place and staff handling vendors, customers as well internal inventory can answer all queries with utmost accuracy. It also serves as a dashboard wherein the inventory level can be viewed in real-time, giving the warehouse manager an option to reorder as and when required without fail.
5) The IT Gets Too Complex To Handle
Having multiple departments in a business can become a mesh of data transfers and backups from various departments. Integrating them while managing the patches and upgrade work without affecting the time and resources negatively is quite a task!
If on-premise and legacy business software is a part of your patchwork system, system upgrades can be a nightmare if not efficiently handled. Their updates are expensive and they are time-consuming apart from overriding the previously applied customizations with each upgrade. No wonder more than half of mid-sized businesses run outdated versions of business softwares.
Instead of adding troubles to the already complex IT scenario of the business, a cloud based ERP technology can provide both efficiency and agility to the changing business growth and changing needs.