ERP is often considered as something exclusive to large corporations. However, many small-to-medium businesses are fast realizing the power and competitive advantage that ERP brings.
If it’s taking longer each month to reconcile financials, if you’re increasingly basing forecasts on guess work, or if you have no idea how much stock you have on-hand, your business could be facing some growing pains. Good problems, yes, but ones that require a definitive solution.
Businesses that are ready for ERP often face similar frustrations. Here are five common signs you’re ready:
- Decision time has doubled
Quick decisions have become impossible due to lack of easy access to business information. Time spent looking for accounting data has increased dramatically. ERP centralizes information making it simple to access when needed. It increases productivity and fast tracks decision making.
- Rise in working capital
As your business grows, it will inevitably cost you more in daily processes. However, if you notice a steep increase then it’s time to consider an ERP system. ERP reduces working capital by streamlining operations and optimizing stockholding.
- Many different software programs running many different processes
Running various front-end and back-end systems independently can wreak havoc on your business. ERP software integrates these systems so that every business function relies on a single database, with a single source of accurate, real-time data, helping your business grow faster.
- CX is suffering
As companies grow, often inventory management is a challenge. No stock when a customer needs it destroys loyalty and impacts customer experience. An ERP system, gives access to up-to-the-minute information. Sales reps can answer questions about orders without hanging up the phone, or customers can simply go online to view status information.
- IT is just too complex
Does your business emit the hum of a fine-tuned machine, or the gear grinding noise of inefficiency? Managing and maintaining multiple IT systems is complex, costly and tedious. Rather than adding more software and complexity to an already ineffective system, ERP will give you the agility and simplicity your business needs.