COVID-19 pandemic is considered the most devastating challenge for businesses of all sectors. Since disruption is unpredictable, business continuity and resilience become a top priority for businesses to sustain and thrive. You need a strategic approach that is associated with crisis management to bring new possibilities.
The best solution is ERP software, moving to a fully integrated business management solution is a sign of ultimate success in itself. As your business grows, you can no longer rely on the legacy system and need to look for a better alternative to reap maximum benefits. Even if your business is running well, it could be better with result-driven ERP emerging as a key pillar in digital transformation.
Do you really need an ERP system in your industry? Let’s look at the signs that might indicate it’s time to make a shift.
1. Lack of Insights
With an abundance of information, it is difficult to keep a track of real business insights. For example, the average time from initial contact to payment can be tough to track when data is divided in CRM and the financial system.
Using an ERP system ensures data is fully integrated into a single interface, allowing users to spot inefficient areas and enhance processes to remain competitive.
2. Lack of Collaboration across Departments
Departments require timely and accurate information to function at their best. But data is often present in silos and owned by different teams within the organization. It is best to have a single system to access the data they need while keeping confidential information safe and secure.
3. Non-Integrated System Slowing Down the Process
When systems don’t convey project-related information, you end up spending a lot of time managing databases. Maybe you still use some accounting software that only focuses on the financial aspect. You should switch to an integrated system that offers a single version of the truth, which in turn creates a consistent user experience, increase productivity, and ensure real-time connectivity.
4. Inaccurate Inventory
Inaccurate inventory levels can have an adverse impact on your profit margin. It leads to overstock and stockouts that eventually cause a delay in project deliveries. If you’re struggling to track inventory at various points, then implementing an ERP system can be beneficial to meet your business requirements.
5. Production Scheduling Problems
There should be a strong connection between production scheduling and the manufacturer’s ability. If your staff is bearing the pain of tedious scheduling, it’s time to implement an ERP solution. It can help balance demand and supply, deliver accurate production plans, and resolve scheduling issues with timely forecasting.
The Future of ERP Software
As more and more businesses have started to focus on modern digital strategy, the ERP system has become a straightforward approach for all industry verticals. From a hosted to on-premises and public or private cloud, there are a whole bunch of options for companies to meet changing market requirements.
It is crucial to keep in mind that all ERPs aren’t the same. But that being said, the adoption of cloud technology is rising and it would be great to count on cloud-based ERP such as Acumatica ERP to garner higher ROI and have a profitable future ahead.