ERP for increasing ROI
Many businesses are still struggling to manage their high-priority business tasks by giving limited attention to repetitive, simpler tasks.This is where businesses collapse due to the workload and incompetency. If this issue is sorted out, businesses will be capable of carrying out their day-to-day tasks without any hurdles or distractions. This will in turn translate itself into increased ROI. With an ERP Software, the probability of better performance and increased productivity is more, which will pave way for increased ROI.
Why do you need an ERP Software?
Business management is an area that requires you to streamline all your business processes and resources. Investing your valuable time and money in carrying out your substantive and repetitive tasks rather than focussing on the vital forums of a business will lead you to failures.
In real time scenario, many businesses have started investing on ERP Software. According to Economic times, Enterprise software spending is forecast to experience the highest growth with an 8.3 percent increase in 2019, while Software as a service (SaaS) is driving growth in almost all software segments, particularly customer relationship management (CRM), due to increased focus on providing better customer experiences.
An example of manual handling of business processes is spreadsheets. Most of the sales people, accountants and project teams depend on spreadsheets for tracking the lead status, maintaining their balance sheets and tracking the progress of the project. But definitely, spreadsheets are not the right choice for all these processes.
According to Mr. Vaidheswaran, Business Analyst at New Dream Data Systems Pvt Ltd, the usage of Spreadsheets has 3 disadvantages.
- Changelog cannot be traced – i.e when the same workbook updated by many people, confusions arise on who updated what and when. Those log entries can’t be stored or traced out.
- Data Entry consumes more time. Unless when some external application generates the spreadsheet itself.
- It’s an entry sheet – permanent data storage is not possible which is the biggest disadvantage unless otherwise when Excel gets connected with some DB system through VBA programming.
The manual processes involving spreadsheets and other applications will have its own drawbacks. With an ERP Software, all these hang-ups can be avoided.
What role does an ERP Software play here?
Your day-to-day repetitive tasks can be brought under a single roof. Without involving many manual processes, businesses will be able to focus on the high-priority tasks with a refined vision. Nowadays, with the advent of SaaS industry, SMEs can effectively invest in an ERP Software and make the best out of it. Hence, unlike the myth that ERP is for larger enterprises, every business will be able to garner the best out of an ERP Software.
How can an ERP Software increase the ROI of your business?
There are 7 ways by which an ERP Software can increase the ROI of your business.
Swifter implementation processes
An ERP implementation process does not consume much time. It hardly takes a few months before the system is implemented. The process is faster and it is worth the cost and time you have invested. In the meantime, this will decipher itself into increased ROI.
Integration of information
The main privilege that an ERP Software provides its users is that it is built upon a single platform. This platform can be used to monitor different departments and processes that take place within an organization.
- This integration permits users to make rational decisions to take their business to the next level.
- With a centralized ERP Platform, the data can be analysed first which allows us to make better decisions.
- Report generation and business intelligence enabled data analytics to further enhance the decision-making skill set of a business. This will lead to an increase in ROI.
Increase in Efficiency
For updating and managing data for different functions, it takes a ton of efforts from the side of employees. On a monetary basis, you have to invest quite a lot. This could be quite exhausting and even if there is a minor mistake, then the chances for getting duplicate entries is more with spreadsheets.
How an ERP Software can help?
When an ERP Software is used, we can operate different operations and reduce manual tasks. This way, without much human intervention, we would be able to increase the efficiency.
Real-time data access and governance
With an ERP software, you can generate live reports and real-time information on your business with data from all the departments.
- The ERP Platform also allows its users with secured access to reliable data, which allows you to analyse completely.
- After analysing your data, it creates an opportunity for better communication between departments leading to increased productivity.
- This helps you with agile business planning and improved decision-making skills.
With cloud-based ERP Platform, your various departments would be able to stay connected with each other through a mobile app. The only constraints is that they need to have a Wi-Fi or a mobile internet connection.
Better Inventory Management
For controlling the operations like distribution, production, warehousing and much more, it is necessary to manage your inventory like a stalwart.
- The ERP-system enables you to keep track of all these under a single roof and updates you with day-to-day information on stocks and inventory.
- This helps you control the inventory, minimize the shortage on the stocks, cut-down other distractions and in-turn enhance all the production processes with business-intelligence enabled real-time data.
By reducing various operating costs, an ERP Software will help you in understanding the business constraints and engage yourself in activities that would reflect directly on your productivity.
- The ERP Software is designed in such a way that it improves your procurement and offers better payment protocols in order to reduce materials cost.
- You can improve staff allocation and reduce overtime and labor costs. This will save the management from various overheads.
- This will lead to increased ROI in the near future of your business.
To increase your ROI effectively, it is a must that you leverage an efficient, integrated ERP Software platform to streamline all your business processes under a single roof. effitrac offers you with industry-specific solutions with which you can customize the software according to your industry requirements. There is a proven record on how our customers were able to increase their ROI by enabling effitrac ERP Software solutions.
Contact us to know more and request for a free-demo.