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An ERP system or Enterprise Resource Planning system, is designed to speed up and streamline business processes for small to medium sized businesses. An ERP covers everything from customer records to inventory and stock management. This provides a real time view across your business to forward plan and understand the opportunities you have for improvement. Not all software packages are created equal and ERP doesn’t come cheap. This is evidenced most commonly in the bottom line of how much you are paying for the software, the implementation process, training your staff and transferring your data.. The initial outlay is definitely something that can make business owners second guess their decision about investing. However, the long term financial benefits and the opportunities for business efficiency far outweigh the initial outlay. The real question you need to ask yourself however, is NOT how much will this cost me, but HOW MUCH will this save me? Here are a few ways your new ERP system is going to save your business money, and reduce your sleepless nights. One System v Several systems With one unified system – you are able to ensure that the data you are referring to is correct. There is a single source of truth – no more data here, some in this system, a few excel spreadsheets over there and then trying to figure out which one is correct. In addition to this, ERP systems are scalable and can grow with your business. Not having to start again with a new system as your business grows will save you money in both operational and staff costs. Scalable Software = Dollar saving in the future Better visibility The best way to ensure your business ‘success, is to understand your numbers. Profit, Loss, Overheads, Stock Levels – all these things need to be monitored, and with an ERP system, you aren’t looking all over the place for these answers. It will save you time. Time = Money. ERP systems give you the ability to create general as well as specific reports aimed at a range of audiences. From general performance reports with graphs to share with your staff to drill down reporting on specific data sets. This availability of extensive reporting allows you to have a clearer understanding of your financial position at any point in time. You will also have a clearer view of your stock and inventory, giving you a way to monitor underuse and waste levels, and provide an opportunity to invest more wisely. Less Waste = More Money in your pocket. Better Customer Relationships A CRM system allows you to have a better knowledge of your customers and their needs. By having a single source of truth for every phone call, email and sale gives you invaluable data. A CRM system has the power to immediately improve customer service, as anyone speaking to a customer has visibility of all prior interactions. The data you retain in your CRM system enables you to create more targeted marketing opportunities, based on clients current needs. A target marketing campaign can greatly increase your ROI on marketing. Happier Customers = More Money and more customers Reduced Complexity One of the most important elements of a great ERP system, is the workflow elements. Having a good workflow setup will create more streamline processes within your business. Having everything you need and nothing you don’t will save you in staff costs, and reduce human error across your entire business. Automated processes = Less money on staff costs and fixing errors. An integrated software system such as an ERP will change the way you do business. It will help you get past your current growing pains and give you a clear view of where you are, to enable you to make plans that will see your business thrive in the future. If you choose wisely, your ERP system will indeed help you save money and see it as an investment in the future of your organisation. To learn more about how an ERP system can help you and your business save money and move to the next level, give Thrive a call today.
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