The MSMEs and SMEs are a crucial engine and a major growth driver of the Indian economy. Looking at today’s need of technologies, ERP software has been the key element for every business success which has its own objectives, processes and requirements.
The ERP tool is the need of almost every business and is the most trusted application used in industries today which can bridge the gap between business processes and people.
Now to run small, medium and large businesses with multiple departments, ERP software is believed to integrate data and processes from all areas of the organization and unify them.
Essential processes that drive small and medium business may include inventory, accounting, human resources, sales and marketing, supply chain, logistics and Relationship with customers (CRM) and public (PR), in general, depending upon the need of your business.
So, the basic idea behind the creation of ERP is the need of a large-scale software program that can streamline all these essential processes in just one system.
Though ERP has been around this world since 90's still there are certain organizations mostly SMEs and MSMEs which are planning to implement ERP software and are in process of selecting the best software for their utility.
Let's take a walk through this blog and get a deep insight into the advantages that an SME and MSME can expect to gain from the implementation of ERP solution and where to find the best ERP software for them that support their business needs.
Benefits of ERP Software:
With an efficient ERP solution, there is elimination of repetitive processes which greatly reduces the need for manual entry of information. ERP software also streamline business processes and makes it easier and more efficient for companies to collect data, no matter what department they’re working in.
If you are working in India, it should work as a GST software, fully compliant and easy to use with GST billing and filing. It is a crucial element which you cannot ignore.
With an Enterprise resource planning software forecasting in business is more accurate, you have improved planning and making judgment is easier. Enterprise resource planning software gives your management the tools they need to create and get a more accurate forecasting. Since the information within ERP is as accurate as possible, businesses can make realistic estimates and more effective forecasts.
One stop solution for managing all your business processes-
Using a different software for handling each of your business processes can give rise to many issues like duplicity of data or records, lack of information about other processes, and lack of effective communication between different departments within an organization. Whereas, ERP software provides an enterprise-wide solution and sees business as a whole. It manages all the core business areas with just one system.
Streamline your processes-
After successful implementation of ERP software, companies are forced to reconsider their planned strategies and work process as it gives a brief insight of the complete system and share all the areas with a scope of improvement. Thus, improving the speed, efficiency, accuracy, and productivity of your business.
Facilitate Business Data Analysis-
To reach the goals of your business it's important to analyze your companies' data on regular basis and get a better insight of workflow in your business. However, this could be a great problem if the data required is housed at multiple locations. The solution to this can be done by implementation of ERP software. Firstly, this software allows analysts to access the business data from one centralized location which is shared by all the other departments that might be placed at remote locations. Secondly, ERP software offers real-time data related to all business processes assuring the correctness and relevance of data. This as a whole brings efficiency and speed to the system.
Improved Customer Service-
Every customer is important! A strong customer base and retainment of former customers is significant for the growth of a business and that can be achieved if consistent services are provided to them. ERP software help the organization to have an effective communication with their customers by giving them a global view of all customer's prior communication with other attendants. So, whenever a former customer calls, the attendee can quickly go through the customer’s previous communication to get a better understanding of the services given to the customer, previous transactions, and preferences, etc.
Businesses looking to improve in internal business processes and overall business performance are opting ERP software which promises to reduce labor costs, IT expenses and improve interactions between staff and companies.
Ishaan is a technology graduate and has a keen interest in ERP Software. Currently working as trainee with a mid-size FMCG wholesaler as a Trainee Support.