Make smarter decisions faster with the right ERP systems

ERP stands for Enterprise Resource Planning. An ERP integrates all the essential business processes you use every day into a single, fully featured system. Think financials, inventory, supply chain, customer relationship management (CRM), order management, HR, manufacturing and more, rolled up into one application. Most importantly, all functions share a centralised database, so your data is always accurate, up-to-date, and available in real-time between departments. All business transactions and activities are processed in one system, with a single  interface so you don’t need to skip from one solution to the next. It’s a complete one-stop shop!

The list is long, but here are eight key benefits:

1. You’ll have on-demand access to real-time information and data. With the immediate gain of a uniform and reliable flow of business data and information across all departments, you can make better decisions, more quickly.
2. Collaboration is improved. Say goodbye to the frustration of unavailable information. Your people will be able to get the information they need to act, when they need it.
3. You’ll gain a 360° view of business operations. Integrated data highlights the knock-on effect of change quickly, so you have time to minimise impact, or take advantage of an opportunity.
4. Productivity is (often vastly) improved. An ERP will help you eliminate repetition in business processes and tedious manual tasks, saving time and money.
5. Reporting, estimating, and quoting (and more) are simplified. With improved reporting capabilities, you can rapidly respond to complex data requests. Usually without IT assistance.
6. Everything’s seamlessly integrated. Because of its centralised database, your ERP integrates silo departments and processes. Ideas are shared, decisions coherent and fast, and the customer experience improved!
7. Reduce your operating costs. ERPs eliminate many manual administrative tasks by sharing data and automating business processes — so you can do more, with less. Even in times of business growth, staff numbers can remain static.
8. Your customer service will improve. A CRM is usually an integral part of an ERP system, and provides your sales and customer service teams the accurate customer information they need to improve communications and response times.

While it may differ from system to system, these are the main functions of a modern ERP:

The heart of any ERP is the financial management module which handles everything from invoicing and accounts, to tracking the flow of money, forecasting, purchases, and payroll. Often in multiple currencies.

The CRM module supports and improves and the sales and marketing processes. It stores data related to customers and prospects, and can track buying habits and contact histories.

The HR module processes all the tasks related to managing your employees, including timesheets, payroll (including automatic payments and tax deductions), benefits, onboarding and off-boarding.

In order to improve Supply Chain Management, the SCM module works with the inventory management module, using real-time data to optimise manufacturing and distribution processes.

And the Inventory Management System module processes order fulfilment and tracks warehouse inventory in real time, so you don’t need to do it manually.

Other modules available include Business Intelligence (BI) and Manufacturing. To note, new modules are continually being added to meet the demand of specific industries sectors.

The ERP Implementation Life Cycle is the end-to-end process of implementing the solution in your business. It starts with planning and organisation, system selection and installation, data conversion and loading, user training and procedure development, testing and validation, cut over and “go live” and, finally, follow-through and project completion.

Most modern ERPs are based entirely in the cloud, or are hybrid solutions which use a mix of on-premises, private, third-party or public cloud services.

Cloud-based ERP has several significant benefits for your business or enterprise. First — no more upgrade pains! ERP vendors make a huge investment in keeping their software current. They now make regular updates, with minimal disruption to your business.

Next — if you choose a cloud-only solution, you move from a CAPEX to an OPEX model. Having to spend often hundreds of thousands on new servers or fixing corrupt data is a thing of the past.

And then, it’s far easier to support a mobile or remote workforce. As cloud systems are, well, in the cloud, all that’s needed is an internet connect and you can, with the right level of permission, access real-time data, and the business processes needed to do your job.

ERP software integrates all functions of a business operation, including financials, customer records, product planning, development, manufacturing processes, sales and marketing and more. So, using the concept of a master database, the ERP facilitates the flow of accurate, consistent, real-time information between all these integrated functions, and additionally manages connections to your external stakeholders (think suppliers, partners and parent companies).

Data migration is a systematic and phased approach for transferring your data from (usually multiple) old systems to the new ERP. There’s normally a specific migration methodology used to ensure success. Records to be migrated tend to include customer, vendor and item master files, bills of material, production facilities and routings, general ledger chart of accounts, etc.