Enterprise Resource Planning (ERP) systems provide an integrated suite of tools to access business data, create reports, and analyze important details about your entire business in one centralized system. ERP systems can help improve and streamline your business across departments such as:
- Accounting & Finance
- Human Resources
- Customer Relationship Management
- Supply Chain Management
- Risk Management
- Compliance & Security
The main business benefits of ERP include:
- Improved Productivity
- Increased Efficiency
- Improved Reporting
- Better Customer Service
- Enhanced Customer Experience
- Improved Vendor Relationships
- Enhanced Data Security and Integrity
- Reduced Risk and Improved Compliance
Another benefit of modern ERP systems is data flexibility, which makes it easier for more people to use business data to not only create reports and track operations, but also make important decisions for the future of the company.
While ERP solutions have been around for decades in the manufacturing industry, companies in other industries are beginning to realize the drastic benefits of centralizing and organizing all the important data related to their business and growth strategies across all business departments.
ERP solutions are quite powerful and can bring immense benefits to your business, but they are one of the most complex software solutions on the market as well, which makes both selecting and implementing ERP more difficult than many other business software solutions.
ERP solutions are rapidly gaining popularity across all types of companies and industries, and as a result, the technology that powers ERP systems is transforming to fit all the changing and growing needs of unique businesses.
Cloud ERP is growing more quickly than many other hosted software solutions and this trend toward the cloud will only continue as more companies realize the benefits of ERP (and can afford the technology earlier than in the past).
AI and machine learning are two technologies that are appearing more and more in mainstream technology, and they could play a role quite soon in making ERP solutions more interactive and immersive for users, as well as facilitating further automation opportunities. While intelligent ERP is in its early phases, advancements in this area of technology could revolutionize how you make sales projections for your upcoming business year and monitor and learn from ongoing trends that develop.