We are all familiar with the adage “can’t see the forest for the trees.” When one is so mired down with the details of a situation, one loses sight of the overall picture. Does this ever feel like your day to day at work? So concentrated on managing the minutiae of your company’s everyday operations, that you have no time to innovate them?
By upgrading to a modern ERP (Enterprise Resource Planning) solution, you can help innovate your business by streamlining the minutiae that’s integral to its success, thus opening doors to new opportunities. A modern industry specific ERP has best processes such as finance, accounting, human resources, inventory management, production, and customer relationship management built in. Within your business, there are five key areas that a modern ERP can improve your business operations:
- Enhanced efficiency: According to the late Peter Drucker, father of management thinking, “efficiency is concerned with doing things right; effectiveness is doing the right things.” By automating manual processes, ERP technology can help you reduce the time and effort required to perform various business tasks–enhancing efficiency and productivity while reducing costs. Allowing ERP to manage your day-to-day allows you to step out in front of your company and lead effectively.
- Improved data accuracy: Let’s face it, today’s businesses are built not from bricks but from data. And the more accurate the data, the better the structure of the business. ERP technology builds a centralized database that stores all business data, eliminating the need for manual data entry, thus reducing the risk of data errors.
- Better decision-making: Every decision should produce an opportunity for your business, not an obstacle. ERP technology helps drive good decisions by providing real-time data and insights into various business processes. Accurate data and business transparency gives you the confidence to make informed decisions quickly. In our technological landscape, the best decisions are those driven by accurate data, and businesses that employ ERP technology are the ones who outpace the competition.
- Increased collaboration: Knowledge is power, especially when shared. An upgraded ERP system provides you the tools to improve collaboration, communication, and knowledge sharing, resulting in better overall performance. Knowledge is also money. Currently, “digital collaboration tools have the potential to unlock more than $100 billion in value for companies.” These tools can attribute to “productivity boosts up to 30% for teams using these platforms.1” Ultimately, ERP technology provides a single source of truth, allowing different departments within your organization to work together seamlessly.
- Personalization: A one-size ERP system does not fit all businesses. Every company sees something unique which is your “secret sauce” to help you stand out in your industry. Old-school ERPs required deep and extensive customizations to core code to meet both your industry requirements and your secret sauce. Today’s modern ERP allows you to easily personalize and extend the solution to fit your unique business processes, workflows, and requirements.
These five key capabilities will not just help you see the forest, it will also lift you above the “tree canopy” to see beyond it. By employing or updating your ERP system, you will have a bird’s eye view of your business landscape, allowing you the ability to look out to the horizon and plan for the opportunities to come.
De Boer, Enno, et. Al. Digital collaboration for a connected manufacturing workforce. McKinsey & Company, May 5, 2020.