It is predicted that ERP software global market will be worth $42 billion by 2020. It is an impressive figure but those who have still not integrated ERP system will find it hard to understand its significance or the difference it is capable of making in their business. Globalization has increased competition for multiple industries, so they need to look for tools that can offer them a competitive edge. ERP software has made this possible for many companies.
ERP system applications
Supply chain companies can keep track of their moving fragments related to manufacturing and distribution. Organizations, which require managing of customers, staff and inventory can depend on the benefits of ERP. Industries like non-profit, healthcare, hospitality, and construction can use ERP.
How ERP system works?
Microsoft AX ERP system stores each data entered in a single database. As the software is centralized and integrated, every department has access to same information. In addition, all the data gets organized, analyzed and created into reports. The human resources, financial management, customer service, engineers, supply chain and inventory are brought under a single ERP system.
Why ERP system is crucial to businesses in current scenario?
As ERP unifies all the business processes, staff does not need to look for data across multiple system. Centralized database makes it easy to retrieve data. Thus staff gets to use time more productively. The money that was spent on staff training for several system gets eliminated and now you need to schedule training session with a single vendor.
Centralized database makes ERP system unique. It offers company with single source of data to work from. All team members get an access to wide amount of data they need during projects, which helps to reduce stalling or hesitation. You don’t need to merge data across several sources or systems because every information is gathered, stored, accessed, ad shared via single system. There is no worry about how much accurate or secure the accessed data files are. For example, if your team enters information of same client again and again in different systems then it is an invitation for error but with ERP this gets easily avoided.
Monitoring inventory, generating reports, processing orders, and timesheet tracking is a tedious task. It is prone to human error but with accurate ERP software such monotonous tasks can be automated. The team member gets released and can perform more productive work.
Bottom line is ERP system enhances production planning, resource management, monitors compliance, and enhances customer satisfaction. Thus the efficiency, productivity, and profitability of your business increases.