With the increasing competitiveness in the business world, the only key to success is a strong management system. If the foundation of the business is concrete, then you can always find a way to stand out even in the highly competitive market. In order to smoothen the multiple processes of management, business leaders have a lot on their plate that needs to be taken into account as managing a business is not a child’s play. You need to constantly work on different operational processes to get the desired results. And in this complicated task, ERP systems can be your one-stop solution. But first, let’s define what exactly is an ERP system?
To define, ERP is an acronym for enterprise resource planning, and as the name suggests these systems are used to manage the resources of a business efficiently. From handling accounts to managing your supply chain, a good ERP system can take care of every small process involved in business management. As per the statistics, the implementation of ERP led to improvement in business processes for almost 95% of the businesses.
From small ERP systems that can take a few business processes to big ones that can manage all in one, there are millions of ERP systems available in the market. However, now the question arises, out of so many options available in the market, how will you be able to choose the right one? We are sure that you also have the same query, that is the reason you are here right?
To effectively solve your query, this blog will effectively highlight the top 5 key features that will assist you in choosing the right ERP system for your business. So let us dive right into the blog without further ado.
5 key features of ERP system while choosing the right one
Every business dreams to be on the eminent list of the Fortune 500 companies. In order to make this dream come true, it is essential to become a business that is easily scalable and does not fear expanding its business in the future. For your business to be scalable, you need to make sure that every technology you invest in is also scalable so that it does not disrupt the workflow when a company matures. Because let’s face it, we can not afford to invest in new technology every time our business scales.
Hence, this highlights the first and the most important key feature of the ERP system that it should be scalable enough to match the efficiency of the company if the organization grows in the future. You can clear this concern by asking your vendor about the limit to which the system can be customized in the future. If you feel that there are limited options for customizing your ERP system, then it is advisable to explore more options.
Compatibility with cloud services
Wouldn’t it be easier if you can access your ERP-generated information from anywhere and anytime? This highlights our second key feature you must look for while choosing an ERP system whether the system you are choosing is cloud-based or not. The cloud-based system will make it easier for you to access your internal system’s data through generated credentials of the system. This would be so easy for you to make decisions quickly even if you are not onsite.
Moreover, if as mentioned above scalability is essential, having a cloud-based ERP system will assist you in making your system more scalable. In fact, 61% of businesses all around the globe are already using this and are availing the extraordinary benefits of cloud-based ERP systems to make their systems more scalable.
So what are you waiting for? Invest in the right cloud-based ERP system today and embrace the change through an effective change management process.
Furthermore, another crucial consideration when choosing cloud-based software is that it should be mobile-friendly as well. The reason is there are many software that are cloud-based but you can not access the information through your mobile phone. This is the reason mobile-friendliness is another key feature when choosing the right ERP system.
Ease of utilization
Technology can be tricky as a complex maze or it can be as simple as eating your favorite food. So if you have a complex business then at least your technology should be simple because otherwise, your team will get tangled in comprehending the system. If this will happen then instead of using technology to ease processes in your business, it will make your business operations more complex.
Hence, you should make sure that your ERP system offers ease of use to the users. For instance, the UI and the UX design of your software should be simple and easy to navigate for your team. Other than this, an ERP system offers multiple features that are responsible for taking out the smooth operation of your business.
You need to make sure that every feature of your system adds more value to your business and not force your team to sit in front of the operating manuals all day to understand how a simple list will be made. However, even if you decide to go for opting complex ERP systems, make sure that you train your employees well explaining to them well on the usage and its implementation in the business processes.
Scope of automation
Earlier automation was just a buzzing word in the business world but lately, the whole business world is operating on automation. From customer relationship management to inventory management, every business operation requires automation then how come your ERP system can not have this feature?
As Bill Gates correctly quoted, “Automation applied to an efficient business will make a business more efficient.” This implies that the implementation of automation in your ERP system will free your employees from managing tasks and creating lists manually. For example, if you use an ERP system to manage your financial assets, then you do not need to fill up the transactions manually, all the transactions can be automated through your ERP system.
This will free up your employees’ time from indulging in repetitive and mundane tasks. This saved time can be implemented in other significant tasks which might require more human intelligence. This way you can make your team more efficient and productive which ultimately benefits the overall growth of your company.
So, you need to make sure that whichever ERP system you choose for your company should have the feature of automating your business management.
Ability to generate insights in real time
It is no hidden fact that having powerful insights is the biggest competitive advantage a business could possess. This is the reason why your ERP system should have the ability to generate useful insights. Based on these insights you can eventually have a broader picture of your business performance using multiple key performance indicators.
Furthermore, these insights can assist you in making more informed decisions about various aspects of your business such as supply chain management, inventory management, marketing, and manufacturing. This will assist you in planning the future strategies and tactics that will assist you in gaining a competitive advantage over all your competitors. Along with this, built-in reporting capabilities will assist you in keeping all of your business operations data in one place. This will make it easier for you to access all the data anytime using a single software application.
To encapsulate, managing all the business operations all at once is tough but choosing the right technology as a helping hand is even tougher. So, make sure you gather all the relevant information before making this big decision of bringing an ERP system into your business. Moreover, the above-given features will assist you in effectively choosing the right ERP software as per the requirements of your business.