Data is a vital asset to all businesses, but to be honest, it can be overwhelming to deal with all of it. Luckily, Enterprise Resource Planning (ERP) systems exist. These systems assist in managing and analyzing your complex data. In doing so, they enable you to navigate uncertain market conditions, make informed decisions, and stay ahead of the competition.
One such Enterprise Resource Planning (ERP) system is Netsuite. Netsuite allows you to manage your entire business from one place. From sales and finance to HR, inventory, and more, you can manage your entire workflow from anywhere, at any time.
But what about ERP systems makes them so attractive to businesses worldwide?
In this article, we will outline four ways ERP systems assist organizations in driving business growth.
1. Real-Time Data Analytics and Insights
What if you could always be informed about your business? What if you could know exactly what’s happening at all times? That’s what real-time data analytics in ERP systems offers.
With the real-time data analytics you’ll find in ERP systems, you’ll get an accurate picture of your business as it happens. That means you’ll no longer have to wait for reports or be stuck wondering what’s happening.
To achieve this feat, ERP systems collect data from various sources, including transactional data from sales, purchases, inventory movements, finance, logistics, and customer relationship management.
The collected data is then processed using advanced technologies like in-memory computing and machine learning algorithms. These enable fast data processing and analysis. After processing, the processed data is presented in intuitive dashboards that display real-time metrics and key performance indicators.
By using charts, graphs, heatmaps, and other visuals to simplify complex data, these dashboards provide organizations with the insight they need to identify trends and patterns, optimize their operations, and make informed decisions.
2. Enhanced Collaboration and Decision-Making
ERP systems make it much easier and more convenient for teams and team members to work together. To do this, ERP systems speed up communications and provide a synchronized view of business data. With these, it becomes easy for teams to collaborate on projects and make vital decisions.
To keep it simple, ERP systems provide teams with what they need to be on the same page. How exactly do they do this?
- One Platform for Everyone: ERP systems provide a single platform for all team members and departments. This way, team members work with the same data, and as such, will be able to make better decisions.
- Real-Time Chat: One feature of ERP systems is real-time communication. This helps to keep teams aligned and informed throughout business operations and decision-making processes.
- Access Control: With an ERP system, you’ll have control over who sees what and when. Thanks to this, information stays safe and within the confines of authorized team members.
3. Improved Customer Satisfaction
Customer satisfaction is the soul of all businesses. When an organization excels on this path, they’re more likely to succeed. As a matter of fact, the experts at Salesforce say that over 85% of customers will buy again if a company provides good customer service.
Enterprise Resource Planning systems improve customer satisfaction in a number of ways.
First off, ERP systems improve customer satisfaction by providing real-time order tracking. With this, customers can monitor their orders and reduce uncertainty.
One feature of ERP systems is their ability to streamline queries. By doing this, ERPs help organizations to provide fast responses to their customers’ inquiries and feedback.
To top it off, ERP systems allow businesses to offer personalized experiences to their customers. They achieve this by analyzing customer data and behavior and then providing this data to marketing teams. Using the provided data, the marketing teams can tailor their marketing efforts and services to suit customers’ needs.
4. Enhanced Operational Efficiency
ERP systems help businesses improve operational efficiency by streamlining processes, automating tasks, and providing real-time visibility into operations. In fact, research has shown that more than 70% of businesses have improved their productivity and efficiency by implementing one ERP solution or the other.
To achieve this, ERP systems utilize a host of their features. They include:
- Automated workflows: This eliminates manual errors and increases productivity.
- Integrated inventory management: This optimizes stock levels, reduces waste, and cuts costs.
- Real-time reporting and analytics: This allows businesses to make decisions based on accurate and timely data.
- Automated procurement and vendor management: This reduces costs and saves time.
- Integrated supply chain management: This ensures accurate shipment tracking.
- Automated financial management: This helps to simplify cash flow and financial planning.
Conclusion
In the end, ERP systems are a game-changer. They provide usable, up-to-date data, help teams work together effectively, improve the customer experience, and simplify employee and project management.
With these offerings in their corner, businesses can become more efficient, reduce costs, and improve their market competitiveness. To prove this, research shows that more than 90% of successful businesses utilize ERP systems.
