In the modern business ecosystem, innovation and invention are the surest ways of success. While corporates around the world are on a race to reinvent their business strategies, startups are making headlines with new and innovative approaches every day.
The modern business world is ever changing and motivated to innovate and invent. Where the best ideas and best practices have a strong chance of winning the race, there are many SME’s who are excited to create a notable mark in their industry. These days, just a pioneering business idea is not enough, to succeed, there are several aspects that must be taken care of. To make your business grow, streamlining the internal business processes is a must.
Enterprise Resources Planning is a unified business management software that makes sure your business functions smoothly. With its central storehouse, you can collect, store, collate, analyze and manage all your operations with ease. An effective ERP solution helps you retrieve valuable business insights, use analytics to your advantage and grow.
Gartner predicts India’s IT expenditure will reach USD 89.2B in 2019 where enterprise application software will be the key driver. Gartner’s research President believes the software-as-a-service industry is pushing growth in all other software segments in India, where spending on enterprise software is expected to be USD 6.3B, which means a growth of 12.9% in 2019.
Considering the forecast for the growth of the IT industry, it is safe to say plenty of businesses consider enterprise software to become gamechangers for business operations. To know why look at a few advantages that having an ERP will give you
One of the biggest concerns that businesses of any size face are security. Since businesses handle a lot of sensitive information every day, having an improved level of security in place is of utmost importance. Most ERP software in the market is available with enhanced security features like an end to end encryption, APS 126-bit security and much more, all of which are designed to provide businesses with better data security.
ERP software was created to automate the mundane tasks that an employee spends a lot of time at work. Most ERP software comes with in- built features, which can automate every aspect of an organizations’ business process starting from accounting to HR and supply chain management to employee payroll. With these regular tasks being automated, employees save plenty of productive hours doing what matters thereby increasing overall productivity.
One of the key aspects that differentiates a successful business from one that isn’t, is the ability to make the right decisions at the right time. But many believe that good business decisions are made because of instincts rather than insights. In business having access to key insights is important while making a strategic decision. An ERP has features to do just that. Provide key and actionable insights that can be worked upon and decisions can be taken at the right time.
It’s not all honky dory and there could be a few roadblocks too. They are mentioned below
High initial investment
One of the major drawbacks for most businesses is the initial investment in ERP software, which is quite a chunk. Most ERP software requires a one-time investment, but it is too steep for most businesses. Therefore, many small and medium scale businesses are unable to afford an ERP software, though they may want to.
Of course, when you have already installed an ERP software, it will save your business a lot of time. But the time you spend to understand all its processes and features initially can be exhausting. Most ERP training programs for employees last for 4 to 6 weeks. In a few cases, some business cannot invest so much time.
An ERP system is designed with the idea of keeping your company data safe. Most ERP software in the market focus on internal security and access control rather than protecting itself from outside vulnerabilities. As the chances of companies and big corporates getting exposed are increasing, your ERP software could get hacked, which means a leak sensitive company information.
As mentioned earlier, to get the maximum efficiency out of ERP software, you need training. Most developers have a training program in place and to learn the basic intricacies of the software, employees must go through this training. Although this may be a no brainer, sparing so much time may not be possible when ‘Time is money and Money is time.’
So, do you believe the ERP will help to improve your business or become an impediment? Well, you can decide. If you still have questions, connect with Canais ERP to know more at 1800 1200 427 or mail us your queries at email@example.com