5 Reasons why ERP leads to Growth

People working on ERP system

As accessibility to digital technology grows exponentially each year, Digital Transformation has become the key for many organisations looking to compete in a global market that is in a continuous state of change. With a market value of $43 Billion in 2020, the ERP market is predicted to reach $117 Billion by 2030 with a consistent CAGR of 10% annually.

All in one Management tool for Growing Organisations

The key to managing any growing organisation is through a centralised perspective, there is no other highly effective tool that offers amazing utility to organisations like an ERP system. An ERP system is able to manage a multitude of key business functions under one central but integrated system that is accessible to key stakeholders within the organisation.

The reason why ERP systems are used across various industries from healthcare to manufacturing is due to their automated centralised structure that securely manages a rich variety of data from various business functions like CRM, HR, Business Intelligence, Inventory, and so on. This data is not only organised but can be further simplified into visual analytical reports that give key stakeholders on areas they can improve for the business.


Here are 5 Reasons why ERP leads to Growth:

1. Incredible ROI

Happy Businessman due to digital transformation

Yes, Implementing an ERP system can be costly, but that’s only at the start of your Digital Transformation journey. When implementing an ERP system, instead of looking at the immediate future for results, you should be looking at the next decade, as technology is being constantly updated, you would want an ERP system that is highly modular and run by a dedicated team like Triumph.

Here’s why you can expect an incredible ROI with an ERP system in the future:

As an ERP system is a centralised point of information, staff are able to utilise their time more efficiently. Instead of spending money on training staff on various systems and them wasting time to look for a piece of information across several systems, an ERP system greatly simplifies this process. Spend less time and money by training your staff on one system, and they in turn can spend more time on helping your business, instead of being information detectives.


2. Rich Analytics

Rich analytics reports due to digital transformation

With an ERP system being a centralised information database, this means it’s an incredibly rich resource as a business intelligence tool, that is highly functional for developing various reports that would otherwise take days to compile to just mere minutes, additionally ERP solutions like Triumph, provide visual dashboards for data that key stakeholders can access and make informed business decisions for the future of your organisation. 

What does this mean for your organisation?

Spending less time compiling information from various software, mean you are able to make informed decisions for your organisation quickly. This is more important than ever especially in an increasingly competitive global market, digital transformation through ERP implementation is key to keeping up or going further than the competition. The key is quick, valuable, and secure data that is automated into visualised reports that are understandable to key stakeholders within your organisation. 


3. Increased Customer Satisfaction

Happy customer due to digital transformation

Offering goods and services with the needs of the consumer in mind is the best method to increase customer happiness. There are several ways that ERP offers this. Firstly, most enterprise resource planning (ERP) systems come with or can be easily connected with a customer relationship management (CRM) solution. Your CRM gets access to data from all corporate operations thanks to an ERP.

An integrated CRM can provide facts like order history and invoice information in addition to contact information. This enables your team to view your clients more holistically and comprehend their needs and wants better. Your sales strategy for improved lead generation is formulated with the support of the increased client visibility.


4. Simplify Compliance and Risk Management across your business

Appropriate level of risk averse due to data from digital transformation

Staying on top of everything while your business continues to grow can be messy and confusing, especially when you start providing your business on a statewide or global scale. Challenges just don’t stop at supply and logistics, they can start with complying with cybersecurity, HR and even environmental regulations, these rules can impact a growing business in unfamiliar territory

ERP solutions are made with these regulations in mind, helping you to keep your business operations in check, this includes auditing and recording tax obligations for example. Simplifying this process through such an automated system not only saves you an incredible amount of time and unnecessary stress but also money, money you can spend back into your business

Managing risk without data can be stressful, leading to uninformed decisions on future business operations, this is where an ERP system comes in. An ERP solution provides financial management through data analysis, meaning less accounting errors and more accurate and dependable information. Furthermore, having a high level of financial managements helps you reach deadlines, secure budgets and continue plans for product/service development


5. Synergistic Production Planning and Resource Management

Resource management due to Digital Transformation

ERP oversees manufacturing in addition to inventory management. Moreover, an ERP system offers insight into every aspect of manufacturing, including shop floor operations. This gives users, your employees the ability to maximise capacity by optimising production schedules, machinery, and labour.

Your Bill of Materials (BOM) and fixed assets are also managed by ERP. Users may simply create and amend BOMs with this software, and they can also keep track of all past changes. Fixed asset management enables users to plan equipment maintenance to minimise unplanned downtime, enhancing your profitability and connections with your supplier chain.


So…

If you choose the proper solution, the value of ERP far overcomes the initial expense, time, and effort required for implementation. For further details on features and functionalities, implementation objectives, and queries, see Triumph

If you do sufficiently thorough study and give it enough thought, you’ll discover ERP uses that offer all the advantages mentioned above, which will help you understand why ERP is crucial for a company.