Enterprise Resource Planning (ERP) brings in various benefits to businesses. It’s highly regarded as one of the best business management and continuity plans. ERP systems offer various advanced integration tools and features that are meant to streamline business workflow processes and systems across various functions including financials, sales, marketing, customer support, and others.
Here in this blog we will be looking at some benefits of ERP systems and see if ERP system is right for your company. Also, we will be looking at the advantages of Oracle NetSuite, which is highly regarded as the best cloud-based ERP system.
Let’s get started…
Benefits of ERP Systems
- Streamline Workflows
Perhaps one of the benefits of ERP over CRM is the ability to streamline workflow processes and systems across different business functions. With the right NetSuite integration partners, businesses can implement robust ERP systems that automate the data flow between multiple departments like finance, accounts, customer support, inventory management, and others. This leads to seamless movement of data across the department, subsequently leading to smooth workflow processes. Some of the popular applications of cloud-based ERP systems to streamline workflows include;
– Accounting: The ERP system will automate various accounting features like general ledger, account payable, accounts receivables, payroll, and others.
– Budgeting and forecasting: ERP module for budgeting and forecasting can help businesses with departmental budgeting, workforce planning, budget approvals, perspective budgeting, and others.
– Customer Relationship Management (CRM): ERP features for the CRM module may including; contact management, lead tracking, invoice creation, quote generation, call center integration, conversation history, and others.
– Human Resources: some of the features of the human resource module includes; time and attendance tracking, processing onboarding, and others
– Inventory Management: Inventory management module from ERP system can help businesses with; location tracking, stock count tracking, inventory costing, and others.
– Supply Chain Management: The supply chain features from ERP systems include; requisitions and approvals, warehouse management, purchase order management, demand planning, sales forecasting, and others.
- Better Financial Planning
Financial management is one of the other great benefits of ERP systems that help businesses with accurate forecasting and reporting features. Cloud-based ERP systems like NetSuite also include powerful analytical tools that can help businesses analyze the historical data to forecast future indicators, enabling business leaders to make well-informed data-backed business decisions.
Apart from analytical features, the financial module of the ERP system also includes reporting tools, which help businesses to get interactive, structured, and intuitive reports in form of charts and graphs. This greatly helps to undertake performance evaluation and make intelligent business decisions based on historical data patterns.
- Improved Data Security and Accessibility
Security and accessibility of business data are always challenging for all businesses. Given the critical cybersecurity environment, businesses need robust control systems that enable organizations to keep up with the security protocols for data, while also ensuring easy access for relevant persons. One of the biggest advantages of Oracle NetSuite as a cloud-based ERP system is that it enables businesses to improve the accessibility of data across teams, without compromising the security.
Advantages of Oracle NetSuite
NetSuite is the leading cloud-based ERP system that brings in advanced tools and functionalities for businesses to streamline entire workflow processes and systems. With the right NetSuite integration partners, businesses can enjoy intelligence and integrated operations that help them seamlessly manage various business functions and improve scalability. The only prerequisite for it is to have an experienced and expert NetSuite integration partner that has the expertise and skills to implement the right system as per your unique business needs. Some of the benefits of NetSuite ERP for businesses include;
– NetSuite is intelligent
With NetSuite ERP, businesses can create a centralized data repository to conveniently store, manage, and access key business data. The unified data repository will help businesses to access key performance metrics using interactive dashboard tools, to improve the decision-making process.
– NetSuite is integrated
NetSuite is the most comprehensive and robust ERP system that offers complete CRM (customer-facing) and back-office (accounting, ERP) capabilities for businesses. This enables businesses to streamline all critical business functions for improved efficiency and productivity.
– NetSuite is simple
While you may need an experienced NetSuite integration partner for effective implementation, once implemented users can easily familiarize themselves with the various tools and features offered by the platform. With a single dashboard to manage all functions, it gives business leaders the ideal tool to monitor, and assess key performance metrics of the business and make any necessary changes required.