It is a common misconception that software and solutions like enterprise resource planning (ERP) and customer relationship management (CRM) target large businesses or global enterprises. While companies with a large staff and customer base can benefit greatly from a cloud ERP system or a cloud CRM solution, software of this nature can also improve the operations of small and medium-sized businesses.
Enterprise resource planning is the process of integrating the main processes of a business in order to increase efficiency and productivity. With a cloud ERP system, a small or medium-sized business can take faster and better decisions and accelerate growth. By working with a NetSuite partner in Sri Lanka, a business can also ensure the ERP software is customised to meet the unique requirements and demands of the business size and type.
There are several advantages of ERP for small and medium-sized businesses and these are some of the key benefits you can expect by using a cloud ERP system.
Small and medium-sized businesses function within various limitations and financial resources are one of them. The decision-makers of the business must always keep these limitations in mind, especially when it comes to IT costs that can often be a strain on the company.
This does not mean that a small or medium-sized business should refrain from investing in software, especially enterprise resource planning or customer relationship management. Cloud ERP or CRM solutions come at a low cost for small and medium-sized businesses and a NetSuite partner in Singapore can help you select a product that is well within the budget allocated for IT expenses.
In addition to the cost of purchasing and implementing a cloud ERP system or a cloud CRM solution, the software can also reduce administrative costs. This is one of the key advantages of ERP for small or medium-sized businesses.
The automation of certain business processes enables employees to instead focus on other aspects of business operations, which increases productivity and efficiency across the organisation.
Regardless of how talented and skilled a team a business is equipped with, there is always room for mistakes and errors. This is part and parcel of working with people and human error can result in additional costs, delays, and other problems.
One of the best ways to reduce human error is by automating business operations. An enterprise resource planning solution can automate several business operations, thus allowing employees to carry out fewer tasks manually. This reduces the room there is for human error, especially in terms of communication, inventory, and order management.
This increased accuracy is also beneficial when entering data to various systems. The absence of an integrated, central system requires employees to enter the same data several times. Customer data, for instance, may be used by the finance department, marketing department, and the sales department. However, there is room for mistakes and errors when entering such data, which can have an impact on the business.
With a customer relationship management solution, different teams can access data without having to enter the data several times. This improved accessibility to accurate data enables teams to collaborate and work together instead of carrying out tasks separately. Teams can work remotely too, with a cloud ERP system, which means that teams do not need to be in the same room to collaborate.
A small or medium-sized business can benefit greatly from improved workflow and collaboration and increased efficiency can accelerate growth in a significant manner.
Tracking key performance indicators (KPIs), analysing data, and preparing and studying reports is crucial to the growth and expansion of a business as they are vital when making decisions. Large companies have the resources to allocate teams to monitor KPIs and prepare reports as required.
However, a small or medium-sized business may not have the capacity to do so. This does not mean that such businesses must miss out on the benefits of data analysis and reporting.
With an ERP or CRM software, especially one implemented through a NetSuite Partner in Sri Lanka, a business can access built-in business intelligence features that provide business insights by combining data and visualisations. These custom reports will enable a small to medium-sized business to make real-time business decisions that can increase efficiency and boost growth. This is yet another key advantage of ERP that a business can benefit from.