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What is ERP Software?

ERP stands for Enterprise Resource Planning. When someone thinks about business software, they generally think about one particular unit of a business – whether that be CRM, financials, inventory management, quote to cash process etc. It is uncommon to find an all in one software package, that can handle all functions of a business.

ERP is a software designed for your entire business, which not only helps you improve the way you do business but can also grow as you grow.  There is a common misconception, that ERP solutions are reserved for large businesses only. In actual fact, ERP solutions can be used by smaller businesses as well. The key is to find a solution that can scale with your business, and that is flexible enough to grow with it.

Unlike other systems, that are typically used independently for each operation of a business, ERP software functions in a different way. Management of your business becomes easier and more efficient.This extends from top-level management – to get an overall gauge on the health of a business, your sales force, all the way down to data entry staff for recording day to day transactions.

If you are reading this blog and asking yourself what ERP is? there is a good probability you have been using systems that are inadequate for your business requirements. Whether that be lack of reporting, use of spreadsheet after spreadsheet after spreadsheet, or double (or every triple) entry of data because of the multiple, disparate systems in the business.

Use of ERP Software

ERP software is used to increase overall efficiency and improve the functionality of any business. Previously achieved by a back-end financial system,  supplemented with various add-ons, an ERP system replaces this. It generally encompasses all areas of the business in the one unified system, some examples are below:

Management of warehouse and inventory

For businesses that buy, sell and manufacture products, it is important to have good control over your inventory. Reducing stock, and being able to accurately forecast what is required to fulfil customer orders is crucial for the cash flow of any business. This tied into effective management of your warehouse (or warehouses) goes hand in hand.

Better Customer Relationship

ERP software has provision to maintain all of your customers. This makes it easy for you to understand each of your customer and the nature of the business you are carrying out with them. This, in turn, helps you improve your customer relationships. An ERP System will enable you to track the journey of a customer from Lead, Opportunity, Quote, Order to Cash, recording conversations, follow-ups and allocating tasks to other staff. An integrated CRM provides you with the information required whenever you need it, in one central location – whether in the office or on the road.

Improved sales and marketing

ERP software enables the capability of analysing data from a single source, to ensure your sales and marketing strategy is on track. Accurate data can be obtained from your customer lists to improve marketing campaigns and be more targeted – ultimately increasing sales. All the activities conducted in your business are interlinked and managed in one platform, which increases the visibility, and in turn the efficiency of the organisation.

Managing accounts and finance

A lot of the smaller accounting systems are basic when it comes to managing your finances, and restrictive when it comes to reporting. ERP systems can offer better management of multi-currency, budgets and forecasting, consolidation of entities, credit control and management of your assets. If you think your business needs to investigate an ERP system to grow your business and improve efficiencies let us know, and we can organise a free business assessment, to determine where improvements can be made in your business. Call us today on Australia: 1300 490 795, New Zealand: 0800 111 728 or you can email the team at hello@walkerscott.co