ERP Software: What Is It and What Are the Benefits?

If you’ve built your business from the ground up, you may still rely on makeshift software solutions. However, operating your entire business from a single Excel spreadsheet is far from ideal. While it might have worked in the early days, you’ll need more sophisticated software as your business grows and processes become more complex.

Step in ERP software; an essential solution in the manufacturing sector. Here, provider of ERP software Datawright explains its capabilities and how they can benefit you:

What is ERP software?

ERP software stands for Enterprise Resource Planning software. Essentially, it acts as a central bank of your business-critical information, helping to streamline core processes and make reporting and management easier.

The software can benefit a number of business processes in the manufacturing sector, including:

Financial management

A key benefit of ERP software is enhanced visibility. In terms of financial management, this gives you greater control of your assets, cash flow and accounts.

Project management

Through correct project management, you can monitor delivery times and budgets, working to provide greater levels of financial control.

Business intelligence

With intelligent tools and reporting, you can access important data quickly and easily, allowing you to eliminate chance and make informed business decisions.

Customer Relationship Management (CRM)

Keep your core contacts in one easily accessible location and monitor current and past communication with key clients and suppliers.

HR management

Fill recruitment gaps with the right employees with ERP software’s HR management capabilities.

Stock control

Don’t lock your finances away in stock. Get perspective on your supply chain and stock management to free-up cash flow and maximize your assets.

Traceability

The software allows traceability across all processes, giving your business the opportunity to identify problems early to minimize waste, rejections and cost.

Benefits of ERP software

The benefits of ERP software are numerous, yet here are the three we feel your business will benefit most from:

Increased visibility

By centralizing data, ERP software increases visibility for all departments, allowing them access to the up-to-date, relevant data they need. This reduces the chance of breakdowns in communications and outdated information causing issues further down the line.

Of course, this visibility can be restricted depending on roles, protecting your business-critical data.

Real-time accuracy

Spreadsheets may work as a short-term solution, although they offer very little in terms of real-time accuracy. ERP software provides a clear overview of how your business operates, ensuring everyone has access to relevant up-to-date information, ensuring nothing is left to chance.

Streamlining processes

Time is money, so saving both wherever you can is a priority for all businesses. ERP software helps streamline processes, saving you time that you can focus on more business-critical activities.