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Did you know that the ERP software market is expected to reach $78.40 billion by the year 2026? You might have heard of ERP but are not 100% clear on what is ERP and how does it work. When it comes to your business, having ERP software can provide multiple benefits.
Keep reading to learn what exactly ERP is and the reasons you need it for your own business.
What Is ERP and How Does It Work?
ERP stands for enterprise resource planning (ERP) software. Companies eventually outgrow the data sources they are tracking because of the amount of data they begin to generate. As you have more information and data coming in you risk mismanaging information because you will have to manage information across multiple platforms.
ERP systems help manage business functions in a centralized system that is integrated. It is very common for companies that work within the supply chain to use ERP to help keep track of the movings parts of the manufacturing and distribution. However, it’s also used by different industries such as healthcare, construction, and hospitality.
The following are reasons you will want to look into new ERP software such as NetSuite along with NetSuite pricing to not end up mismanaging important data.
1. Existing Process Is Inefficient
If you are switching between different software to keep track of data and are starting to lose track of all the spreadsheets you have it might be time to upgrade your ERP system. Upgrading will help you have everything in one place without worrying about wreaking havoc in your company that will cost you more in the long run.
An ERP will integrate the functions you need for your business seamlessly and will combine operations in one central workspace. If you are currently using different applications this will eliminate all of the duplicate processes.
2. Not Meeting Customer Demands
If you find your company has a hard time meeting customer demands this is a reason to upgrade or establish an ERP system. ERP software will help streamline the data from accounting, orders, CRM, and shipping to help meet the customer’s demands.
Perform an audit on your current process and see where in your customer demand flow you can improve.
3. Spending Too Much
If you are currently paying for several software integrations to keep track of everything you might be spending more than you have to. Multiple applications can and will add up quickly.
An ERP system will streamline everything in one place cutting down on costs. You will have one system to pay for instead of multiple ones.
Ready to Upgrade Your Software?
Now that you understand what is ERP and how does it work, it is time to find the best ERP software for your specific business needs. You can meet with any major stakeholders in the company or with your employees when you are trying to choose the best ERP software. Their opinions can be very valuable in this decision.
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