The Enterprise Resource Planning (ERP) will have an expected CAGR of 13.6 percent between 2019 and 2025. But what is it about ERPs that are attracting companies like Oracle, IBM and Microsoft?
Are ERPs all hype? Or are they what your business is missing?
Here’s why your team needs ERP solutions.
Do More and Do it Better
An ERP can directly impact your company’s return of investment. This ic because it optimizes management and control by simplifying tedious company processes. It relieves employees of time that could be better spent focusing on higher-level tasks.
Employees Expect More
Especially millennial employees. If it can be automated, millennials will complain about it until you give in. So might as well save everyone the time and annoyance, right?
Jokes aside, employees increasingly expect fulfillment and engagement from their workplaces. The technology you implement as a business will impact your company’s culture, which will be a deciding factor for top-tier talent. An ERP upgrade creates a more connected work environment that allows companies to offer a higher level of work experience.
Cross-Department Synergy
If you’re an employee at a large corporation there’s a good chance you’ve never met employees in different departments. This could be due to the sheer size of the company, the locations of different departments and the lack of time and availability to connect with other employees in-person.
ERP technology changes all of that. Like we mentioned earlier, ERP technology connects organizations. This can have a massive impact not only on the culture of a company but the productivity too.
It’s much easier to judge other departments when you don’t actually know the people you’re working with. ERP technology amends this problem and helps companies achieve a cross-departmental synergy.
Cut Costs
One of the biggest challenges of working with large teams across different departments can be adjusting to the different systems different teams can have in place. Project management styles can have a massive impact on the time spent and the hours clocked for specific clients and projects.
If you have different teams all using different systems to manage projects, or worse, have managers using systems that waste time, you’re wasting money. This is where ERP technology can help. Implementing ERP puts everyone on the same page and makes it easier to identify bottlenecks easily.
ERPs can also help with inventory control. Anyone (with access) at a company can easily login and check inventory using and ERP to quickly assess which departments are using the most funds and where budgets could be optimized.
Are ERP Solutions Right for You?
Technological advancements are inevitable for every business of every size in every industry. One of the key questions to ask yourself when considering ERP solutions is if you want to be ahead of that curve, or behind it.
If you work in any type of industrial or manufacturing industry, the question of if you should adopt an ERP isn’t a matter of “if” but “when.” ERP technology in these industries specifically is rapidly evolving.
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