Traditional ERP packages have technology architectures that date back to the late 70s or 80s and few vendors have completely overhauled the old technology that underpins their systems.
Even the end user’s experience has become disjointed and inadequate as legacy code fails to capitalise on the latest technology trends such as mobility, the cloud, alert-driven business intelligence and workflows etc.
Today, modern ERP software is based on open, flexible architecture that can seriously impact your business in 5 key areas.
1. Give Staff Only What They Need
Not everyone likes to work in the same fashion. Not everyone needs the same functionality. Modern ERP software gives you the freedom to easily customise user screens to ensure minimum key strokes whilst restricting access to only what they need. This way you create a more empowered and productive workforce whilst maintaining maximum control through end user security policies.
2. Let key information come to you
Nobody has the time to riffle through reams and reams of data. So let your system do the work for you. With the latest ERP software you can use triggered workflows, exception reports and alerts to efficiently manage the day to day running of your business. It’s time you got what you want, when you want it and in a format you like.
With today's ERP systems using the latest technologies, you can now surround yourself with any amount of data, KPIs etc. The key is to tailor it to your specific needs and that of each end user (which isn't as costly to do as in the past).
Are you maximising your profit margins? There’s always room for improvement and here’s some simple ways to do it – restrict the level of discount per user, stop items being sold below a certain margin or set up minimum margins and maximum discount on a product. Modern ERP systems make it easier than ever to tighten control over your profit margins.
4. Better ways to Reduce Risk
Reducing exposure for business from the risk of bad debt requires an efficient and effective credit control system. Not only can it help you to reduce your debtor’s days but it is also key to creating workflow alerts for the smooth running of your business and maintaining a full interaction history.
Having quick access to any overdue accounts listing is crucial to enabling your accounts staff to be more efficient with their time; enabling them to identify who to contact to chase payment whilst also ensuring to record each interaction. Many traditional systems offer credit control through third party applications but it is only through a fully integrated system that vital information like this can be shared across your entire business with increased accuracy and reduced duplication.
5. Increase Cash Flow & Customer Service
Effective management of your stock holding can have a major impact on your cash flow and customer service. Using supplier lead times more efficiently and taking on board system calculated max/min quantities based on demand history can better utilise your supplier to run efficient stock management at a level sufficient to satisfy demand.
Today's ERP systems now have the flexibility to cost-effectively tailor your system to hone in on any aspect that could make you more efficient, productive, profitable and competitive. You're only limited by your imagination!
When choosing ERP software it’s also important to select a system scalable enough to grow along with your business for the next 10/15 years as well as ensuring it is based on a flexible architecture that will accommodate changes in the technology landscape in the years to come.