With the upcoming anticipated recession, the first action that a company takes is to cut back costs. This makes perfect sense, however, how do you know whether you are cutting back the right costs? The answer to this question is most likely going to cause a significant amount of anxiety, and maybe there’s no right to where costs need to be cut. What you may not know is that cloud ERP helps you prepare your business for the future. ERP helps negative external factors play less of an impact on your overall business success.
According to Chris Giles, David Sheppard, and Jim Pickard on ft.com UK inflation are predicted ‘to hit 18.6%’ as energy bills rocket and there is anticipation from politicians warning that millions of people may face ‘destitution’. So it is fair to say that many businesses are concerned about the future of their finances. For starters, businesses that are still maintaining their old legacy probably can’t see the continuous financial drainage coming from these aged systems. Although purchasing a new ERP system may seem like an expensive option, the reality is that as a long-term investment. It works out cheaper!
How exactly does implementing a new cloud ERP system save you money exactly?
ERP gives you a 360° view of your business, clear processes, and real-time working
Cloud ERP provides businesses with a single platform where they can access their business information in real-time anywhere, anything, 24/7! With the right ERP system, you will also have software that connects all your business functions into one single place. Rather than old legacy systems, needing to use different screens or separate systems to procure your business information. With the more innovative and modern ERP technology, this will be the best tool to help improve business functions. With a cloud-based ERP system, all your procedures and documents are homogenized, so NO MORE TIME WASTING. When systems work for you instead of the other way around, your employees will be able to get the job done faster with less overall waste.
ERP allows faster and more accurate reporting for better Financial Management
ERP systems give companies a lot of flexibility and provide ease to generate reports for all sorts of needs. The phrase ‘time is money is not a lie, and ERP saves you money by the second. The reports that you need will be generated in a short amount of time but also with greater accuracy, as well as you being able to control who sees what set of data or only present the most relevant information. The structure of ERP minimizes the time taken to access and understand the information.
With clearer insights into your businesses’ financials, ERP software allows you to see where your money is going so you can make smarter investments for the future. You may not fully understand why budgets are continuously being wasted or underused.
ERP improves Stock Contro
Knowing what stock is in higher demand and vice versa will help you reduce unnecessary storage, and waste and improve your ability to forecast for the future. When it comes to getting results, inventory management is central therefore, you need a system that provides reports, processes, tracking, and smart stocking locations with ease. Although some businesses prefer to do this without computers there is more chance of errors cropping up. With an ERP system, your business will be fully automated to stop these errors from occurring and to improve efficiency. The reality is that mistakes are expensive, so in times where every penny counts it is essential to make the investments that help you save long term.
EPR allows for better Supply Chain Management
Supplier problems cost your business time, money, and customers.
With ERP, supply chain management is now a manageable task. There is clearer planning and assigning of resources which increases the overall efficiency of the business. Not only this, but supply chain management also improves purchasing as this will become an automated process. So you will have improved visibility across all purchase orders and information. This is all about improving your cash flow, making decisions faster, and hitting your KPIs on time.
ERP gives better insights into your Customer Relationship Management
One of the scarier parts of going into recession is losing customers. Although there is expected to be a decrease there still needs to be an effort to improve your customer relationship management. ERP is made to keep your customer records in one place and is completely secure. Being able to keep track of the status of your customers orders at a glance will immediately improve your customer service as you will be able to stay on top of things.
ERP is made to make your company more people-centric. You can easily segment your customer data to help your marketing efforts improve your ROI.
And most importantly ERP helps you to stay positive
Staying positive may be the most important tool when it comes to getting through any difficult period. The simple thing about staying positive is that this is the source of how the business runs, without positivity there is no resilience to persist.
With the right ERP system, you will be able to boost the morale of your employees as automation is made to make lives easier. A tool that puts focus on the tasks that matter. Also, ERP allows you to maintain open communication, collaboration, and visibility to promote teamwork to push through economic difficulty. Rather than constantly making new investments, make the change now to keep the business prepared for the unexpected.
So, how can pecen help?
pecen Consulting is a truly people-centric technology and consulting company, we want to help you succeed especially through the tough times. We will implement a bespoke solution, customized to your industry that is specifically tailored to your needs. We give you a distinct advantage over your competitors, as well as give you the support you need post-implementation.
Through excellence and extensive knowledge, we have the expertise to ensure a successful implementation with a well-tested project methodology. We are here to help your business thrive, and we believe that ERP is the way to do this. We are partnered with Unit4 and Acumatica which have helped businesses time and time again work through difficult circumstances. The reality is that they keep doors open.
Book a free demo with us today to find out how to improve your business processes and most importantly help you save cash from this point forward.