5 Signs Your Business is Ready for ERP Implementation

Summary: With this article, businesses will get information about the signs that make a business understand the common signs that tell the need of ERP implementation.

Indeed, SMBs and large businesses prove to be game changers for economies in the JAPAC, EMEA, LATAM, and Canada regions. Considering their heavy contribution, it is correct to say that they are the backbone of any economy. Businesses nowadays are leaving no stone unturned to ensure growth and an easy way to attain it with ERP implementation.

But what if these businesses struggle to grow and make a positive impact in the region? Unfortunately, it is happening and to overcome it, businesses are adopting feature-rich ERP systems.

Therefore, the number of businesses using the ERP is increasing rapidly and the global ERP Software market will hit the size of USD 96 billion by 2032. However, saying when and which business requires an ERP system is not easy because every business is unique.

In this blog, we will know why SMBs and large businesses should invest in ERP systems. But first understanding what is ERP and why your business should choose ERP Implementation to grow in this digital age is important.

Enterprise Resource Planning (ERP) is a software system that allows businesses to manage all the core business processes. This includes finance, HR, sales, manufacturing, supply chain management, procurement, marketing, etc. ERP ensures that businesses’ crucial processes run flawlessly with proper planning by integrating all of their processes with a single system.

Still confused about what is enterprise resource planning? Let’s understand it in an easy way by taking a simple example.

Consider your business as a restaurant in which an employee is making reservations on paper. Waiters are shouting outside the kitchen about their orders, the chef is busy checking inventory, and the accountant is unable to maintain records of accounts. It’s a clear mess.

Clearly, your restaurant will crash because its operations are hampering. Here, the only medicine that can heal the restaurant’s work is ERP. It will help a restaurant by streamlining all its operations. The host, waiters, chef, and accountant will focus on what matters for the business and not on repetitive tasks as ERP will manage it all.

ERP unifies every operation to accelerate it by automating it and reducing the chances of errors. So now, you must be wondering about more of its benefits.

The business value of ERP is too high, that’s why the ERP market worldwide, especially cloud-based ERP, is growing rapidly. There are many reasons why a business needs ERP implementation which is given below.

In addition, ERP also helps a business by providing real-time data, increasing visibility, affordability, etc. At this point, you know the importance of implementing a modern ERP system for a business of any size.

Your business has begun operations and now you know that the conventional ways are not going to work. But the bigger question here is when to implement ERP so that a business gets the maximum return on investment. Let’s look at the common signs that a business usually gets.

Every department of an office should work in harmony to accomplish a successful business. But various departments of businesses adopt different software to complete their work. On average, SMBs use 170+ software and mid-size businesses use 250+ apps.

Majorly, multiple departments use multiple software/apps for an array of activities. Indeed, this adds value to a business. When front-end and back-end systems are different and don’t work together, it disrupts your business operations.

This leaves major scope for improvement for them. Here, implementing a feature-rich ERP system is necessary. ERP implementation allows a business to integrate its different software systems so that every function relies on a single database. It helps departments and key stakeholders to make better decisions for business growth.

Stakeholders and business owners of a business should be aware of a business’ performance for which having access to performance metrics is important. In addition, your sales or accounting team should not struggle to find KPIs in a plethora of spreadsheets. It might be a long wait.

At this time, the business environment is changing faster than ever. All key stakeholders and business owners should have easy and quick access to the information.

But, how they can do it, easy-just embrace the ERP solution. With an efficient ERP system, C-level executives can have an overview of not only business operations but also important information like performance metrics.

Your business might get the indication about the requirement of ERP for the first time through the accounting department. Some businesses rely heavily, if not completely, on generating invoices on paper. Moreover, they spend more hours per week entering data manually on outdated systems.

Similarly, employees also struggle to reconcile financial reporting because of the presence of important data on multiple spreadsheets.  Here, your business should consider that an employee’s time is being wasted without anything substantial. Here, it has become evident that a business should go for ERP implementation because it would have saved lots of time.

Your business might be growing every year, but this growth is not only limited to revenue or client growth. The challenge of managing a large inventory also grows and keeping the right product at the right time and the right location becomes a challenge. So, what’s the way out of it to streamline the management of crucial business processes?

If the data of the inventory is not managed properly, then it might lead to serious problems. Your business may lose revenue and customers. This is bad news for your business. Here, your business can choose ERP implementation to resolve this problem. With an effective ERP system, all departments, including sales, will be able to see the updated information on inventory.

Nowadays, businesses of all sizes are following the approach of using multiple systems to enhance efficiency. However, when we consider all departments, managing all software becomes hard for the IT department. This department customizes systems and keeps them up-to-date to work flawlessly with multiple software.

IT teams need to upgrade their legacy software system constantly which is both time-consuming and expensive. Almost 2/3^rd of medium-sized businesses are operating with outdated versions of legacy business software.

Now, you know what are the signs for that tell your business needs an ERP, but which one is the best for your business and why? Let’s check it out!

From startups to well-established business houses, everyone knows that when it comes to ERP, NetSuite is the best. It provides multiple benefits to a business so that it can get a competitive edge. That’s why over 40,000 companies and 83% of companies in the Forbes Cloud top 100 list are NetSuite customers.

With NetSuite implementation, businesses allow modern businesses to deliver personalized service to customers. Moreover, it enables them to get customizable dashboards with the ability to access & view customers’ records in real-time.

Not only this, but NetSuite also helps with financial planning in a better way to ensure multi-channel business growth. Along with this, the benefits of NetSuite ERP also include time & cost savings with simpler project development, sales, marketing, retail, accounting, manufacturing, and more.

So, businesses nowadays select NetSuite implementation to drive excellence in this hyper-competitive world. You’ve made the smart choice with NetSuite ERP. Now, let’s focus on finding your ideal implementation partner to maximize your investment’s potential.

Like every business, your business should also focus on what matters to ensure your growth. inoday, one of the leading NetSuite implementation partners, can grow your business with its 17+ years of experience. It can serve various industries, including healthcare, eCommerce, manufacturing, retail, wholesale, apparel, Jewelry, and more.

It is among the top NetSuite Implementation Partners, helping businesses like yours to scale without any limit. You shouldn’t consider using the NetSuite ERP system as a luxury, instead, it is an investment for your business to ensure a bright future. An implementation can help your business achieve goals and make a more efficient business process.

So are you ready to make your business’ future bright with NetSuite ERP? Contact inoday today!

Still want to know more about inoday’s expertise? Read ICAI’s success story.