What is ERP and How Can it Benefit Your Business?

Picture finance, manufacturing, HR, supply chain, and inventory management. The efficient system or suite of applications that manages these is Enterprise Resource Planning (ERP)!

ERP is essentially the management of all the data that has a decisive impact on the business decisions made by your company. Overseeing, customizing, and automating time-consuming daily tasks are sorted, thanks to ERP systems. You might ask, what are ERP systems?

Well, in today’s blog, I’m going to share popular examples of ERP systems and the evident benefits of using one!
First, do allow me to give you a glimpse into some examples of ERP systems:

ERP system examples

ERP systems across organizations

An ERP system is a way to integrate important business processes into a single system. This is done for more efficient operations in the present and the future.

Your business could be a global company, or chances are that you have international expansion on your agenda. Either way, the efficiency of your business is directly linked to the nature of the systems in place to manage it.

The arms of your business would progressively reach out to multiple parts of the world. That’s when standalone systems pale in comparison to a robust ERP system that would be an incredible boon. The capacity of a good ERP system to set up local language needs would make language and cultural barriers vanish into thin air!

Look at these examples of organizations that opt for ERP implementation:

Fig 1: Examples of organizations that opt for ERP implementation

I believe it’s time for an industry-wide vista, wherein ERP has been accepted widely…

ERP systems in manufacturing

Suppliers, raw materials, production stages, and distributors – you may say that’s one colossal heap of tasks and data! Leveraging manufacturing ERP software can help you identify issues more swiftly. For instance, an ERP system can show that your warehouse organization needs to be optimized. Or it may show that your distributor’s deliveries have been late for a fortnight. Things you need to be aware of well within time!

ERP systems in healthcare

ERP can be supremely helpful in healthcare. Think:

• Financial accounting
• Inventory management
• Patient relationship management
• Staff management

Most healthcare institutions strive to meet the dual goals of excellent patient care and cost reduction. So they naturally tend to invest in user-friendly and innovative ERP systems. It enables remote access to key resources and diagnostic reports.

Doctors need information on these to communicate as required and plan effective treatment and therapies for their patients in real-time.

What’s more, the adoption of ERP systems in healthcare can bring about some wonderful progress in interoperability.

ERP systems in supply chain management

Imagine the journey from raw material to a finished product. Also imagine automatic financial analysis and prediction of stock requirements.

The goal, of course, would be keeping inventory at just the right level. This process control verifies that in-demand products are in stock.

Are you looking forward to witnessing a surge in on-time deliveries and increased efficiency on the production side of things? ERP can support you in that case, fulfilling customer expectations at the same time!

Think just in time (JIT) inventory management, transparency, and visibility. An additional plus is that nothing is likely to be lost in translation.

Of course, depending on your business niche, certain features of ERP will become your favorites.
Now that you know about the places that would welcome ERP, let’s turn to some of the advantages of using an ERP system.

Benefits of using an ERP system

As you can imagine, ERP principles revolve around data-driven forecasting. This means making sensible business decisions based on current and historical data that’s uncovered.

Here are some benefits your business stands to experience, should you opt for an ERP system:

Fig 2: Benefits of using an ERP system

In a nutshell, in terms of ROI, ERP spells good news!

Mythbusters of ERP

Here are some myths about ERP and their corresponding realities at a glance:

Fig 3: Myths about ERP and their corresponding realities

Well, I trust this blog has acquainted you with ERP examples, and the vital role it plays across industries!

Do send us an email with your views about the blog. Visit us at Nitor Infotech to know more about us. You can also learn how we can create a powerful database management system for your business with our big data engineering expertise!