One key to a great marriage, partnership or any relationship is maintaining superior communication. Of course, it’s the same in business. If your company is able to communicate quickly and efficiently with its own employees, customers, suppliers and advertisers, it is more likely to succeed.
This is why cloud ERP is so important. Businesses need to be able to exchange information within the company with profound accuracy and speed. Otherwise, people get confused, mistakes happen, time passes and money is lost. This is what happens when companies cling to spreadsheets and QuickBooks for their financial management needs.
Here are three key ways that cloud ERP can speed up, clarify and improve the exchange of information in your company.
- ERP reduces manual tasks: This helps to avoid multiple data entry and saves you time on administrative tasks. A recent survey of AP professionals showed that less than 17 percent of companies embrace a fully automated solution. This is probably fine for very small companies, but as the business grows, managing the finances becomes increasingly complicated. Remember, ERP software is designed to scale. As your invoicing, payroll and purchasing needs increase, such systems can perform these tasks with an automated set of functions and predefined processes. The more you rely on your business accounting and reporting software to automate repetitive tasks, the more your organization will benefit from improved productivity and realize gains to the bottom line. ERP platforms cut down on billing errors, mistakes and overpayments. Advanced modules improve productivity because they’re designed with built-in workflows that automate and consolidate activities across multiple companies and divisions.
- Cloud ERP systems reduce silos in the business: It’s so easy for companies to end up with siloed information. As the business grows, executives purchase systems to solve various problems. At first, this isn’t an issue, but as the number of systems increases, the likelihood that these tools are unable to communicate with each other also increases. For example, a doctor’s office may keep in-network patient information in one system and out-of-network patient information in another system. If these platforms are siloed, the office may not know about a pre-existing condition of an in-network patient that used to be out-of-network. Or a small company might have warehouse information in one system and financial information in another. By eliminating this, the company could discover ways to save money in the warehouse.
- ERP’s analytics features make it easy to run reports: This helps to ensure you get the necessary data to improve your decision-making and respond quickly to changing business environments. Cloud ERP can provide companies with reliable cash flow statements. It enables company owners to trust their data, even when they’re reconciling outgoing and incoming features. ERP reports are able to answer the biggest question of all: “Will there be enough money to [complete a project, pay employees or invest in specific effort]?” Knowing where the business stands at all times is critical and analytics features help to make this possible. Business intelligence tools give managers the power to make sound decisions about the future. They’re able to spot inefficiencies and correct any problems immediately.
Great relationships — both in your personal life and in the business world — demand clear, concise communication. Cloud ERP is vital for companies because it allows them to improve the speed of information by reducing manual tasks, eliminating silos and running the necessary reports.