In a forward-thinking time, flexibility and innovation are at the forefront of everyone’s mind.
Discover the essential reasons why businesses are growing in their need for technology and dedicating efforts to move solutions to the cloud. This overview will highlight the major reasons why businesses are choosing ERP systems to grow in efficiency, gain real-time visibility, and improve business operations.
How Can ERP Improve Business Operations? Every business is unique, but industry trends have shown that companies that benefit most from ERP systems encounter very similar setbacks. Read on to learn all about ERP, the reasons why businesses use it, and find out if ERP is right for your business.
What is an ERP system used for?
ERP software brings together all aspects of a business, from various functions to different departments, into one cohesive system. This integration allows for efficient information flow, seamless reporting, and automated processes throughout the entire organization.
ERP software enhances day-to-day business activities such as compliance, accounting, supply chain, procurement, manufacturing, project management and helps to plan, predict, budget, and report important financial results. ERP enables real-time business information to flow through many different business processes and provides a single version of the truth.
What kinds of businesses and industries use cloud technology?
Businesses of every size, vertical, and industry are altering the way they do business and utilizing the flexibility of ERP to keep up with ever-changing demands and requirements. The widespread growth of ERP exemplifies its immense importance to successful businesses. According to a report from Panorama Consulting, 95% of the companies that implemented an ERP system noted immediate business process improvement.
Major industries that benefit most from ERP Software:
NetSuite ERP vs Legacy On-Premise ERP Comparison: Learn the difference between cloud ERP and on-premise solutions. According to Forrester, “approximately half of ERP customers are on releases that are two versions behind the current release, which may be four or more years old or more.” It’s time to think beyond your disconnected, patched, bolted-on, on-premise ERP system and look to the future!
• Cloud ERP vs Legacy On-Premise ERP Overview
• How to Choose the Right ERP for Your Business
• What is Cloud ERP Software
Must-know Statistics:
• 1.4 million companies are expected to spend $183 billion on ERP software in 2024.
• 71% of businesses want to use ERP data for predictive analytics or to forecast what will happen.
• Cloud ERP is predicted to become the #1 growth driver in SaaS. Bloomberg
• 95% of businesses who implemented ERP noted major improvements. Panorama Consulting
• 38% of IT Budgets will be dedicated to the cloud. Forbes
• 1/3 of company IT budgets go to cloud services. Technology Research
• 53% of businesses are moving to an integrated ERP. Finances Online
• Top industry using ERP software is Manufacturing.
6 Reasons Why Businesses Are Moving to Cloud ERP Software:
- Enhanced Flexibility: Cloud ERP systems offer businesses the flexibility to access their data and applications from anywhere, at any time, facilitating remote work and global operations. Would a role-based dashboard providing real-time KPIs be useful to department managers in your organization?
- Scalability: Cloud ERP solutions can easily scale up or down based on business needs, accommodating growth without the need for significant infrastructure investments. How quickly could you deploy your current ERP solution in a newly-acquired company? It should take a matter of weeks.
- Cost Efficiency: With no upfront hardware costs and predictable subscription-based pricing models, cloud ERP systems often result in lower total cost of ownership compared to on-premises solutions. How much more productive could your workforce be with easy remote access 24/7 to real-time information relevant to their role?
- Real-time Insights: Cloud ERP provides real-time visibility into business operations, enabling informed decision-making and agile responses to market changes. How easily could you currently answer questions such as, what is going wrong? Why is this happening? Do you have data visibility to make quick decisions?
- Improved Security: Cloud ERP vendors invest heavily in security measures, offering robust data encryption, regular backups, and compliance certifications to ensure data protection. How proactive is your business currently at maintaining the security of your sensitive information?
- Seamless Integration: Cloud ERP systems can integrate with other cloud-based applications and third-party services, facilitating a cohesive and connected ecosystem for streamlined business processes. What best-practice functionality are you missing out on due to not updating your software?
How ERP helps businesses run efficiently
Enterprise Resource Planning is impacting the business world daily through improved business insights, increased levels of efficiency, larger levels of collaboration, and a substantial reduction in operational costs. ERP software helps business owners highlight business process improvements, analyze scenarios, unify processes, gain better visibility of employee productivity, and streamline technology throughout the business.
“The ROI of cloud ERP can be achieved relatively quickly and this delivery model brings IT cost reductions and increased employee productivity to the broad range of the companies using it. Small and medium businesses can also achieve other important benefits from ERP in the cloud, such as increased inventory accuracy, better customer satisfaction, and increased sales.” – Nucleus Research
Top 10 Benefits of Cloud-Based ERP Solutions
ERP provides businesses the ability to:
1. Access business data from anywhere at any time: With ERP based in the cloud, real-time business information is available on any device on vacation, in the warehouse, or working from home.
2. Real-time information: Cloud ERP software updates immediately providing up-to-the-minute data across all departments.
3. Automatic Upgrades: All users are on the same version with up-to-date information and the latest technology.
4. Save on unnecessary expenses: All users are on the same version with up-to-date information and the latest technology.
5. Reduce manual processes: ERP offers the functionality your organization needs to improve efficiencies, reduce costs, and get more done by eliminating time-consuming, error-prone manual processes and point solutions by automating and streamlining day-to-day accounting and financial operations.
6. Enhance business decisions: With a single version of business information, businesses are becoming more agile and competitive, and decision-makers are leading with strategic oversight, planning, and forecasting.
7. Meet the needs of your business: Cloud ERP is fluently tailored, configured, and customized to meet individual business needs that NetSuite customers can do themselves. NetSuite sustains a point-and-click, rapidly changing infrastructure of interfaces, roles, and reports, without the knowledge of complicated code.
8. Grow and scale with your business: Cloud ERP is a multi-tenant, modern, cloud-based application that grows and changes with your business.
9. Run your business on a single solution across all departments with your unique business requirements.
10. Shorter deployment times for a better return on investment.
What are the challenges of an ERP system?
A few of the most common challenges of an ERP system include software integration issues, a lack of internal resources, the ability to learn new software, and the expertise to manage costs. The most frequent challenge is selecting the right ERP software and implementation team. Selecting a new ERP system for your business is a difficult task without extensive research, software comparisons, detailed demonstrations, and a partner who is invested in your success. How do you know which ERP is right for you? Check out our 5-step 360º ERP evaluation to help in your assessment process.
How to know if your business needs a software change:
Is your organization depending on basic accounting to operate your business? Are you relying on manual data entry? Is it difficult to receive accurate reporting and reliable business information quickly? If you have answered yes to any of these questions, consider that a sign of an opportunity for change.
Managing, integrating, and maintaining multiple systems across the business can become extremely complex. Software upgrades and customizations often turn into expensive, time-consuming projects that compel businesses to run on outdated versions of their business software for longer than they should. Instead of bolting on another “solution” or creating more complexity to an ineffectual system, consider a change to cloud-based ERP.
Building a tailored ERP implementation plan can provide your business with a clear direction with benefits, costs, opportunities, and risks. Check out our guide for a successful ERP software implementation to help make your ERP transition smooth, cost-effective, and efficient to meet your individual business needs.
What ERP software is best for your business size?
How important is business size when researching ERP?
With so many companies promoting their own versions of ERP software, there isn’t a single system that fits best for all, it’s the features specific to these software selections that stand out most.
Small businesses require a system that can preserve costs, have the ability to scale within the business, and requires less need for technical resources. Learn why small businesses are selecting cloud ERP.
Mid-market businesses require a system that can integrate essential business functions, and scale with the software as the business expands. Learn why mid-size businesses are moving to cloud ERP.
Fast-growing businesses, regardless of the industry or size, require a system that is scalable by design and engineered for rapid growth. To achieve this adaptability, fast-growing companies turn to cloud ERP to streamline financial and business processes, allowing for sustained growth. Learn more about ERP for fast-growing businesses.
Enterprises require software that can sustain every aspect of the business in terms of capturing, processing, and interpreting data in high demand. Learn the benefits of cloud ERP for your business.
Say Goodbye to Spreadsheets – Learn The Benefits of NetSuite ERP With an integrated business system and complete visibility of your entire business in real-time, spreadsheets can no longer hold your business back. Reduce manual inconsistencies and time-wasting tasks. Learn how NetSuite, the leading cloud ERP solution, is changing businesses across the globe with a unified suite that includes accounting, HR, inventory, order management, CRM, and much more.
• Tips for Business Growth | The importance of ERP
• NetSuite ERP Benefits For Mid-Market Companies
• NetSuite ERP for Small Businesses
• Why Companies Choose NetSuite ERP
Protelo is a top-tier NetSuite partner fueled with NetSuite experts who understand your business.
Contact our NetSuite team today for:
• A customized demo from a NetSuite expert at Protelo.
• A personalized 14-day trial of NetSuite #ERP, if necessary.
• NetSuite pricing & a full project quote for your business (obligation-free).
Which ERP Deployment Model is Right For you?
True Cloud-based ERP:
• Accelerated time to value, see value from day one
• Non-technical, user-friendly configuration for the entire team
• Low involvement from IT
• Integrated data support
• Pay per month, per user
• Always up to date with the latest upgrades and features
• Safe, accessible and Secure business information
• Creates new opportunities for growth and scale
Learn more about Cloud-based ERP
On-Premise ERP:
• Implementations and upgrades are expensive and lengthy
• IT resources are required
• Disconnected data framework
• Version lock
• Large investment with additional hardware costs
Are legacy systems holding you back?
Hybrid ERP:
• Two-tier ERP with on-premise and cloud deployments
• Dependency of network servers
• Two versions of information
• Increased Downtime
• Compliance and security
• Complex Network connections
Hosted single tenant:
• Moderate implantation size
• Customizations are troublesome and take time
• Mandatory for IT resources to be involved
• Pay per month, per user
• Upgrades and customization are expensive
• Requires a separate database for each tenant
• Integrations are limited
What are ERP Modules?
ERP Modules help to tailor the software to meet your direct business needs through data, processes and aid in providing employees the information they need quickly. ERP modules plug into the ERP system of operation providing a real-time view of business information. ERP modules allow the software to change and shift as the business changes, or requirements increase. Modules add functionality and extend the software further.
How to choose the right ERP for your business?
Selecting the right ERP system is a key element to your success. No matter the size, no matter the complexity, your business can significantly benefit from a fully integrated ERP system like NetSuite. NetSuite is transforming businesses with its fully integrated system that includes, ERP, CRM, financial management, accounting, inventory, eCommerce, and warehouse management. Leave behind outdated processes and move to the cloud for better visibility and cohesion across the entire organization.
Fast-growing companies of all sizes and a wide range of industries are rapidly adopting cloud ERP systems to help fuel growth. ERP gives a global, real-time view of data, reporting, BI, and better visibility across the business. With an ERP system in place, accurate information helps businesses to make better decisions, lower costs, and enhances customer service.
Trending ERP Resources
The key advantages of NetSuite ERP and the reasons why it's the preferred option for businesses aiming for long-term success.
Learn how cloud ERP helps businesses build resilience, create momentum, collaborate, track performance, efficiency, and minimize risk.
Want to learn more about NetSuite ERP?
Take advantage of our flexible service offerings, and benefit from an in-depth knowledge of business applications that will ensure you get the solution, licenses, services, and support that’s right for you. For more information about NetSuite, a Free Product Tour, or NetSuite custom pricing, contact Protelo today!
Why Protelo? Out of the many options your business has online, NetSuite customers choose to work with our expert NetSuite team because of the personalized business guidance and one-on-one support. Whatever industry or sector you are in, our highly skilled NetSuite team at Protelo understands your business challenges and the solutions you need to succeed. Our NetSuite team has assisted hundreds of small, midmarket, and enterprise companies in achieving their business goals.
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