How ERP is Changing Business and Marketing
Every business is unique, but they all have one thing in common: the struggle to stay ahead and stand out from the crowd. This, of course, is so much harder than it sounds, especially since the business environment has always been fiercely competitive.
That’s why there’s a need for a more reliable and efficient method of accessing and storing information. This is where enterprise resource planning (ERP) systems come into play.
Let’s discuss everything we need to know about how ERP is changing business and marketing for the better.
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But What Exactly Are ERPs?
Whether you’re overcoming a business setback or you’re about to expand your business to another state, you’d want to have an ERP system at your disposal. ERP software links all the areas of your organization into a single, all-encompassing information system that employees across the board may use.
Business owners and executives can simplify and automate challenging back-office tasks by implementing ERP. Additionally, these systems help employees do their jobs more successfully and productively, give everyone in your company access to necessary data in real time, cut costs, and enhance your competitive advantage.
The best way to illustrate how ERP is changing business and marketing is to think of the ERP system as the brain of your company’s technology system. In the human body, the brain directs and coordinates the actions of every organ by giving them instructions. Just as the human body cannot function without its brain, neither can a company without an effective ERP system.
Why Do Businesses Need ERP Systems?
It is safe to assume that ERP software is advantageous for businesses, given the billions of dollars annually invested globally in ERP solutions.
But in what ways? How is ERP changing business and marketing? Below, we’ve listed the main effects an ERP system has on companies like yours.
- ERP Systems Pave The Way For Better Internal Performance
An ERP system improves communication across different teams and departments of your company.
Everyone gains from improved communication and collaboration as departments and functions behave less like isolated mini-operations. As a result, fewer obstacles can be overcome, and projects can be completed more quickly and accurately when all departments use a common IT system.
ERP systems were designed to unify critical business functions, allowing departments to collaborate more successfully and contribute to the overall success of your business.
- ERP Systems Promote Data Integrity
A single repository of information across your business means everyone in your company is using the same data. Plus, the data is easy to access—you no longer have to manually compile data from spreadsheets or search through files for the right printed report!
Since everyone in your company has access to the same data through your ERP systems, you won’t have to worry about inconsistencies too much.
- ERP Systems Improve Business Efficiency and Productivity
Integrating and automating business processes can eliminate redundant tasks and increase accuracy and productivity. Additionally, departments with integrated processes can synchronize operations to provide results more quickly and effectively.
- ERP Systems Improve Decision-Making
360-degree real-time insight gives business leaders crucial data on which to base critical business decisions. This business intelligence enhances decision-making and helps assess the company’s financial health.
With an effective ERP system, enormous amounts of data can be analyzed, enabling faster and more precise reporting. With a system that tracks various KPIs, companies can assess whether their stock turnover rate is too low, if the marketing ROI from the most recent campaign is good enough, or how opening a new office will affect the bottom line.
- ERP Systems Reduce Costs
ERP systems help you save on costs by automating tasks, improving decision-making, and enhancing analytics.
For instance, your finance team can bill customers more quickly and track invoices through the system to ensure on-time payments. Another scenario might involve your project managers. They can minimize the time team members are non-billable, increasing productivity and per-engagement earnings.
- ERP Systems Boost Employee Satisfaction
You can give your employees more freedom to undertake more challenging and exciting tasks thanks to automated processes and less reliance on manual labor. This raises motivation and morale, which has a positive impact on loyalty and lowers staff turnover rates.
While implementing an ERP system rarely aims to create a happier, more engaged workforce, it is unquestionably a desirable and welcome outcome.
What About Marketing?
ERP systems are also an incredible resource for your marketing and sales endeavors. Here’s how:
- ERP Systems Offer Detailed Product Insights
You must first understand your product before you can market it. With an ERP solution, you can find essential information about your offering so you know exactly how to market it to your target audience.
The following are some of the most valuable data you’ll find using inputs from other departments:
- Peak sale periods
- Optimized price structures
- Shelf-life timelines for SKUs
- Customer pain points or complaints
- Sales figures (best- and low-selling products)
- Possibilities for pairing SKUs and stock items
You can always click on a specific SKU in your ERP system to get a wealth of information about it.
- ERP Systems Improve Customer Service
When employees have access to an ERP, they can respond to client inquiries more quickly and efficiently, which improves customer relationships.
For instance, staff members can rapidly address issues or begin corrective action by viewing facts about a customer’s order or credit status. Because of this, customers have more faith that the business is looking out for their interests.
- ERP Systems Lead To Increased Sales
Good customer service increases loyalty, the ideal foundation for customers to make repeat purchases.
Your employees can also make targeting better with the aid of an ERP system. For example, marketing teams can use detailed customer data to put cross-sell and upsell marketing campaigns in place.
CRM technologies also give sales and marketing personnel the knowledge to follow up with prospects who have interacted with the business or responded to marketing initiatives.
Reach Greater Heights With An ERP Solution!
With the many, many available solutions on the market nowadays, determining what best fits your company might prove to be a daunting task. Nevertheless, it’s about time you switched to an upgraded ERP solution that can support your company’s expansion and manage your operations efficiently.
For more professional advice and insights on business and marketing, check out Reevl’s blog!