How do ERP systems help small businesses save on in-house costs and grow revenues?
Enterprise Resource Planning (ERP) software is an integrated suite of applications that enables companies to manage and automate various critical business functions.
In today’s fast-paced and highly competitive business landscape, SMEs face numerous challenges in managing their resources effectively.
ERP software has emerged as a powerful solution to streamline operations, enhance productivity, and drive growth.
In this blog we’ll tell you:
- What is ERP software?
- How do small businesses use ERP software?
- How to set up an ERP system in your business
What is ERP software?
ERP acts as a centralized hub for SMEs to facilitate the flow of information between different departments and processes.
By consolidating data and providing real-time insights, ERP systems empower businesses to make informed decisions, optimize operations, and achieve greater efficiency.
ERP systems are often used by large corporations who have big operations and bigger budgets.
Over the years, the software has developed to the point that SMEs can also benefit from increased control over fast-paced business processes.
Some of the benefits of installing ERP software are:
- Real-time views of business operations and instant access to supply chains in one place.
- Integration of operational, business and financial data into one platform to make management much easier.
- Automation of manual tasks such as invoicing or reporting, which helps to streamline internal processes and reduce worker tasks.
- Finance and accounting data is tracked, stored and managed in one convenient location.
- Analytics and reporting capabilities provide data-driven and actionable insights to your teams.
- Security is also enhanced in order to meet your industry’s compliance requirements to protect customer data.
How do small businesses use ERP software?
Obviously, ERP software would be an asset for SMEs who are running fast-paced businesses.
The question is – how do you use ERP software to your advantage in your specific industry?
ERP systems can help businesses improve anything from inventory tracking to customer relations.
Some of the benefits that SMEs find in ERP systems include (but aren’t limited to):
- Predict and forecast sales, costs, and needed resources (like materials, equipment and staff).
- Reduce errors caused by outdated and incorrect data and produce real-time data that helps production goals stay on track.
- Eliminate human error that may come from manual data entry.
- Improve the productivity of staff who are better able to focus their time and energy into customer relations and sales-focused engagement.
The first step is to develop a very clear, actionable plan that takes into consideration your current business processes, your plans for revenue growth and scale, and where you need to consolidate information to make internal processes faster and more efficient.
Develop your personalized digital adoption strategy
If you’re looking for a personalized digital adoption plan that will outline which software you need and how it will help you, you may want to consider applying for a digital adoption plan through the CDAP Boost Your Business Technology grant.
This is a grant of up to $15,000 that covers 90% of the cost of a professional digital adoption plan made for your business.
Bonus: after you get your digital adoption plan, you can submit it to access up to $100,000 in interest-free loans that you can use to purchase software and equipment that your business needs in order to achieve its revenue goals.
How to set up an ERP system at your business
Knowing you need a new software to help you consolidate your data and streamline your processes is one thing.
Actually buying the right software for you, buying the equipment you need to support the software, getting it online, and then onboarding your entire staff to use the tool correctly is… quite another.
ERP implementation is a big job. It will take time, money and a lot of patience, and having a great manager to help with the change process is going to be key.
Don’t worry, there’s more good news – we’re here to help.
If you qualify for the CDAP Boost Your Business Technology grant, that means you’re qualified to work with one of our CDAP-Approved Digital Advisors – the only digital advisors that are able to submit your digital adoption plan to unlock the 0% interest loans.
After you’ve submitted your plan, we can work with you to help you reach your goals – or you can take your completed plan with you to another agency to help you with your digital setup.
Your next steps right now are:
- Find out whether you qualify for the grant.
- Reach out to a LiveChat agent on our website to ask any specific follow-up questions.
- Book an appointment with a CDAP-Approved Digital Advisor
We look forward to hearing from you. 🙂