Five Key Questions For Your SME
There comes a time in any growing company when the question will be asked about whether the business needs an ERP system. Take a look around your desk for minute and see what’s in front of you. Whether you'e in the office or at home, regardless of where you are it’s highly likely you’re surrounded by technology that makes things that little bit easier for you.
We're accustomed to using technology that helps us with our person and social lives. But it's still common for organisations to muddle on with inefficient software or even paper documents to record events.
You certainly wouldn’t buy or put up a filofax to keep all of your friends' phone numbers or a television that you still had to manually change the channel. But for some reason SMEs do just ‘put up with' applications that slow down levels of productivity, growth, and more importantly, profits.
ERP solutions are proven to automate processes by simplifying operations. It’s a sure-fire way of helping your business grow and to provide a platform for long-term growth. More importantly, they have never been more affordable. Here’s our top five signs that your business is ready for an ERP solution.
1. Your business is disconnected
Do you feel like your business runs off different spreadsheets? Or do you have one application that runs your accounts and then another for your warehouse or production line? It’s common in a growing business to use several different applications – none of which integrate with each other.
In an ERP solution your business runs from a centralised database. This means you can rely on the accuracy of data and different departments have visibility into real-time activities. Everything is integrated and slick. It’s the modern way of working.
2. There’s silos of data
Spreadsheets are great for creating quick and simple reports. But when they’re saved locally they may as well be stored on the moon. If your business collects data from multiple sources it’s likely that reporting takes hours or even days. You're probably also having to complete time consuming data duplication to get an idea of what’s going on.
By storing all your information centrally your business can complete key financial or monthly reports at the click of a button. It really is that simple. There’s no data duplication and you reduce the likelihood of human errors that occur when manually inputting data.
3. Financial management is difficult
Cash flow is king in any organisation. But can your business accurately forecast incomings and outgoings? If your accounts department can’t tell you what’s going on with your cash flow until the end of the month then you’re leaving yourself open to potentially serious issues.
Organisations who use ERP are able to streamline and automate financial management. This improves margins, reduces errors and manages cash flow effectively. By accurately forecasting potential incomings and outgoings you’ll also be able to make more informed decisions to drive profits.
4. Customers are going elsewhere
Keep your customers happy and they’ll keep coming back. But if they’re not happy or they can’t get what they want, they’ll go elsewhere. In an era of minimal customer loyalty and 24/7 shopping across the globe, you need to satisfy the requirements of your customers instantly. It’s the only way to drive sales.
An ERP solution can guarantee that your business has got the right products at the right time. Inventory management is key. If you’ve got stockouts on your most popular products then it will be your competitors who will benefit. By linking together sales, inventory and CRM functions you’ll be able to ensure your supply chain is optimised and your stock at desired levels.
5. You’re spending lots on IT but getting no return
If you are running several different systems across your business, how much support and maintenance are you paying each year? You could be paying vast amounts of money for applications that offer basic functions to your business.
By using an integrated ERP solution, your business can remove those disconnected systems and save money by using just one all-in-one application. An investigation from the Aberdeen Group found that SMEs who use an ERP application enjoy an average increase of 21% in operating margins and a 23% reduction in operating costs.
Want to find out more about how your business could benefit from an ERP solution from Seidor UK? Get in touch with one of our ERP experts today. We’d be happy to answer any of your questions about whether you’re ready for an ERP solution.