Enterprise resource planning (ERP) systems are essential tools for businesses of all sizes. They provide centralized platforms for managing various business process, including accounting, inventory management, and customer relationship management. However, with so many different ERP options available, it can be difficult for CIOs to determine which system is the best fit for their unique organization. With this in mind, let’s dive into the features and benefits CIOs should look for when evaluating ERP systems.
Benefits of Cloud ERP Systems
ERP offers organizations a number of benefits. Here are a few of our favorites:
Improved Efficiency
ERP systems automate many of the repetitive tasks that are typically performed manually. This automation can greatly reduce the amount of time and resources needed to complete these tasks, resulting in greater efficiency.
Better Decision-Making
When you have access to real-time, accurate data, you can make more informed decisions that are based on up-to-date information. This data, in turn, helps organizations be more proactive in identifying and addressing issues, rather than reacting to problems after they’ve already occurred. For example, an ERP system that provides real-time inventory data enables a CIO to make more informed decisions about ordering and stocking products.
Increased Stability
As businesses grow, so, too, do their needs. An ERP system that’s scalable will be able to grow with your company, ensuring the system remains relevant and useful. A scalable ERP system can easily be customized and configured to meet the changing needs of your organization, enabling it to handle increased volume and complexity over time. This is particularly important for businesses that have a high growth rate or that operate in a rapidly changing market.
Improved Customer Experiences
An ERP system provides a single point of access to customer information, thereby allowing organizations to better understand their customers’ needs and preferences. This can help to improve customer service and increase customer loyalty. For instance, if a customer service rep needs to address a customer’s queries and complaints quickly and easily, he or she can access a complete view of that person’s purchase history with a few clicks of a mouse when an ERP system is in place.
Cost Savings
ERP systems can help organizations to reduce costs by streamlining operations and increasing efficiency. On this note, you can use your ERP system to reduce the need for manual data entry, thereby reducing the risk of manual errors and the costs associated with correcting those mistakes. Additionally, ERP systems can help improve inventory management, which reduces the cost of carrying excess inventory.
6 Features CIOs Should Look for When Shopping for an ERP Platform
With all of these benefits, it’s easy to see why your leadership team would be interested in integrating an ERP system into your organization’s workflow and processes. Rest assured, all ERP systems are not created equal. As you begin your investigation into the product that will be right for your company, here are six features to pay special attention to:
1. Customizability
The best ERP systems are highly configurable and can be tailored to meet the specific needs of an organization. This allows CIOs to select the features and functionality that are most important to their business. Your ERP system should be flexible enough to adapt to the unique needs of your organization.
You might, for example, need to configure your system such that it provides detailed reports on specific areas of the business, like inventory or customer service. This can easily be done with some of the robust ERP solutions available in today’s market.
2. Integration
An ERP system should be able to integrate with other systems, such as accounting software and customer relationship management systems. This allows CIOs to avoid the need to use multiple systems, which can be time-consuming and confusing. Integration also generally helps improve data accuracy and reduce errors, as data is only entered once and is then readily available across the entire organization.
Luckily, today’s ERP software is built to play well with other solutions, relying on application programming interfaces (APIs), web services, and other tools that allow your solution to connect with the software you want to or already use. At MIBAR, we specialize in ERP integration services.
3. Security
Your ERP system should have the most robust security features available, ensuring the protection of sensitive data from unauthorized access.
4. Reporting and Analytics
Your data tells a story, which is why it’s vital that your ERP platform gives you easy access to any of the information you might need in order to glean insights about performance, bottlenecks, and opportunities. Look for an ERP solution that provides powerful reporting and analytics capabilities, allowing your CIO to easily access and analyze data from multiple sources whenever it’s needed.
5. Mobile Accessibility
With cloud-based ERP systems, your CIO can obtain critical data from any device at any time, include mobile devices. This accessibility not only helps leaderships, but it ensures employees can also access and update their information from anywhere. Remote management of data is imperative in today’s world.
6. Support
The ERP system you choose should have a dedicated support team that can provide assistance with implementation and ongoing maintenance.
This is Where MIBAR Comes In
When you need help choosing the right ERP system, strategizing the implementation of your chosen solution, and ensuring your team has the ongoing support necessary after you’ve gone live, our team at MIBAR is here for you. Lean on our team of ERP experts today to learn how we can partner with you to make your life as a CIO a lot easier.
