Think enterprise resource planning (ERP) solutions are just for big companies? Think again.
According to Aberdeen, 96% of best-in-class growing businesses—the top 20% of performers—have implemented an ERP solution. That’s a huge percentage – enough to consider ERP systems mission critical to the success of high-growth small and mid-size companies.
And when you think about it, ERPs geared for SMEs make perfect sense. Just like the large forms, you have to support a variety of processes to run your business:
- Procurement and logistics
- Customer-facing processes like sales and service
- And more…
You can either manage all of this with systems that can’t interact with one another, can’t track business processes, and can’t generate the accurate data you need to understand business performance – or you can simplify with an ERP.
Simplify Work—and Scale Easier—with a Single Business System
ERPs act as single business systems that centralize core business data and support core operations, processes, reporting and more. They help organizations of all sizes to face their challenges. And as a single business system, they support visibility, efficiency and decision making. At the same time, they make work faster and easier with automation, seamlessly integrated processes, and easy access to accurate, trusted data.
And the benefits, based on surveys of executives at growing businesses with ERPs, are significant and directly related to business growth. For example, they’re seeing:
- 11% reductions in operational costs
- 10% increases in profitability in just two years
- A 48% likelihood that they have real-time visibility into the status of all processes (compared to 6% without an ERP)
- A four-fold increase in their ability to forecast and plan for demand
- 633% greater likelihood that they can share data with suppliers, customers, resellers and regulatory bodies
- 77% likelihood that they can standardize back office processes (compared to 22% without an ERP)
In addition, best-in-class growing businesses reportedly can easily find and use the data they need—no matter where they are—to make fast, agile decisions. Aberdeen research shows that ERPs reduce the time it takes to make decisions by 36%! Why? Because ERP acts as a single source of truth, supporting visibility, efficiency and informed decision making across all areas of the business.
Have you thought about running your business on an ERP? Or are you still using point or stand-alone solutions for finance, customer management, HR and other core operational areas? Here are 5 ways you can tell that you’re ready for the move to ERP.