5 Businesses That Can Benefit from the ERP System
Every business has a set of processes that must work collectively to ensure success and growth. Whether it is manufacturing a product or handling customers, every aspect of a business should be able to interact with each other through the proper channels of data flow.
Each and every business that involve complex functionalities can benefit from ERP software, some more than others. Here are the businesses that should make use of ERP software to enhance productivity and streamline their process.
Offering individuals with optimum health services is the primary goal of any healthcare institution. In this regard, managing patient information becomes very critical. The Health Insurance Portability and Accountability Act (HIPAA) clearly defines the importance of safeguarding the Protected Health Information (PHI) and the repercussions of not following the same.
An ERP software can prove to be a lifesaver in this regard. It not only helps to manage the patient data, which consists of the medical history of the patient along with the schedule for his/her next visit but also helps in integrating the data with other processes such as billing, assigned doctor, etc.
With the help of ERP software, the dataflow between all the processes is streamlined. Hence, if a patient visits the healthcare institution, all the information related to payment history, condition of the patient, etc. is easily accessible to the staff. It helps in accelerating the treatment process of the patient.
Being a contractor or project manager is no easy task. Once you have taken up a construction project, a number of processes must be accomplished simultaneously to ensure its completion within the deadline and under the decided budget.
The onsite team should work in tandem with the field office and share all the relevant data so that the management can decide the way forward. They also have to keep track of the demand and supply of the building material and equipment. Any miscommunication between the onsite and offsite team or discrepancy in data can lead to significant losses.
The function of ERP software such as Sage 300 Construction & Real Estate is to integrate all the processes related to the construction process. It helps to plan your budget by estimating labor and equipment costs. You can also manage the costs of raw materials required by entering the quantity required and the current pricing.
At any point in the project, the contractors can check its status and analyze the bottlenecks that are causing hindrance to the project. They can keep track of the inventory in real-time and evaluate the quantity of the materials required.
Another advantage of ERP adoption is that all the documents like construction design, invoices, and payroll are in digital format, which is easier to manage and store.
Management of the onsite workers and the in-house staff is another function of ERP software. It enables the time tracking the onsite workers for you to calculate their wages. It also helps in the payroll processing of the employees.
The manufacturing industry is one of the industries that drive the US economy. Like any other industry, the manufacturing industry is adopting the latest technologies with open arms.
A manufacturing business, whether durable or non-durable, has to handle multiple aspects to ensure timely delivery of products. Right from tracking the time of the workers to purchasing the raw materials, from keeping track of the inventory to managing finances, every aspect of the manufacturing business is interconnected with each other.
ERP software is an all-in-one solution for all your manufacturing processes. It tracks the working hours of your employees so that you can evaluate their productivity. It helps in reducing the manufacturing cost by optimizing the management of raw materials. You know exactly the raw material to be used and the quantity required to manufacture a product.
Moreover, with the help of ERP software, various processes like invoice requests and product monitoring get automated. It saves the manufactures a considerable amount of time, which can be utilized in manufacturing more products.
The entire wholesale industry function on the concept of “demand and supply.” If the demand for a product is not met by supply, the wholesale business can lose its reputation in the market. On the other hand, if the demand is less than the supply, the business can incur heavy financial losses.
Hence, it is imperative for the wholesalers to manage the supply chain and ensure there are no bottlenecks in the distribution of a product. An ERP software helps in doing exactly that, and much more.
With an ERP solution, you can keep track of inventory from multiple warehouses and restock it as per the demand. All the product details such as batch number, shelf life, and the manufacturer information can be viewed on a unified portal. You can also access the shipping information such as costs and addresses.
An ERP software also facilitates the management of sales and purchase orders for you to keep track of the finances. You can automate bill payments as well as sending invoice requests. It offers a centralized database to the wholesalers for analysis for their products.
Retail is another sector that can benefit from ERP software. In a retail business, a number of functions involving inventory management, sales reports, invoice creation, and customer information are handled with the help of individual tools.
With the help of ERP software, you can accomplish all these functions collectively. With the efficient flow of data, the performance of each product can be analyzed conveniently. You can view the customer information such as their frequency of buying a product and set their preferences accordingly. You can also view the volume of a product being bought in a specific month and identify the patterns of customer spending.
With ERP software, it becomes easier to integrate your sales with the accounting function. ERP automates your retail process and helps in time management. As soon as a product is sold, the inventory list is updated automatically, which helps you restock.
Choose A Cloud-Based ERP
If you want to choose an ERP software for your business, it is better to host it on the cloud. Along with the many benefits of ERP software, a cloud offers better mobility and flexibility to the businesses.
With ERP cloud hosting, you can access and update the data from any remote location. In addition to this, cloud hosting is a pay-as-you-use model, which enables you to select the server resources as per requirement and pay only for what you use.
If you are not using ERP software for your business, it is recommended that you start using it, pronto. It will help you save time and efforts and make wise decision due to advanced data analysis.
Have more questions about ERP software? Talk to our Solutions Consultant at 855-879-5481.