Two years ago, in 2018, the global market for enterprise resource planning (ERP) software was valued at more than $35 billion. Now, even amidst events like the COVID-19 pandemic—or perhaps in part because of them—the market is expected to cross the $49 billion point.
Businesses all across the world have acknowledged the importance of modernizing their processes, working on the cloud, and making their supply chains more agile. All of those changes are possible with the adoption of new ERP systems.
With dedicated ERP software for sales, accounting, project management, inventory, and other key functions, businesses have a fighting chance of staying afloat in the modern economy. As a result, these businesses will take the lead in spurring commercial activity for the “new normal” and subsequent “next normal.” After successful modernization and digitization through ERP, companies can set their sets beyond survival and on growth.
To elaborate further, here are just some of the positive effects that a reliable ERP system has on businesses and the economy they’re currently operating in.
ERPs Are Bringing Money Back into Local Businesses
It’s no secret that COVID-19 has permanently altered consumer behaviors. Customers’ hesitance to return to their previous purchasing habits has dealt both the local and global economy a significant blow. But for a business willing to endure these circumstances, the adoption of an ERP system will help it engineer solutions to get cash flowing again.
For one, an ERP suite with upgraded finance and accounting features can bolster the company’s existing payment systems. The ERP modules can help a company acclimatize to a bigger cashless payment ecosystem, now that customers look for more cashless options. The ERP’s customer relationship management modules, on the other hand, can drive the business to reach out to their customers more. Business staff can adopt new strategies to identify loyal customers and nurture meaningful relationships with them, all thanks to the ERP.
ERPs Are Driving Company-Wide Business Process Modernization
ERP suites can also transition companies out of older business process methods and into methods that serve them better in the current environment. With ERPs, businesses can become less reliant on pen-and-paper processes or individual documents and spreadsheets. Instead, the work can be anchored on an all-inclusive platform with a centralized data repository and multiple business functions. In addition, ERPs will facilitate automation technologies that ultimately save staff a lot of time and energy.
This gives businesses the opportunity to be lightweight but effective in their service deliveries. Business can continue from virtually anywhere—onsite, in a home office, or even in transit. Once a company is modernized with an ERP system, it will be better equipped to carry on in the economy and meet evolving customer demands.
ERPs Are Improving Business Efficiency and Transparency in Operations
Another thing that ERP systems can do for their client businesses is improve business efficiency, which is a key driver in overall revenues. There are several ways that an ERP system can allow staff to be more responsive to customers. For example, without an ERP, it could take days to address a single customer request for aftersales support. Delays like this are common when manual systems for handling requests are backlogged. With an ERP, however, requests can be logged instantly and accommodated in much less time. This, in turn, preserves the customer’s goodwill and satisfaction, and it increases their chance of interacting with the business again.
ERPs also enhance coordination and collaboration among staff. All authorized users of the platform will gain real-time access to key business data and know how other teams are doing. Even when staff members are offsite, they can still work together like a well-oiled machine—which, of course, spells only good things for the business.
ERPs Are Enabling Data-Driven Decision Making
One notable characteristic about the world’s top ERP systems, like SAP Business One, is that they harness the power of data analytics. They enable quick generation of reports that can be used for regular financial analysis. They can also serve as accurate bases for sales forecasting in the coming quarters.
With an ERP system’s analytics features, companies can zero in on the data about customer trends, sales, and rates of conversion. Executives can then make careful, responsive decisions that will ultimately prove profitable for their businesses.
ERPs Are Readying Businesses to Scale Up and Become Resilient to the “New Normal” Economy
The only ways to cement one’s position in the economy, as well as contribute to it, are to accept change and adapt to new trends. Today’s businesses cannot assume that they can power their home industries using the same methods as before. They need to actively future-proof themselves and become resilient to the changes in the current economic landscape.
A business that uses an ERP system will have ticked most of those boxes. The ERP suite will help them thrive in a new hybrid environment of onsite and offsite work. In the process, entrepreneurs can be encouraged to think forward—to add new product lines or sales channels, or even to expand or diversify interests.
Moving Forward: ANSI’s Role in Uplifting Filipino Businesses
In summary, ERPs are currently doing a lot to empower businesses in a challenging economy. Usage of these platforms can drive regular commercial activity, which is sorely needed for a full economic recovery.
If you are thinking of investing in ERP software like SAP Business One, you will need a trustworthy vendor like ANSI for its implementation. ANSI’s success stories should illustrate why companies go to us for their ERP solutions. ANSI is committed to supporting Filipino businesses through health and economic crises—and to help them emerge stronger in the future. Watch this space for more industry news about all things related to ERPs, and learn how ANSI can be part of your enterprise development!