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ERP System: Key Features for a Successful Integration

ERP System Key Features for a Successful Integration

An ERP system is a vast information system that manages information about a company’s products, production facilities, materials management and accounting, customers, suppliers and employees’s data sales and marketing, financial balances, etc. It is used by every department in an organization and many individual processes in companies are closely interwoven with the core of the business model and are therefore critical to the success of the market presence. An ERP or enterprise system is designed to standardize, streamline, support and integrate organizational processes across functional boundaries.

It wouldn’t be wrong to think of an ERP as the brain of company’s technology system, as ERP provides a fully integrated, intuitive platform through which you can analyze, monitor and conduct the majority of data-driven tasks. Here below is a list of few key features which are decisive for the digitization success of a growth-oriented company.

 

  • Integration

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Integration of ERP system is a major part for its success. The study behind integration of ERP system, to make sure that the company will benefit from all of its functionalities and endless capabilities to work harmoniously, makes all difference from other types of software’s. Implementing a new ERP system that digitally maps the central operational functions is often considered a risk by many decision-makers. As it integrates all facets of a business, by synchronizing all core areas, businesses are able to gain real time visibility across your entire business with 24/7 access, increase productivity together with operational efficiency, reduce costs and enhance competitiveness. A well-integrated ERP allows employees to work from a single source of information reduces the discrepancies between your teams along with the associated errors anIntegration also allows your business to work with multiple components at once.

 

  • Automation

Automating company processes completely or at least partially is important for companies that want to pursue dynamic growth and act in more efficient and sustainable way.

Firstly, the advantages of digitally available data can be optimally used by automated processes, for example for taking orders in the online shop, because if the company is dealing with a large volume of inventory orders, sales, customer interactions, etc. it’s necessary that you can see and respond to data in real-time. In many cases, in absence of ERP system or with a legacy ERP system don’t update automatically and prevent or delay you from taking immediate action.

Secondly, with the help of appropriate cross-functional processes, companies can act faster and more reliably on the market, for example they are able to run certain processes such as a web shop outside of business hours. An advanced ERP system is able to make decision such as delivery capability can be guaranteed with the existing stock within the regular delivery time etc.

 

  • User orientation and availability

The main point of an agile ERP software solution is to be available wherever the user needs the system – in the home office, in the field, in mobile storage or in a meeting. When deciding on an ERP, it’s important to consider whether employees will be given access to the system via an app on mobile devices. In addition to that, a good ERP system will allow you to integrate external sources and build out a single source of truth for your data. This enables fast, error-free, digital information exchange and saves time and money and reduces the risk of critical complaints along the entire supply chain.

Those who ensure a properly operating ERP systems and an unified digital process chain

enable enterprises to reduce the time required to complete virtually every business process by delivering efficient and fast processes.

 

  • Customization

It’s proven that the business landscape changes too rapidly to use historic information to forecast the future. In addition to that the current pace of technological development is having profound changes on the way companies’ work. As the ERP system forms the digital backbone of a company and is usually purchased for a useful life of ten to 15 years. Company’s leaders must keep in mind that no matter how good their ERP system is, it cannot address 100% of their organization’s needs. Therefore, in view of the expected changes in the market and in technological development, we must ensure that the software can always be adapted to new requirements. Because once your organization’s areas of competitive advantages to the existing features of ERP, your ERP is best customized for all your company’s needs.

 

  • ERP Flexibility

Organizations that integrate an ERP system in their process gets the real-time visibility into data they need to make decisions quickly. Ambitious companies that are entering the ERP world can meet their needs for a standardized solution that maps the central processes within the framework of high-quality and user-friendly workflows. Because companies have data on hand, they can change and shift based on operational and market demands and as soon as they gain momentum and individual adjustments are required, the system must be able to upgraded to the full version. Furthermore, a flexible ERP enabled by Cloud technology is able to save you time and money.

AI and Automation impact on medium-sized Companies and Organizations

 
The Business Benefits from AI and ML
  • Massive Data Consumption from Unlimited Sources
  • Rapid Analysis Prediction and Processing
  • Simplifies Time-Intensive Documentation in Data Entry
  • Handling Repetitive Jobs
  • Reduction of Error
  • Improves Precision of Financial Rules and Models
  • Easy Spam Detection
  • Interpret Past Customer Behaviours
  • Better Customer Segmentation and Accurate Lifetime Value Prediction
  • Recommending the Right Product
  • Digital Assistance and 24/7 Availability

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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

 

The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.

 

Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.

 

Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.

 

SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.

 

Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.

 

Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.

 

Sources:

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