Is your ERP system impacting your bottom line?
Have you ever asked yourself that question? Have you even thought about it? It is an odd concept to wrap your head around… How would an ERP really have that much of an impact on the bottom line? Well, it does – and probably more than you think it does.
Most companies focus on maintaining revenue while exploring for new revenue sources. However, growing companies highly focus on managing growth while maximizing profits. These companies are successful by introducing tactics to boost productivity, reduce costs, and achieve greater competitive advantage. With these objectives in mind, the following checklist outlines key ERP system requirements that help growing companies realize a significant impact on the bottom line.
Improving operational efficiency
Increasing efficiencies and improving productivity in project delivery and financial and human capital management across the entire enterprise to reduce costs and increase business agility.
Getting the right product to the right place at the right time while maintaining optimized inventory levels to reduce costs and increase profitability.
Effective project and portfolio management
Efficiently and effectively managing projects, partners and the project portfolio.
Providing meaningful customer service and value-added services
Providing high levels of value-added services to customers and partners to drive differentiation and profitability.
Ensuring your system is responsive to your unique business requirements including industry-specific functionality.
HOW DOES YOUR ERP SYSTEM MEASURE UP TO THESE OBJECTIVES?
The right ERP system can help you address these challenges by helping organizations streamline business processes and proactively manage performance.
Here are a few points that can help you analyze your system’s capabilities and diagnose where you can make improvements that will have a positive effect on the bottom line. Can you do the following?
Business Process Integration & Optimization
- We can easily share information across the enterprise to facilitate communication between departments or business units.
- We can easily modify our system to t changing business needs.
- Our current reports clearly communicate important information.
- We have been able to eliminate many paper-based processes resulting in fewer errors and less handling.
- Our system allows us to adapt to business change with dynamic planning, budgeting, and forecasting.
Customer and Partner Services
- We can easily segment our customers and distinguish between our most and least pro table customers.
- Our customers have self-service options to check the status of a service request, order or reorder a product, or resolve a billing inquiry.
- We can easily accommodate industry-specific requirements in our existing system.
- Our system is scalable and can easily grow with us as we grow.
These are just some of the factors you should be analyzing. Your ERP system should be doing even more than what is above. Your growing company deserves an ERP system that can help the bottom line – not keep it steady or slow it down.