The outburst & ensuing transmission of COVID-19 all over the world have posed an effect on every industry. Both domestic & worldwide supply chains are experiencing disorders. Manufacturers even with fewer resources now need to provide good quality products that are quite a burden on them. But they are contributing a lot to society by producing high-end respiratory systems & sanitizers. However, the virus’s ripple effect is leading to a downfall in numerous industries that are again affecting the nationwide economy. The Government is constantly offering support to local businesses as well as the industry giants so that they are able to withhold their position.
Maintaining scalable procedures is the first priority of businesses that belong to the supply chain industry. These businesses receive a lot of support from ERP software as these help in maintaining vendor & supplier relationships & the status of available materials. The supplier lists that receive approval help in saving time by eradicating the search for alternate vendors. This is mainly for instances of a supply chain catastrophe or unavailability at the very last moment. This is because the alternatives will already be vetted & logged with solutions.
The worldwide ERP system market held a value of $36.81 billion in the year 2018. The value will surpass $79.40 billion approximately by the year 2026. Such anticipation is going to be a boon for so many industries.
The pandemic is now truly urging companies to revitalize their ERP systems. Let us now know more details about the benefits of ERP system automation.
Functioning in the new normal – not a challenge with avant-garde ERP systems:
Organizations especially after the striking of the COVID-19 pandemic are keen to enliven their ERP systems. This is the only way of adapting seamlessly to the new normal. This largely calls for flexible & quicker software implementations in order to respond to transforming conditions within a short time span. Many big players of the market like Transworld Group & Aurobindo Pharma have already refreshed the IT systems.
The reason for such rejuvenation is now even more due to the previous architecture of the IT systems. The conventional ERP model mainly depended on the production of logs. The business insights generated from the system information & numerous months for implementation are what followed. However, in today’s time, inverting the pyramid is necessary for ERP systems to operate on business insights directly with help of technologies like Artificial Intelligence.
- Information or data across the IT systems sits with manifold stakeholders which is why information access is necessary. For instance, businesses can now work on technology platforms that are cloud-based as these will enhance operational efficiency. ERP in the retail industry can benefit from it. It will also offer information to more than 1000 employees. The access to information is now largely utilized for tweaking or transforming the business models.
Businesses all over the world are striving to be technology companies while offering high-end services. The focus is now technology that drives business & not businesses that drive technology. This calls for equipping a business with powerful backend systems & actually develops technologies that people would love to use. Everything actually requires a reset right now starting from spaces to cut costs, sales order process, where to emphasize on new business areas, etc.
- Many companies are right now facing challenges while collecting data from multiple locations as the majority of the employees are now remote working. Filing the financial reports is, even more, a challenge on a real-time basis. Challenges include manifold people functioning on reports, integrating the reports in one version within tight deadlines, dynamic number updates, etc. All of these are weighty tasks. Processes earlier were not just person-dependent but also casting & eradicating errors called for manual intervention. There was a need for cross-referencing with various other data points as well. Such pain points were addressed by technology only. However, ERP software technology automates each of these tasks that lead to zero challenges.
Navigating pandemic disturbance with ERP systems automation:
Several industries are right now adjusting to the new COVID-19 associated requisites. They are trying to maintain all the operations while the entire work staff is working from home. This truly is a solution for some companies but businesses that need to conduct key processes and function complex systems are finding it challenging. It will not be a problem if the companies are equipped with the entire infrastructure for all these procedures.
Businesses can now easily automate all the key procedures with ERP business collaboration. Such systems help in handling complex systems easily with adherence to all the internal controls. Businesses can actually get hands-on real-time visibility into all the operations via better reporting. As the utilization of technology takes place in the correct manner, it will help in saving money as well.
How ERP in construction industry and various other industries are able to steer in correct direction after pandemic occurrence are as below:
- Consolidating the IT procedures – IT within a company always must support & institute updated reporting even when employees are working from manifold locations. So there are a number of systems IT requires for completing these tasks. ERP systems are something that will assist in strengthening & merging these systems.
Employees with this get to allot more time to particular tasks & roles. They will need to spend less time navigating the software systems for various operations, customer relationships, accounting, etc. This is mainly because these all are amalgamated in a single platform. So when there is a decrease in the required systems & key procedures automation in one system, automatically there will be fewer operational errors. Inefficiencies can lead to challenges that include:
- Consumer service breakdowns
- Workflow bottlenecks
- Barriers in employee productivity
- Working of remote desktop capability – Remote desktop connection enables users to associate with computers that run on Windows from another workstation running Windows which is again linked to a similar network. Users can utilize ERP applications from their very own computers. It is nothing less than usual office setups.
Turning on a home computer is necessary for connecting to the remote computer. It needs to carry a proper network connection, enabling a remote desktop is necessary. Users need to carry network access to remote computers and also permission for connecting. Attaining permission is only possible when the user is on the list. Whenever a user begins a connection, he/she must search for the computer name they want to connect to.
- Robust financial & accounting management – The complexity & costs of conventional ERP systems is just too many. But the revolutionary ERP solutions of the current times, there are no such complexities involved. Such software provides real-time access to data across businesses. ERP software is now helping combat the slams of COVID-19 in the following ways:
- Eradicating redundancies & inefficiencies for optimizing company productivity & performance
- Breaking down departmental silos for transparency across businesses & enhancing collaboration
- Integrating back & front office procedures like sales, customer service & marketing
- Tapping into a unified & real-time view of the operations & finances of organizations
ERP industry is currently helping manufacturing sectors attain complete control over track inventories, material scheduling, and stock movements for combating the deadly COVID-19.
- Access to real-time financial data – To access important data, few companies still wait for the month to end. But this largely makes them miss out on leads, sales, and revenue. Especially when times are uncertain now due to COVID-19, businesses need to carry the visibility for taking quick decisions that will be based on the changing variables.
The contemporary ERP systems let organizations leverage automation. With this, they can attain real-time & clear access to reports & metrics that are very important for any organization. The dashboards & reporting of current ERP platforms enable manifold users to re-examine the financial data incessantly. This is possible through:
- Insight into the key performance indicators
- Single shared databases
- Capability to observe information & drive down to the transaction level data in just a few clicks
- Real-time and role-specific reports
Teams can now cut down on the time required for auditing data and also access precise analytical reports. They can also discover trends while working on ERP projects. They will be able to make informed decisions in a cost-effective manner. Companies that are still involved with employee training & adapting to fresh working structures like remote working environments, must try to make the most out of ERP software.
- Security enhancement & fulfilling compliance standards – Pressure from the regulatory reform for many industries is increasing with the rapid change in business expectations. Organizations are not just building new products & safeguarding their operations but are also striving to satisfy compliance standards.
Businesses previously used to spend a lot of resources & time tracking the protection of data for learning whether they are meeting the compliance standards or not. But this is the 21st century & it is all about innovations! For instance, ERP systems permit businesses to perform all these analyses in a continuous manner & automatically from one system. Also, there will be no need for extra resources or time.
ERP integration also offers leadership along with ongoing verification for safeguarding operations from cyber-attacks & data breaches. This also permits a company to fulfill the best practices of an industry. Few of the best practices include the Financial Conduct Authority, two-factor verification & solitary sign-on, remaining compliant with GDPR or General Data Protection Regulations, data security standards, etc. When there is economic uncertainty, cyber-attacks & fraud enhance which is why these verifications are even more important now.
- Eradicating IT spends – ERP integration in the current times does not need networking equipment or on-site servers. This facilitates the remote spending of systems. Also, businesses do not need to invest in recruiting specialists for maintaining cloud based ERP systems or managing data centers. ERP systems help enhance security & capabilities & also eradicate IT costs.
ERP systems execute automatic updates which are why there is no need for allocating resources for the purpose of hardware, database licensing, by organizations. Along with that, IT teams need not waste resources or time on handling disparate & manifold applications maintaining new versions of the applications, etc.
- Save resources & money – Businesses that do not carry an entire view of their data; can lose out on a lot of capital. They might take vital decisions at a slow pace because of un-synthesized information or might take hasty decisions by depending on incomplete information.
Hard-wearing businesses in the current times are investing more in systems that will help them complete tasks in an efficient & timely manner. When there is unified access to important data via automated ERP software, it can largely help entities be more profitable by enabling them to:
- Close the books quicker
- Streamlining the quote-to-cash procedure
- Decreasing the cycle times
Such benefits are really appreciable when a business:
- Finds it to be understaffed
- Thinks of restructuring the processes
- Evolves for fulfilling transforming market demands
- Attains less revenue because of changing revenue market models
It is true that severe disruption in business has surfaced in manifold industries due to COVID-19. People all over the world need to undergo strict lockdown for containing the virus. The government is working day in & day out not just for curing patients but also for upholding the shattering economy. IT industries currently support numerous industries like manufacturing, healthcare by crafting solutions that will guarantee business continuity via remote working. The effect of COVID-19 on the avant-garde ERP industry is now making the market even more scalable & powerful. ERP systems will enable organizations to easily engage inaccurate process planning & adoption of highly modern technology.
If you also want to stabilize your business operations in these changing times, contact us at exactllyERP. In such unparalleled times, you will always find us with you as we offer up-to-date support & guidance for helping you fight uncertainty. Coping with subsequent risks seamlessly is possible with us. Connect with us today & opt for a free demo.