Enterprise resource planning (ERP) software is a system that streamlines and integrates the mission-critical processes required to run a business, such as finance and accounting, human resources, inventory management, and so on. MYOB Advanced and MYOB Exo are two examples of ERP software.
It’s not just large organisations that benefit from this game-changing software. ERP for small business empowers teams, enhances productivity, cuts costs, and saves time. If you are a business owner – whether you’re looking to improve your eCommerce processes or boost your hospitality business – there’s no time like the present to take a closer look at how a tailored ERP solution could transform your operations.
Here are ten reasons why ERP for small business is a must.
ERP for small business: ten game-changing benefits
1. Data-backed decision-making
Consistent, reliable, and accurate data is crucial to making prompt and informed decisions that will benefit your small business now – and for years to come. ERP software delivers the information your team needs to iron out any issues, evaluate orders, check stock levels, monitor budgets, and more.
2. Enhanced communication
Poor communication can sabotage decision-making, resulting in errors that could be costing your business precious resources. Employees in a single workplace may find fast and effective communication easy, but times have changed, and many businesses large and small are transitioning to a remote workforce.
The modern-day business requires a seamless information flow between employees. Otherwise, vital data may be missed or forgotten. An ERP solution enables data to move without a hitch between team members and departments, ensuring everyone is up-to-date and informed on business activity.
3. Monitor business performance
ERP software monitors data in real-time. Small business owners can jump in and investigate their business processes' performance, identifying those that are excelling and making note of those underperforming.
Armed with this information, team members can make meaningful changes to address any issues and improve overall performance.
4. Centralised information storage
Businesses are collecting more data than ever before. Storing, analysing, and utilising these insights can be a challenging hurdle, especially for small businesses with fewer resources.
ERP may be the solution. By keeping data in a single database, employees can effortlessly access the information they need, when they need it. Because there is just one source of truth, staff can draw conclusions using data with confidence.
5. Improved customer service
A small business ill-equipped to handle the never-ending flow of customer requests can result in a mountain of pending orders, unanswered emails, and more. This can be detrimental to customer acquisition and retention.
An ERP can make customer service easier by ensuring your team have the information they need to respond quickly and accurately. Using our customer portal app, it’s also possible to give customers access to their information so they can add and track orders themselves.
6. Scalability for long-term growth
The majority of small business owners have their sights set on long-term growth, but many find themselves unable to cope with increasing demand when their hard work starts to pay off.
ERP systems support business growth by allowing you to scale your service up or down and add new capabilities as needed. ERP add-ons enable total customisation, so you can ease growing pains and enjoy your success.
7. Increased productivity
According to research, roughly 50 per cent of employee time is wasted on ineffective tasks. In theory, small business owners could almost double their team’s productivity, which boosts performance and cuts costs.
ERP for small business streamlines processes by automating tasks and organising data. Workers are then freed up to spend more time on their core duties.
8. Streamlined collaboration
If required, an ERP solution can be configured to provide employees in every area of a business with limited or full access to the same data in one, centralised location. This provides ample opportunity for collaboration, as each team member is tuned in to the business’s strengths and weaknesses.
9. Reduced operational costs
With access to real-time data, businesses can uncover and pinpoint ineffective operational processes, make changes and track and measure the results. With a continuous improvement mindset, teams can repeat this optimisation process to drive efficiencies.
10. Competitive advantage
Companies that succeed don’t fight change – they embrace it. New technologies like ERP software give small businesses a competitive advantage by helping teams better differentiate their service, optimise processes, cut down delivery times, improve customer service, adapt to market conditions, and become more agile in their overarching strategy.
Experience the benefits of ERP for small business
Ready to find out what an ERP system could do for your business? Get in contact with the team at Exobiz. Our ERP specialists can help you implement a tailored MYOB solution that will set your business on the trajectory of efficient, profitable growth.