What is an ERP System? How Does It Add Value to Your Enterprise?

The term “ERP” or enterprise resource planning applies to a collection of software programs that companies use to oversee day-to-day business processes such as accounting, project management, risk management and compliance, procurement, and supply chain operations. A comprehensive software suite also incorporates enterprise performance management (EPM), which is software that aids in the planning, budgeting, prediction and reporting of a company’s financial results.

The programs in an ERP system share a database, which enables the system to define and connect diverse business processes and expedite the data flow between them. By gathering an organization’s common transactional data from numerous sources, an ERP system eradicates data duplication and maintains data integrity to make sure that each piece of business data is stored in exactly one place.

Beyond the Basic ERP System

The biggest benefit of a basic ERP system is obvious, because a fully integrated and automated system expedites both data flow and work flow across all business processes in your company while providing more visibility into those processes. But if you implemented a more cutting-edge ERP system–such as SAP Business One–that harnesses the power of machine learning and AI, what additional but equally business-critical advantages would your company enjoy? Here are some important ways that SAP Business One that adds value to your business:

  • Increased productivity. Do more with fewer resources, thanks to streamlined and automated business processes.
  • Improved insights. Remove information silos, eliminate data duplication and make quicker business decisions.
  • Faster reporting. Speed up business and financial reporting and easily distribute results.
  • Better risk management. Boost business control and transparency and keep up with compliance requirements.
  • Simplified IT. Retire multiple 3rd-party standalone software tools, because the integrated ERP shares a database among all business functions.
  • Enhanced agility. Access real-time data to rapidly respond to new opportunities as they arise.
  • Reduced operational costs. Pare down the cost of managing your business across all business processes from financials, inventory, purchasing, sales, customer management and more.

Many growing businesses upgrade to SAP Business One when standalone tools no longer meet their business needs. If you’re ready to move up, Consultare is an SAP Gold Channel Partner that can assist you in selecting the best SAP Business One solution for your company.

Want to learn more? Contact us today.