In today’s digital world, no business can scale up without an enterprise resource planning or ERP application. There are simply too much information and too many processes at an enterprise level to manage a hodgepodge of software systems efficiently.
But how do you know when to take the plunge? This question is not as simple as it sounds, especially since no single definitive indicator tells you when to see your Wild Tech cloud based software consultants. Still, growing businesses who have transitioned to ERP faced similar problems that were solved only by unifying their business processes, and you can learn much from their experience. Here are some of the signs that told them “it’s time:”
- You Are Adding People Faster Than Your Revenue Growth
If your hiring rate is outpacing your revenue growth, it is an indication that your productivity is lagging. It means that you are getting fewer results for the man-hours that you are putting in. It can be caused by inefficiencies in the system that you are now exposed to after expanding your operation.
A robust ERP software can help you eliminate these inefficiencies and boost your productivity significantly.
- You Do Not Have Immediate Access to Key Business Information
If your company still relies on spreadsheets for reports about sales growth, order status, and other critical performance metrics, it would take time for you to find out how your business is really doing. These tools have to be manually updated and reconciled, an inefficient way to manage essential data. With the increasing pace of a growing business, this could lead to catastrophic consequences.
Wild Tech cloud-based software consultants can point you to an ERP with data analysis tools that can give you the needed information instantly.
- Accounting Takes Much Time
When on the lookout for signs if you need ERP, your accounting department is a good place to start. If your invoices and sales orders are still paper-based, chances are you would end up wasting precious man-hours every week from inputting figures into whatever accounting system you are using. Reconciling financial information in this manner or using spreadsheets can have a significant impact on your operation.
Consolidating all your financial data in a single database will increase the productivity of your accounting department.
- You Have Longer Cash Cycles
If you are now experiencing cash shortage due to delayed collection from your accounts while your payables are piling up, you need more real-time access to orders, receivables, and payables. This will give you enough time to react before cash shortfalls manifest as a problem.
- You Have a Convoluted and Tedious IT System
As a business grows from its infancy, it is normal to build upon capability by adding upgrades or separate software to meet operational needs. There comes the point where your patchwork of systems becomes too complicated that operating it is no longer efficient, even detrimental. What is more, updating these systems further is expensive and time-consuming, with the risk of losing the customizations you already paid for.
Wild Tech cloud based software consultants can help you simplify everything into one cohesive system. They can guide you to an ERP that will best fit your company, enabling you to meet the growing needs of your growing business.