There could be several things that can limit the growth of your growing businesses such as the lack of process amalgamation, dealing with repetitive processes, managing finance & accounting practices manually, dissatisfactory order fulfillment, etc.
If any of the above exhibited is stopping your business growth, you need a ERP solution to align with your current workflow as well as reinforce your futuristic requirements.
To support this statement, let’s study what one of the market researchers are saying about the ERP solution:
According to Statista, ERP market revenue is expected to reach USD 62.36 billion by 2028 at a CAGR growth rate of 4.48% for the period of 2024-2028.
So, with this market insight, you can have a clear idea about how implementing ERP for growing businesses is in demand.
Now, let’s understand how ERP plays an essential role in growing businesses to drive growth, increase productivity, and maximize efficiency.
Certainly, you may imbibe multiple processes in your business. So, let’s take it one by one and have a brief overview, considering each to understand the distinctive role of ERP there.
Better Inventory Management
You can manage your inventories on the initial level. Once your business starts growing, you can’t ignore your growing business needs, or else you will end up compromising with time, productivity, and outcomes.
Relying on manual inventory tracking will also not help you gain efficiency. Moreover, tracing the product will be quite complex.
Here, ERP software can transform the way of managing inventory levels. Yes, you can be aware of the actual inventory flow across your inventory process cycle. It enables you to keep track of the right inventory levels across your warehouses, in the supply chain, or which are out of stock.
When you know your inventory status in real-time, you can ensure seamless and faster order fulfillment eliminating last-minute order cancellations which can dissatisfy your customers.
Moreover, the ERP system can also help you trace your products after the order fulfillment either for product recall or customer return/refund purposes. This can boost your customer experience and hence, can help you maximize business growth.
Improved Customer Relationships
To maximize growth, building customer relationships is imperative indeed. Again, personalization is the all-time key factor that can help you attract and acquire new customers as well as retain the existing ones.
Now, let’s understand how this can work.
Offering personalization to your customers requires knowing your customers and this can be possible through AI-Powered ERP. Quite exciting right?
Yes, with the help of ERP software, you can know your customers' preferences and can offer them accordingly. Certainly, this doesn't require the manual process. All can be done through cloud-based ERP wherein you can define certain conditions to promote a specialized product range or offer discounts to specific customers and send lucrative deals to customers who have been inactive for a long time.
Moreover, when you lack tracking right inventory levels, you can miss order fulfillment, your customers can experience order delays, and yes, you won’t be able to effectively listen to your customers and give them timely support.
Having AI-based ERP systems can help you streamline the order fulfillment process, eliminate delays, and prevent order cancellations due to product unavailability.
Apart from this, when your customer connects with you for support purposes, you can provide them timely support through AI-powered ERP wherein an AI-based chatbot can resolve general queries and their concerns can be resolved through cases & help desk.
So, you see, how ERP can simplify the entire customer journey and can participate in your company’s growth and scalability.
Optimized Multi-Warehousing
If you have multiple warehouses at multiple locations, manually managing and tracking each warehouse can be a cumbersome process. Moreover, managing and tracking inventory transfer and inventory adjustment can’t be simplified if you don’t have a cloud-based ERP system.
When you switch to the cloud-based ERP, you can Know the status of inventory levels in each warehouse, which product is lying in which aisle in the specific warehouse, which product is in the 'pick pack ship' process, and which is on the way to the customer.
Additionally, you can keep an eye on real-time inventory status and manage inventory transfers and inventory adjustments in case the inventory gets adjusted or travels from one warehouse to another.
Streamlined Supply Chain Management
Again, manual supply chain management can bring gaps, delays, and inaccuracies which can directly impact your customer experience and overall business growth.
But yes, having a smoother supply chain can improve efficiency, ensure quality, and increase productivity which in turn can reinforce growth. All you need is to upgrade your system with cloud-based ERP.
To simplify your logistics part, integrating cloud ERP with logistics solutions can also help you centralize your data and enable smoother supply chain flow.
With LionO360, it can be a surprising deal for you as it comes with integrated logistics solutions wherein you can integrate your favorite logistics partner out of the available. In fact, you can enjoy the integrated process of warehousing.
Simplified Finance & Accounting
You may deal with inaccuracy and efficiency if your system is lacking in finance and accounting capabilities. Even your workforce may take lots of time and energy to create and generate reports.
Apart from this, if your finance data is not synchronized and accessed by the other departments such as sales, accounting, etc., This can affect your other processes as well.
With the help of cloud ERP equipped with finance & accounting capabilities, you can streamline your finance & accounting data and can quickly generate reports that can be shared with other departments within the organization.
Further, access to synchronized finance data can help other departments reinforce their processes and make interdependent informed decisions.
Moreover, decision-making can be quicker with the help of AI-powered ERP which can provide insights through AI configured finance chatbot. With LionO360, you can leverage this functionality as our finance module comes with a built-in AI chatbot.
Access to Custom Reports & Analytics
Generating reports manually can’t ever make a difference. Since it can be time-consuming as well as can imbibe inaccuracies. In turn, it can delay your decision-making as well as can impact end-to-end efficiency.
Using custom or dynamic reports can help everyone in the organization to make decisions instantly without waiting for dependent data or processes.
Now, the question is how to generate custom reports. To ensure such, implementing cloud-based ERP comes with Saved Searches functionality is inevitable.
Yes, Saved Search is a powerful functional capability that helps search data using any module in the ERP system. Further, these saved searches can be added to the reports section or can be shared with people in your organization.
Eventually, it opens the door to versatile data and customized reports generated and suited to specific situations or conditions that help make specific and seamless decisions in real-time.
Decision-making & Forecasting
Making the right decisions at the right time can help improve the existing strategies as well as plan efficient strategies further and can support overall productivity.
From marketing to sales and warehouse to customer fulfillment, your workforce is required to make instant efficient decisions to ensure a smoother sales pipeline, streamline customer relationships, seamless flow in warehousing activities, and more.
Based on reports & analytics and actionable insights, you can forecast sales outcomes, monitor income & expenditures, and more.
You can even monitor your sales team's performance, define sales quotas, and can forecast your sales. Also, you can acquire real-time updates on inventory levels preventing waste due to product overstocking.
By estimating the customer or product demand, you can strategize your production cycle, define the delivery model, and can improve your customer experience by offering them a customized deal all through leveraging built-in ERP for small and medium businesses like LionO360 ERP.
Global Compliance & Regulations
If you are planning to scale your business in global locations, ERP for growing businesses like yours becomes a pivotal need indeed. Yes, you can effectively stay compliant with global and industry regulations which in turn enables you to monitor and deal with potential risks.
For instance, having simplified access to employee data comprising employee training certifications, health & safety incidents, etc., can help reduce the risk of penalties associated with non-compliant activities.
So, this is how cloud ERP is essential that helps and simplifies your global business management as you can leave your worries aside and can focus on your business growth and expansion in the global marketplace.
Time to decide? Choose LionO360 ERP!
Well, choosing the best ERP system can help you level up your business capabilities, bring efficiency across your processes, and transform your overall business flow to maximize productivity and reduce costs.
At LionOBytes, we offer an advanced functionality-enriched best ERP system i.e. LionO360 ERP. A powerful business solution helps you manage your entire business line from marketing to sales, finance and inventory to customer cases & help desk.
To acquire more information on this, our experts are available to serve.
Frequently Asked Questions
What is an ERP system?
ERP system comprises all the modules that help your business to manage end-to-end business processes from customer to inventory, finance, warehousing to supply chain & logistics, and more.
All these modules use centralized data that allows access to each business process and enables visibility across business performance while minimizing manual redundancy and promoting data accuracy.
Connect with us if you want to manage your end-to-end processes. We provide highly customized cloud-based ERP for small and medium businesses.
How does ERP work?
ERP is a business solution that leverages data across your processes or departments. It eliminates manually managing your business activities and automates the repetitive processes that save time and introduce efficiency in your business.
With the help of real-time data such as visibility into key performance metrics, financial reports, customer behavior, sales orders data, warehousing analytics, etc., you can enable your workforce to make strategic and informed decisions.
ERP can also be integrated with your existing system or applications to synchronize and automate data for centralized data accessibility and bring efficiency.
What are the advantages of cloud-based ERP?
Cloud-based ERP reduces your post-implementation costs as your ERP vendor takes care of your lifelong system maintenance and upgrade needs.
All your data remains secured and available with a 360-degree view as people in your organization can access, share, and leverage the required information using any device and from any place. They can make instant decisions eliminating the dependency on others.
Moreover, process automation can free up your workforce so that they can focus on other core tasks. This can help promote efficiency and increase productivity. With reduced errors and increased accuracy due to automation, it allows you to reduce the associated costs.
So, if you are seeking to implement ERP for your business, shaking hands with LionOBytes can be a fruitful decision. Contact our experts as we provide custom-built cloud ERP for small and medium businesses.
