Steve Jobs once said: ‘You cannot mandate productivity; you must provide the tools to let people become their best’. In the modern business world, the software provides the tools, with ERP solutions housing suites of tools. But how can an ERP system deliver the promised productivity? Well, the ERP add-ons play a big part.
ERP solutions can deliver genuine benefits to a business. By drawing from a single centralised database that incorporates information from every area of an organisation’s operations – from inventory management and CRM to AP automation and HR – an ERP solution can streamline processes, reduce costs and ultimately boost the bottom line.
Research carried out by the Aberdeen Group revealed a clear range of advantages manufacturing companies using an ERP solution had over non-ERP manufacturing companies:
The most obvious advantage, of course, is that a company has a single place where it can store and view all data, making information more visible, easier to retrieve, and simpler to interpret.
But to ensure superior functionality, new and up-to-date ERP add-ons are needed.
According to Statista, the global cloud ERP market is expected to grow by as much as 13.6% annually, with its value anticipated to reach a value of $40.5 billion by 2025. The attraction of ERP lies in the ease of integration they provide.
Integration makes it possible to manage the vast web of software applications data is gathered from. Communicating this data between modules needs to happen seamlessly if the system is to be efficient. Otherwise, a company will see costs increase thanks to the need for multiple databases to host different data, the updating of individual systems and the hiring of dedicated staff to oversee processes.
Integrating with specific ERP add-ons allows a company to achieve much more much faster, including the implementation of advanced functionality in reporting, making in-depth analysis easier and helping a company leverage its investment even further.
Companies can pick individual ERP add-ons that fit best with their specific goals, while unnecessary modules can be removed or left out. So, invoice management solutions like Kefron AP Automation has the ability to sync with any accounting software by simply exchanging information directly with your systems, eliminating the need to rekey information.
Strong customer relationships are vital, regardless of the industry an organisation operates in. A CRM module, like Netsuite CRM, makes it possible to keep on top of customer data, providing such useful insights as buyer behaviour and purchase history, as well as interaction histories with leads, customers and prospects. As a result, customer service levels can be enhanced dramatically, and with its customer satisfaction rates.
One of the most critical modules for any ERP solution, strong invoice automation modules can make any company that bit more financially savvy. They can perform complex, real-time calculations providing far more valuable insights than general accounting can, as well as tracking the movement of finances in and out of the organisation – for instance, invoice payment management through Kefron AP Automation.
Keeping accurate track of the comings and goings of inventory can be extremely difficult. Which is why integrating a supply chain management module into an ERP system is so important. SCM modules, like that from Microsoft Dynamics, capture real-time data to identify and correct disruptions at any point, making it possible to make informed decisions, to plan for future demand and forecast trends.
An alternative to SCM is an inventory management module. This is a simpler ERP add-on which focuses on the flow of goods into and out of a warehouse. They typically provide real-time stock numbers and allow a company to optimise its warehouse space and include other features like stock level tracking and inventory receipt processing.
Another critical ERP add-on is a HR management module. A HRM, like SAGE HRMS, can collect vast amounts of complex data across every department in an organisation and correlate them. With this add-on it becomes easier to attain accurate insights, facilitate inter-departmental data sharing, compile specific data reports and manage personnel records and employee leave entitlements.
If you would like to talk to a Kefron’s team member and learn more about Accounts Payable Automation technology click here.