This blog post is part of a series on the “Future of ERP”. In the next few weeks, we will look at the next generation of Enterprise Resource Planning systems, what to expect and what’s already available. Catch up on last week’s post, Respond Quicker to Customer Demands with Your ERP.
In the ultra-competitive industries of the 21st century, capital is necessary to keep pace with larger, more heavily funded companies. This is why smaller companies, especially, need to promote cash flow from within, by removing redundancies and inefficiencies when dealing with customers and sales opportunities.
The next generation of ERP systems should enable you to drive profitability from within by:
Protecting your Margins
It is important to know your profit margins. Successful companies have the ability to analyze their profit margins from many different scopes such as per customer, region, or time of year. The right ERP solution will give your company total clarity and the ability to track all costs, key performance indicators (KPIs) and create personalized dashboards for important information.
Mastering your Inventory
With a comprehensive ERP solution, know not only what you sell, but understand which products are selling the best. Use key insights and product information, to track changes in demand and strategize which products or services are best bundled together.
Maximizing Cash Flow
A simple solution, such as automating payment collection can influence cash flow dramatically. Protect your cash flow by easily tracking who has paid and who still has outstanding balances on their account.
Expanding Online Opportunities
Maintaining an online presence is quickly becoming the most important way to grow your customer base. With a modern ERP solution, remove the complication of coordinating your inventory with your website. Easily integrate all inventory from your ERP into your online platform and drive sales with updated real time product information for prospective customers.
What else should your ERP system be doing? Find out by downloading our complimentary eBook, “The Future of ERP”.