Enterprise Resource Planning, also known as ERP, is a business-management software program that can help you run your business by storing, managing, and interpreting data. The integrated applications are designed to organize multiple facets of a company, enabling it to run more efficiently. When you have a computerized program monitoring your business’s information, financials, and materials as they move through the supply chain, you can keep track of what’s happening in each area at all times.
To keep tabs on your manufacturing sectors, for example, you can rely on the real-time data provided by your ERP. With easy access to information, you can improve product design to create more environmentally friendly products, reduce the cost of production, and keep track of the inventory you have in stock. The financial management capabilities of the program handle your general ledger, accounts receivables and payables, as well as your financial reports. You can also monitor your human capital via these applications, in terms of record keeping, talent management, compensation, and recruitment.
The efficiency you gain by purchasing an ERP program makes it worth the investment, because it allows you to reduce operational costs by 23% along with many other benefits. To learn more about the benefits of implementing an ERP at your small business, take a look at this infographic by ERP experts AlfaPeople.