7 Industries that Capitalize on ERP Systems for Higher ROI

7 Industries that Capitalize on ERP Systems for Higher ROI

Posted on Posted in erp solutions, ERP Systems, Microsoft Dynamic 365 Business Central, Microsoft Dynamics 365 Business Central, Productivity, Productivity, Technology

ENTERPRISE RESOURCE PLANNING (ERP)

Definition;
“ Integrated suite of business applications.”

At its core, an Enterprise Resource Planning (ERP) system  is software that helps a business maintain its business activities on a daily basis, such as accounting, risk management, and supply chain operations. Modern complete ERP suites also include enterprise performance management: software that helps plan, budget, predict, and report on the financial structure of an organization.

Digital transformation has made ERP implementation an essential tool for organizations of all sizes. A good ERP system enables the flow of data between all business processes. A great ERP system eliminates duplicate data and provides data integrity to maintain business resilience.

Sure, not all industries are the same. Everyone has different requirements and processes. But how exactly can different industries capitalize on this powerful tool to achieve more?

MANUFACTURING & DISTRIBUTION

Manufacturing and distribution companies face intricate balancing acts, juggling rapidly evolving consumer demands with the internal need to constantly streamline and improve margins. It is with these challenges in a highly competitive industry that the value of ERP is easily realized.

Inventory Control

At the heart of every manufacturing and distribution company is inventory. Real-time monitoring of internal and external stock movements reduces the reliability on offline systems and decreases the margin of human error.

Product-Market Analysis & Pivoting

A robust ERP system provides for various configurations of data presentation, allowing manufacturers and distributors to identify best performing products and markets. This, in turn, enables these companies to gain better business intelligence and insights, improving decision-making.

Streamlined Supply Chain

Supply chain management is complex as it is. Managing different aspects of the business from production floor to order fulfilment on different platforms adds another layer of clout. Here’s where ERPs come into play, eliminate silos, efficiently linking purchasing to production, to sales, to invoices, shipping and beyond.

CONSTRUCTION & ENGINEERING

Construction and engineering are a highly competitive and even higher stakes industries. Amongst the oldest and most traditional trades since the Industrial Revolution, these firms now find themselves having to secure a fast-track seat on the digital transformation bandwagon to prove worthy to compete in today’s landscape.

Accurate Tender and Project Planning

Overlooking crucial learning points from past projects and details hiding in the deep recesses of different unconnected systems makes cost and project bidding a blind gamble. This is where hosting all data and information on a centralized ERP system sets construction companies up for success, providing accurate and actionable data, allowing them to optimize project planning and have more efficient management of tenders, costs and deliveries.

High Level Project Management

A successful construction or engineering firm manages more than one client/project at a given point in time. With all the information related to all ongoing and lined up projects available within reach of a few mouse clicks, construction and engineering companies can better manage overall project manpower, processes, resources and completion.

Efficient Reporting

The ability to track real-time data pays off by producing highly accurate reports. From tracking manpower, resources and equipment to progress, an ERP system puts the power in the hands of project managers, giving top management genuine business intelligence where it counts and assurance of accountability for regulatory compliance.

Data Security

Construction and engineering companies process a huge amount of data, from proprietary specifications, regulatory submissions to vendor information, client requirements, and much more. Having a competent ERP system with robust access security reduces the chance of missing information. This also reduces the risk of unauthorized access as opposed to hard copy files that may fall into the wrong hands. Having information available digitally also means that it can be accessed by project managers and relevant parties wherever they are, whenever they need it.

PROFESSIONAL SERVICES

Behind the suite of professional services lies Customer Relationship Management at its core. Each provider, whether lawyers, accountants, wealth planners or the full suite of other professional services depends on a strong grasp over details customer files to provide detailed, personalized service. Where traditional hard copy files lacks in CRM, an effective ERP system picks up, helping them stand above the rest in quality customer experience.

Accurate Financial Data & Reporting

ERP helps maintain real-time, accurate data for client financial reports like income statements or balance sheets with a greatly reduced margin for human error. This also enhances the ability to provide in-depth analysis and accurate recommendations.

Efficient Case Management

Transparency and reliability are inherent traits of ERP implementation. Professional services providers can tap on the technology to track cases, progress, record significant findings and information pertinent to cases without worrying about missing data.

Increase Billable Hours Capacity

With an integrated, centralized ERP system, labour-intensive data entry processes can be cut down by automated processes. Who minds freeing up valuable time which can be spent more effectively on billable hours?

Business Continuity & Security

Case files and data no longer need to reside in paper documents, nor rely on people’s memory. This is crucial in allowing for cases to change hands smoothly without disruption to the service provided to clients, vastly improving service credibility.

FIELD SERVICES

From equipment servicing & maintenance to pest control to landscaping and other on-site service providers, the challenges are the same – managing multiple job sites, technicians, customers, equipment & schedules. All this can prove very daunting very quickly, especially when business processes depend on separate, siloed systems.

Increased Sales Potential

Automating client schedules for repeated services is a must-have function for Field Services sales. ERP systems help companies keep track of which customers were provided what services and when. This gives them the ability to predict and target future recurring business and provide better, personalized customer service.

Reliable Project Management

Field Services companies can leverage on ERP systems to lessen downtime and increase billables. With the power of knowing when each piece of equipment will be out of service for maintenance, where each site technician will be deployed at any given time and what jobs have been completed or are pending further works, the sky truly is the limit.

Enhanced Business Process Efficiency

Field service technicians often find themselves in a situation that requires additional resources for a job to be completed. They would have to file paper forms, wait for approvals and then reschedule for the job to be completed. With an enhanced modern ERP system, these processes can be reduced significantly from a few days to a matter of minutes. The benefit of this is simple, less redundant downtime and a shorter project cycle so more can be done in the same time window, giving these companies a higher ROI on their ERP system.

OTHER INDUSTRIES

RETAIL & E-COMMERCE

As with manufacturing and distribution companies, ERP makes customer and vendor management a breeze for retailers & e-commerce players. Not only can ERP help in maintaining operations, automate supply chain and order fulfillment processes, it is the missing link between providing customer service and service excellence. To top it off, the ability to analyze and predict product marketability is a huge plus point.

HOSPITALITY/F&B

At its core, a dependable ERP system allows you to track data across business all business transactions. This comes with reservation management, point-of-sales management, customer service management and any data touchpoint in between. ERPs help these companies gain more control over sales and business projections, purchasing and resources deployment and routine paperwork. This empowers their teams to be more productive. Additionally, another key benefit hospitality and F&B companies gain from adopting an ERP system is the ability to maintain and improve quality standards.

HEALTHCARE

Data accuracy and security are of utmost importance in the healthcare sector for many obvious reasons. Undisputedly, one of the biggest benefits of ERP systems in Healthcare is the increased patient safety. Being able to log in to a patient’s crucial case files across multiple providers could mean the difference between life and death decisions. This creates significant impact to the entire care cycle from medical decisions, financial planning & counselling to rehabilitative care

IN A NUTSHELL

While it is true that every industry comes with its own, diverse set of challenges. Regardless, implementing a robust, effective and reliable ERP system is fast becoming a differentiator, weeding out companies who have fallen behind and catapulting technology adopters to greatness.

Wondering how ERP can help your business specifically? CRT Insights Technologies not only provides world-class ERP solutions but also expert advice from experienced regional consultants. No matter what trade you are in, CRT’s got the solution to make your digital transformation a breeze.

This article is part of a campaign for CRT Insights Technologies’ Live-in-5 programme. Ask us what are the 5 easy steps to fast track your company’s digital transformation today!

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