The evolution of e-commerce and the internet has led to more efficient computerized systems for businesses. This ended the manual procedure for recording information as the exponential growth of data requirements needed to be addressed through automation. Migrating reports from spreadsheets to actual-time recording also increased the volume and reliability of the information. Then, companies had to make sure that the data should be made available to different units of the organization instantaneously, or in real-time.
Information as a vital tool
Businesses that have real-time access to information, from the different stages and locations of the process to the current status have a competitive edge and can respond better to different situations. This kind of business intelligence enables urgent analysis and empowers precise and quicker decisions. They relate better to their markets and can look into other factors such as pricing, process improvement, regulatory requirements, customer expectation, and more. They can also identify strengths, weaknesses, opportunities, and threats to be able to adjust accordingly.
Technology as an enabler
Integrating information across an organization can be made possible through a reliable cloud-based enterprise resource planning (ERP) system. Through a common database in the ERP system, management and key employees will be able to track the movement of the business and see how it is performing. Implementation and adaptation become more efficient at less time.
One leading cloud ERP software solution is NetSuite, which is being used by 22,000 customers worldwide. It is an ERP system with built-in flexibility, commerce-ready application, and data analytics.
“NetSuite is engineered to streamline mission-critical processes. In turn, this allows businesses to continue focusing on what they do best and to react to new market opportunities swiftly and confidently. From financials to supply chain management to billing and beyond, NetSuite ERP gives companies clear visibility and control of their businesses,” according to the company’s website.
The strategy will be key
The success of a business adapting a reliable ERP system will depend on its strategy. In an article 50 Critical ERP Statistics: 2020 Market Trends, Data and Analysis, Grow Wire Trends Editor Justin Biel states, “To execute a successful ERP implementation, companies must have a clear vision of new system requirements to create alignment throughout the organization. Choosing the right vendor and assigning an internal implementation team increases the chance of project success. Although ERP implementations can be challenging, data and statistics show many companies exceeding and even surpassing implementation efficiency expectations.”