7 Ways ERP Adds Value To Your Company
Updated: Jun 14, 2019
Integrated software is not new to the game, but the efficiency of the features is what sets one system apart from the next. Even though you've surely been hearing more and more about apparel PLM and ERP and how they are beneficial for businesses, you still may not have a full understanding of what it really is and how it creates value for your brand. How does it exactly benefit your company? How does it contribute to the bottom line?
ERP systems are gaining popularity at a tremendous rate, and it is without a doubt that they are a boon to any organization trying to beat the competition by being the best in the business. The most compelling way for any organization to create value is by investing in its IT system, and indeed no other system does this better than ERP Systems. Some of the benefits added to your business by ERP systems include:
1. Saves time
The need for quick information is a major challenge facing organizations as they run their operations. In a bid to make crucial decisions and execute business operations efficiently, prompt access to all essential information is a necessity. ERP enhances coordination in all transactions and simultaneously aligns workflow by processing them per priority.
Not only does this enhancement enable various organizations to save precious time in conducting business, but it also improves how quickly organizations make crucial decisions affecting them.
2. Improving Performance
ERP provides organizations with business support tools such as executive information systems, early warning system, decision support system, and reporting. This enhances business processes and better decision-making. ERP addresses the current needs of your organization while providing an opportunity for refinement and improvement in the business on a continuous basis.
3. Management of customer relations
In any organization, alienating the customers is a recipe for failure. What grows an organization is how well it handles its clients. An ERP system enables managers to have a detailed look at every customer relationship and ensures that communications with their consumers are timely, informative, and efficient. The more information you have, the better you can fulfill the needs of the customer. ERP provides you the input to remove what your target doesn't want and replace it with more of what the numbers say they do want.
4. Increased Profit
The more customers buy the more money you make. The less money you waste on unwanted product the more money you save. It's a win-win for the customer and the company.
5. Lower costs
Every budget aims to lower costs while maintaining quality and integrity of the brand. By utilizing apparel PLM and ERP you can lower costs with more efficient planning of supply chain and distribution activities as well as shortening development times by using feedback from real time reports with actionable information delivered straight to you.
6. Strengthen performance of business
To survive an omnichannel business environment, it makes sense to synchronize all the input from your business into one system. ERP enables an apparel company to assess and adjust any part of the supply chain in real time. You have the ability to increase or decrease inventory, change lines according to customer spending trends, seamlessly introduce new products, and re-analyze costs.
7. Increased productivity
Less time is wasted guessing what to order, design, ship or purge. More time is spent implementing new strategies, adjusting inventory, and planning new lines based on what your customer is reacting to right now. No more waiting for statistics until later, you can move to improve the ROI right now with ERP.