Why Your Ghanaian Business needs an ERP System
Getting a system that makes your work easier has always been the goal of many businesses in Ghana. Imagine not having to sign in to several applications just to get work done.
Key Benefit of an ERP System
Enterprise resource planning (ERP) is used by organizations that need to manage their business operations within a centralized and integrated system. ERP is commonly used by businesses with a supply chain to help keep track of all the logistics of manufacturing and distribution. However, an ERP system can be utilized by different industries including those in healthcare, nonprofit groups, construction and hospitality.
Let's say you are a pharmaceutical company with several warehouses and shops and you need to work with suppliers, sales people, government agencies, hospitals, customers etc.
With an ERP system, you manage new prospective clients as well track the progress of your sales people, create Supplier's quotations & Purchase orders and send them directly via the system, use the retail module on the shop floor send invoices to customers, receive payments and generate receipts. You can also track delivery of packages, have access to intelligent business reports relating to you financials, taxes etc. Essentially, an ERP system covers about 99% of your business operations!
Why Choose an ERP System for your Business in Ghana & beyond
The following are reasons why an ERP system is better than others and its unique features make it a distinctive competitor in the software market.
1. You Save Money
ERP systems are a big investment. That may seem unlikely but it's a fact. Do you realise that when you buy different solutions from different vendors, you will need to pay and schedule trainings for your staff on all these solutions? You can also imagine the logistical effort required with each software implementation & training. With an ERP system, you reduce the cost involved in training as well as logistical effort. Your staff also utilize their time more efficiently. With ERP, users don’t have to hunt down a piece of information across multiple systems. With the central database, information is much easier to retrieve.
2. Collaboration Improves Significantly
The centralized database is an integral part of what makes an ERP system unique. With this database, you provide your company with a single source of data to work with. This reduces any errors brought on by working with the incorrect data, further reducing costs. In the right ERP software, users can communicate directly via email, notes & comments. there’s no need to merge information across various systems or sources. Because all of the data is compiled, stored, shared and accessed through a single system, there is no concern about how accurate, complete or secure the data files are. Without an ERP, you invite human error into your processes when it could easily be avoided.
3. You get Better Analytics
An ERP records and stores all the data users input, making it an excellent business intelligence tool. Once you procure your ERP System from the right vendor, it is easier and faster for your team to generate various reports. With an ERP system, reports that could take days of research and compilation take just minutes.
Most ERP systems provide a customizable dashboard so management can see the reports when they first log into the system. These reports may include everything from revenue and expense statements to custom reports that offer insight into certain functions.
The ability to have access to these reports quickly enables you and your team to make better decisions more quickly. Lastly, reports typically come with access levels, ensuring only relevant staff see valuable company data.
4. Improved Productivity
If you choose the right solution, an ERP can automate your most tedious tasks. The database within ERP software eliminates redundant tasks such as data entry and allows the system to perform advanced calculations within minutes. This frees up your staffs' time to do more efficient work, increasing your ROI. From this, ERP increases your organization’s productivity, efficiency and profitability.
5. Simplified Compliance and Risk Management
As companies grow and do business in different countries, it can be difficult to keep track of all the different regulations imposed on your business. Even local companies need to worry about various environmental, information security and human resources regulations.
A good ERP is built with these regulations in mind to help you maintain compliance at every stage. ERP software also provides built-in auditing tools to assist with documenting things like tax provisions. This makes it incredibly easy to formulate reports and send them over to the relevant governing body.
Additionally, ERP often provides tools to manage risk. This solution’s enhanced reliability and accuracy improve overall financial management since there’s less chance for errors during accounting. Forecasting tools also allow users to predict events when it comes to demand, labor and budget. With this information in hand, you can create more secure budgets, schedules and product development plans.
6. Improved Inventory Monitoring
A major challenge for growing companies is tracking and monitoring their expanding inventory levels. ERP utilizes barcoding, RFID tags and serial numbers to keep tabs on your inventory at every stage during the supply chain. These tools help you keep track of inventory levels at different warehouses, which items are in transportation and which items are on the shelves ready for consumers. The increased warehouse visibility optimizes the pick, pack and ship process greatly, removing all the guesswork. Inventory monitoring also bolsters reporting, as tracking technologies provide more accurate numbers. Users can configure custom KPIs to see which products move the fastest — showing greater demand — and which increase carrying costs. With the greater precision provided by ERP, warehouse managers can get real-time data on their inventory to make more accurate business decisions.
7. Improved Production Planning and Resource Management
Along with managing your inventory, ERP also manages manufacturing. ERP provides insight into all manufacturing operations including the shop floor. This enables users to optimize production schedules, equipment and labor to maximize capacity. Additionally, ERP manages your Bill of Materials (BOM) and fixed assets. With this software, users can easily create and edit BOMs along with keep track of all previous changes. Fixed asset management allows users to schedule equipment maintenance to reduce unexpected downtime, improving your profitability and supply chain relationships.
Final words: The importance of ERP far outweighs the initial cost, time and effort involved in implementation if you choose the right solution.
Contact us on email@example.com / 0244144039 / 0257019292 for more information on features and functions, implementation goals, etc.
With enough careful research and thoughtful consideration, you’ll find ERP uses that provide all the benefits listed above showing you for why ERP is important to a company.
What benefits are you looking for in your next ERP? Let us know in the comments down below!