What is Business Management Software?
Business Management Software is designed to provide accurate, real-time insight and information into the daily running of your business, all while automating manual processes and improving operational efficiency.
Business Management Software is an efficient approach to managing not just your company’s finances, but your entire enterprise. The technical term is ERP (Enterprise Resource Planning).
It’s used when referring to solutions that enable you to manage all business operations effectively and easily from a central system. Because every facet of how you manage your business is connected into one simplified system, this helps to ensure all data and information is correct and up-to-date.
It includes closely-integrated modules to address functional areas besides finance that include:
Depending on your software vendor, you can incorporate an array of other modules into your ERP system to suit your business needs. By integrating these modules, your management, staff, suppliers and even customers can gain new insights and create new efficient processes that weren’t previously possible.
For example, a manufacturer may incorporate MRM modules which include capabilities such as:
+ Just-in-Time (JIT) Inventory
+ Point-of-Sale (POS)
+ Fixed Asset Management and;
+ Project Management.
The benefits of an ERP system
An ERP system can increase your organisation’s efficiency, improve business operations and help to grow your business. It will allow you to reduce manual processes, use analytics to better run your business, enable your staff to provide outstanding customer service and a whole lot more.
It is designed to be flexible and scalable, so it grows with your business by providing the applications your business needs now and supports the growth of your business in the future. The features included within an ERP system can seem endless, however, it aims to simplify how you and your colleagues manage day-to-day tasks.
Minimise duplication and reduce business errors
Does your sales team use the same system to track orders that the warehouse uses to manage stock? Is this the same system that your accounting team uses? Is it the same system that integrates into your eCommerce website? When staff use multiple and separate systems, you run the risk of duplicating work. This is one of the biggest causes of wasted time and resources. And when data is needed to be inputted into multiple systems, errors can occur.
If you find yourself or your staff duplicating data over several different systems, then you will greatly benefit from an ERP system. An ERP system can provide your entire team with access to the same, real-time data, eliminating duplication and re-entry errors.
Automate manual tasks
In business, time equates to money. Loss of time can mean the loss of revenue. So, if reconciling your financial records takes forever, you will benefit from an ERP system. It can be customised to meet your individual business needs and streamline day-to-day tasks. All while boosting productivity and dramatically reducing your operational expenses.
Access real-time insights anywhere, anytime
With an ERP system, you can control when and how often information is updated. You can also extract real-time data so you can run accurate reports. This is because your data sits in one place, rather than in multiple systems and tasks such as data entry is automated increasing the accuracy of the information that exists in your ERP system.
Having access to accurate reporting and real-time insights allows your business to improve the interactions you have with suppliers and customers as well as being able to use these insights to grow business opportunities. If you want to start making informed business decisions with confidence, the answer is an ERP system.
Accurate stock control
If your purchasing team doesn’t know how much stock you need, increased product demand can easily cause stock-outs. If a customer calls up enquiring about product availability or delivery date and you’re unable to provide a correct answer, you may end up losing that customer.
An ERP system can help you avoid these problems. It brings all your stock data together, so your staff can access the same real-time information in the same connected system. This means sales and customer service staff can accurately answer customer questions and warehouse staff can accurately monitor stock levels.
Preparing for Business Management Software
Think long term
An ERP implementation is not an IT project or a finance project. It’s a business project driven by business benefits. When you invest in an ERP, you’re investing in a company asset. Therefore, you need to look at what long-term benefits an ERP system can give to your business. If you are a growing business, you need a system that grows with you. If you’re finding that inaccuracies and errors are building and paperwork is mounting, then you need to start considering that an ERP system is worth the investment.
Know your business inside out
A new ERP system is a catalyst for change. To ensure the changes are ones that will improve your business, you need to create the right environment. To do this, take an honest look at how your business is performing and ask yourself these questions: Is business growth on pause or declining? Are competitors getting ahead – or worse – taking business from you? Do your staff feel motivated? How old are your business systems? Do you keep using them just because they’re familiar and comfortable? Are they working for you, or holding you back?
There is no point in implementing a new system to do exactly what your old system did. If you thoroughly know your business and you know why you’re making changes, then you can ensure that an ERP system complements those changes so that you and your colleagues get the most out of an ERP system.
Get everyone on board
To create a positive climate for change, you need the support of everyone in your organisation.
Members of your staff will likely have an opinion on how your business works and how it can be done better. When implementing your new ERP system, it’s a good idea to get their input. If the project is inclusive and your staff’s views are valued, it’ll help create a positive environment for change. Your staff will have a sense of ownership and empowerment because they were involved in the whole process. This will help you end up with a system that everyone is happy with and brings out the best benefits.
Experienced vendor partner
It’s important to involve an experienced vendor partner like Axsys early in the process when evaluating an ERP system. We can provide customised solutions for your business and use our industry expertise to provide a solution that is tailored to meet the needs of your specific industry. And with over 20 years’ experience in ERP, we have the knowledge, industry-insight and expertise to answer the challenges your business is facing by delivering a software solution that addresses your problems.
Axsys is here to help
To find out how an integrated, robust ERP system can perform repetitive tasks, accurately track financials and make your business more efficient, get in touch.
Successfully improve your business with ERP by filling out the contact form, or by calling our team on 1300 553 228 or by email: email@example.com>
We look forward to hearing from you.