Question-   Benefits of ERP system

Solution-

Benefits of ERP system

 It is impossible for one to notice or identify the impact of enterprise resource planning systems in the modern world. Some of the benefits which are likely to accrue to any business or corporation using an enterprise resource planning system include the following:

  1. Improved business insights. In the modern world, it is all about knowing how to keep a competitive advantage over competitors. An aspect that can only be attained once the organization understands the needs, trends, and preferences of the business market, which in this case are the consumers. The enterprise resource planning system helps organizations to oversee future changes and how they can improve their operations since information is shared across the organization.
  2. Improved collaboration. Although the features of the enterprise resource planning system may differ slightly depending on the program that an organization can be used, all ERPs help in collaboration. As the information is more centralized within the organization, units and different employees can have a common ground where they can share insights and ideas on ways they can enhance performance and productivity(Monk & Wagner, 2012). Since all the information is stored in a single database, it creates room for accuracy and access, which can, in this case, enhance teamwork.
  3. Better analytics. As the enterprise resource planning system is comprised of a centralized database, data, or information stored is more accurate and helps in improving the analytics. Since all enterprise resource planning system stores data in one server, but accessible to all within the organization, then detailed and well-thought-of decisions are arrived at. The Enterprise resource planning system also makes it easier for each team from distinct units to generate reports which are aligned with the available data.
  4. Improved productivity. It is unquestionable on the level of productivity that the enterprise resource planning system enhances in an organization. As compared to the traditional system, which was tedious and tiring, the modern ERPs are faster and effective, therefore enhance productivity. Tasks such as monitoring inventory, generating reports, and processing orders which used to take more time in the traditional systems are now being done in seconds. If an organization is able to choose the correct enterprise resource planning system, then it has an added competitive advantage since work is executed faster and diligently.

 

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