Small and medium enterprises have been operating in India for a substantial period. Also, they are an eminent contributor to the socio-economic development of the country. However, the areas where SMEs operate are generally rural or semi-urban locations. They follow business practices which are traditional with insufficient or no technological support.
However, in today's world, the rapid advancement of technology and digital marketing makes it important for them to transform their way of business management to stay competitive. The surveys conducted by Oxford Economics came up with the results that 65% of the SMEs are unleashing technology in their business processes.
ERPs have been one of the most adopted digital and technological tools for them. Enterprise Resource Planning software is smartly designed to meet all their business needs and transform the way they operate the business. According to reports, several SMEs stated that since its implementation they have achieved efficient operation capability, improved visibility and the ability to capture big data of their business, hence, gaining a competitive advantage.
Enhanced business functions
For rapid growth, SMEs need to enhance their business processes and productivity. Without losing over the quality they offer, with ERP software, they can optimize and evaluate their best production practices and rates. It will help SMEs to gain an advantage over their competitors and cope up with the market needs.
With better production, small and medium enterprise can achieve substantial growth. However, without adequately planned business processes, SMEs cannot go beyond their horizons. ERP solutions assist them in the planning process which involves business stats and aids in business development efficiently.
Enhanced accounting process
ERP solutions have accounting modules to track and determine every transaction the business has processed over the years. With the data available, SMEs can map their profit charts and sales funnel efficiently whenever needed. ERP software helps businesses to follow healthy accounting processes for all their business activities for all purposes they require.
Eased inventory management
ERP software can efficiently manage the hassle of inventory management. From strategizing inventory, allotting batches to streamlining distribution, ERPs can help you manage business prominently. SMEs can sort their inventory hassles in a click with ERPs. It extracts benefit for your business while improving functionality with a well-organized inventory.
Better business analytics
ERP software collects and process data which can be used for analytics. From learning customer trends to market growth, ERPs can map out every data SMEs would require to streamline and elevate their business processes. It helps in running efficient processes that can help to leverage trends and research to modify business practices.
Regardless of the size of the firm, especially SMEs, they should have a smart ERP solution to stay competitive in the market. ERP software can prove to be a business management tool that can boost your growth. The smart modules and efficient functions assure smooth business processes and profitability over time. SMEs can leverage substantial business information trough ERP software and expand their success boundaries.