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Why Should Businesses Invest in ERP Software?

March 29, 2023

Enterprise Resource Planning (ERP) software is a powerful tool that helps businesses manage their day-to-day operations. While most businesses want to incorporate an ERP into their business, many are overwhelmed by the technicalities of implementing one in their organization.

Have no fear. We’re here to support you with helpful information—so you can radically transform your business for the better.

Benefits of ERP Software for Businesses

The benefits of ERP software for businesses—especially enterprises—are many. The right ERP system seamlessly integrates various aspects of a company, including:

  • Finances/accounting
  • Human resources
  • Inventory management
  • Supply chain management
  • Customer relationship management
  • And more

Here are just some of the benefits ERPs can bring to businesses like yours:

Improved efficiency: ERP software eliminates the need for manual data entry, reducing the risk of errors and freeing up time for employees to focus on more important tasks.

Better decision making: With a centralized system, managers can access real-time data to make informed decisions. This can lead to improved profitability and a competitive advantage.

Increased collaboration: ERP systems integrate all departments within a business, enabling better collaboration and communication between teams.

Reduced costs: By eliminating manual processes, reducing errors, and improving efficiency, ERP software can help businesses save money.

Enhanced customer service: With access to real-time data, customer service teams can quickly respond to inquiries and resolve issues, improving customer satisfaction.

95% of businesses using an ERP achieve major improvements like reduced process times, increased collaboration, and centralized enterprise data.

Potential Limitations of ERP Integrations

There are several limitations that organizations may encounter when integrating ERP systems with other applications, including:

Data compatibility: One of the main limitations with ERP integrations is it can be difficult to transfer data between systems. There may be data errors, missing data, or data duplication.

Customization challenges: ERP systems are designed to be highly configurable, but this customization can create challenges when integrating with other systems.

Integration costs: Integrating an ERP system with other applications can be expensive, especially when it involves customizations or third-party solutions.

Maintenance challenges: ERP integrations require ongoing maintenance to ensure that the systems remain synchronized and function properly.

Security and compliance risks: Integrating ERP systems with other applications can create security and compliance risks. The integrated systems must meet regulatory requirements and data protection laws.

Before embarking on an ERP integration project, these limitations need to be carefully considered.

50% of ERP implementations fail the first time around. When you can’t afford to fail, hire tbk.

When to Build a Custom ERP

Since ERP integrations can be challenging, some companies are opting to build their own ERP software.

Is this the right choice for your business? It depends on your unique requirements and the complexity of your processes.

  • Building your own system may be necessary if your business needs cannot be met by existing ERP systems.
  • If your business has complex processes that cannot be easily integrated into an existing ERP, building your own system may be the best option.

tbk’s tech-minded team is capable of both complex builds and integrations with many technical underpinnings.

Not sure what your business needs from an ERP?

How to Start Your ERP Project

An ERP can provide significant benefits to organizations. But building your own ERP system requires an investment in resources and expertise. You’ll need specialized expertise in software development, database design, and project management. If your business does not have the necessary expertise in-house, tbk can help.

Our VP of Technology, Andre LeFort, is happy to lead you through an ERP discovery to find out exactly what approach would be best for your business. You’ll have critical conversations about current operations, explore technologies and platforms, and set goals to successfully streamline operations.

Ready to get started? So are we.

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  • All inquiries are responded to within 1 business day.