We live in a time when access to real-time data and the ability to make the right decisions at the right time matters the most. In other words, the digital age has made it critical for businesses to be able to innovate and respond quickly to customer demands.
From manufacturing and distribution to financials, companies need to manage their data in such a way that it is easily accessible and can provide real-time support for decisions. And the SAP ERP is designed to help your business stay ahead by offering insights that matter.
Suitable for businesses of all sizes, this Enterprise Resource Planning (ERP) software can give you the intelligence, flexibility and responsiveness required to streamline processes and drive decision making.
What Is The SAP Cloud-Based ERP?
As we all know the ERP systems have been around for decades and they’ve already proved their worth in terms of productivity gains and data insights. Needless to say, the SAP cloud-based ERP takes the system a step further and gives it the ability to handle internal processes as well as manage global business networks.
The software is modular and hence easy to adopt and inexpensive to maintain. Each module is designed with unique features in mind. The product development and manufacturing modules that help companies manage manufacturing assets are probably the best known.
Similarly, Finance modules help manage accounts receivable and payable while Project Management modules simplify individual project execution, billing, accounting, etc.
How SAP, The Cloud-Based ERP Helps You Beat The Competition?
Now, let’s cut to the chase and see SAP, a cloud-based ERP can help you stay ahead in a world of cut-throat competition.
Adopting Cloud ERP can open numerous doors for a company’s future. By taking advantage of pervasive technology businesses can transform the way they function and stay ahead of the competition. Here are 5 ways SAP offers you the edge you have been looking for:
For companies to grow they must be able to seize every opportunity. For most businesses, the COVID-19 lockdowns have been huge challenges. Yet, for some companies, it created new opportunities. Laithwaite’s Wine identified one such opportunity when people started socializing virtually in smaller groups. The company increased the production of quarter and half-sized bottles of prosecco. The result- their year-on-year sales jumped by 117%!
To be able to identify and take advantage of such opportunities, you need to manage data in a system that is accessible, flexible and scalable. SAP Cloud ERP makes it easy for departments to share data and thus gives decision-makers the information required to capitalize on opportunities as they arise and meet time-sensitive goals. The modular nature of the system offers flexibility and allows it to grow as the company grows.
Increased Cash Flow Visibility
Visualizing cash flow is a necessity for growing businesses. Companies need to be able to see their working capital, investments, operating expenses and other such aspects of their balance sheet at a glance to be able to analyze their profit margins.
This is key to identifying growth opportunities. Unlike traditional accounting systems, SAP cloud ERP can be easily integrated with other systems to make this information accessible. Ultimately, the increased visibility accelerates cash flow.
Take the example of the STEF-TFE Group. The group required insight into settlement processes and needed to understand the way payment disputes were being handled. Deploying SAP ERP gave them access to the information required and aided in bringing about consistency in how payment collections and disputes were processed. In doing so, day sales outstanding were reduced and cash flow improved dramatically.
Get Singular Versions Of The Truth
The trouble with on-premise ERPs is that maintain the systems becomes cumbersome with time. There’s a tendency for data to become siloed and for the organization to end up with multiple versions of the truth. This affects the usability of data and makes the decisions taken based on this data questionable.
According to a survey, 40% of the companies yet to adopt data-driven decisions still make gut-based decisions because they do not trust the quality of data available to them. Siloed data is often incomplete and duplicate versions of the same data may tell different stories.
Cloud ERP systems help overcome these challenges. It offers advanced functionality and simplified data models that result in a single source of truth. This drives decision making at the top level and optimizes floor level processes.
Better Insights For Improved Customer Service
SAP Cloud ERP systems are designed to bring data from different sources together and make Big Data more accessible. It goes beyond traditional reporting tools offered by legacy ERP systems and provides deep, integrated analytics through the cloud.
This gives decision-makers the ability to identify trends, make accurate predictions and more. They can introduce products and services relevant to customer needs, identify and address pain points in the customer’s experience and take a predictive approach rather than a responsive one. Doing so improves customer service and builds brand loyalty.
The modern cloud ERP allows businesses to consolidate information from standalone legacy applications and create connections between systems. New, as well as existing applications, can be integrated and standardized thereby aiding in the smooth flow of data.
Cloud ERP enables companies to change outdated processes and improve operations not only within business operations across the company but extends to the company’s business partners as well. Barriers between enterprise applications are eliminated and processes can be automated.
For example, sending out a notification to customers when vendors ship out orders can be automated. This saves time and effort in the back-end offices and employees can use the time saved to pursue other sales opportunities.
Our Two Cents
The SAP ERP system is a comprehensive platform that addresses issues ranging from customer and supplier relationship management to supply chain and product life cycle management. The system is flexible and can scale with a company’s growth. What more a growing business needs from an ERP system!
Further, a modular approach makes it budget-friendly for growing businesses. It helps decision-makers identify opportunities for growth, design solutions for every challenge, automate processes and make reliable data-driven decisions. In doing so, it helps companies offer better customer service and thus build brand value.
Today, SAP Cloud ERP is being used by a number of small, medium and large-sized companies. It has played a role in numerous success stories and could be just what you need to take your business to the next level.