Enterprise resource planning (ERP) systems have been around for decades. But even today, ERPs are evolving based on how the market is changing. A Cloud-based and Integrated ERPIncreasing globalization, the clamour for more seamless internal business processes and the internet-of-things have brought us a new ERP alternative...
Most ERPs in the market are simply that - ERPs that manage financials and inventory or supply chain. We've already discussed the advantages of a Cloud-based ERP. It's cheaper, more efficient, secure and accessible than its on-premise alternative. But what does it mean to have an ERP that is well integrated?
To put it simply, integrated = seamless. The problem with today's business IT systems is that you usually have to hop from one platform to another during the course of performing one business process.
No more hopping from platform to platform
Lets take for example a marketing department who wants to identify the customers they can upsell to. They have to switch between a separate ERP and customer relationship management (CRM) platform, maybe a business intelligence or analytics platform to identify their most important customers, their value to the company, what their interests are and how best to approach them.
But imagine having an ERP that already has functionalities of a CRM, BI and even E-commerce. You just stay within the same program and because all data about your customers (or everything about your company, for that matter), is housed and interconnected within a single database. Paraphrasing a famous epic...
With one single database linking every transaction to all those involved, your data will have more substance and will be more useful to your company. Each piece data can be attributed to a source and you can see how it affects your company.
In essence, a Cloud-based, well-integrated ERP saves time, makes data and processes more efficient, provides more timely and useful information and most of all, increases productivity. For more specifics, here are some of the benefits enjoyed by companies that adopted cloud-based, integrated ERPs:
- Productivity across the organization is elevated by having a 360-degree view of customers.
- Lead-to-cash processes are streamlined and are accelerated by more than 50%.
- Sales performance is improved through forecasting, upsell and commission management.
- Time to financial close is cut by over 50%.
- Better and faster decision-making is achieved with real-time data and reporting, and personalized dashboards.
- Improved workforce productivity with anytime, anywhere access.
All these benefits have been achieved with data centralized in one database and was seen in the World's #1, most used Cloud-based ERP, NetSuite. Such ERP now cross the threshold of being a complete business suite by providing a more comprehensive and interconnected solution.
There are other reasons why integrated solutions are beating older systems no matter how established they are. In the end, it is up to you and your company's needs which will ultimately decide your final choice. NetSuite is certainly one of the top solutions to consider when picking out an ERP.
Take a step further and learn more about the World's Number One Cloud-based business management suite, and how it compares against the leading on-premise ERP in our free report: Face-off: NetSuite vs. SAP.