Did you know that more than 70% of companies use ERP software to make their work easier? Also, over 53% of companies take more than six months to set up ERP systems. According to statistics, the Enterprise Resource Planning software market is estimated to reach $1.16 billion by 2029. Additionally, the rate at which the global ERP market is growing, the ERP industry can reach $96 billion by 2032.
An enterprise resource planning (ERP) system seamlessly integrates various business functions across an organisation. This software encapsulates data into a single digital platform and manages business platforms such as supply chain, customer relationship, and financial management from one portal.
The main feature of any ERP system is its shared database. This database is used by many parts of your business and can be accessed by all departments. This means that employees can see the same accurate information, which reduces mistakes and keeps business processes consistent. The centralisation feature of ERP helps everyone work together in a better way and make good decisions. It also helps employees do their jobs more easily and effectively.
ERP software brings all business functions together into one system, helping you manage your operations better. This improves overall performance and helps you send orders to customers faster. Now let us dive deeper into the blog and discover the benefits of ERP software in detail:
Key Benefits of ERP Software
A great ERP system increases efficiency and cuts costs by streamlining business operations, making it easier to share information among individuals. An ERP software automates business processes such as order processing, production, and financial management. This eliminates human error, allowing your employees to focus on important tasks. Further in this section, we will learn about the key benefits of ERP software:
Improved Financial Management:
Are you looking to simplify your financial management? Is your accounting department facing issues in managing finances? AnERP software makes it easy for the accounting department to enter data without re-entering the same data into numerous systems, saving time and cost. An ERP software helps businesses speed up tasks such as job costing, financial reporting, cash flow management, and more.
ERP for Development Teams:
In custom manufacturing environments, ERPs help developers do their jobs effectively and efficiently. These software reduce the time and effort of developers. In manufacturing, engineers use CAD software that allows them to develop large and complex development models. One of the hardest tasks for developers is to make a bill of materials (BOM) from a CAD model and then put it into the ERP system.
A manufacturing-specific ERP software can connect with the CAD system. This allows important information to move easily from the CAD system to the ERP. Engineering teams can automatically develop bills of materials from their CAD designs. This eliminates the need for manual data entry, saves time, and reduces human error, allowing engineers to focus more on designing instead of paperwork.
Better Project Management with ERP:
ERP systems handle project management tools. They help businesses keep track of crucial milestones, manage priorities, and get updates on progress in real time. ERP software makes it easy to check if projects are running on schedule. You can check all your ongoing projects at any time, helping businesses finish more jobs on time and keep your customers happy.
This keeps businesses updated regarding their projects, and you can learn if the projects are completed, how much time it will take, how far along each job is, and where each job stands in your shop. An ERP system gives you complete control, helping you manage and monitor every job more effectively.
Improving Customer Relationships:
The key to successful business is your customer’s retention rate. If customers are satisfied, they are more likely to stay loyal and recommend you to others. While customers don’t use the ERP directly, it helps improve their experience.
ERP makes your operations smoother, and you can develop a better experience for customers, building loyalty. A good ERP system for manufacturing also includes a customer relationship management (CRM) tool. They help you keep track of customers and their orders, find new sales opportunities, reduce repetitive tasks, and provide better support to current customers.
Simple Inventory Management:
Good inventory management is key to running a business smoothly. However, just having an inventory system isn’t enough. You need to work with the rest of your business, and that’s where an ERP comes in. An ERP system connects inventory data with other departments and gives you real-time information about stock levels and order statuses, helping you avoid running out of stock, plan production better, and improve overall efficiency.
With an ERP system, you can trust that what’s recorded matches what’s on your shelves, making planning and production easier and improving financial reporting.
How much does it cost to develop ERP software?
The cost to develop ERP software ranges between $8000 and $100,000. However, there is no fixed price, as it varies a lot based on business requirements. There are numerous factors that are associated with cost. In this section, let us look at the price-influencing factors:
Project Complexity:
The cost depends a lot on the complexity of the project. If you are developing basic software, the cost may range between $8000 and $20,000. However, if you want to develop a complex app, it may require advanced features, and the cost ranges between $20,000 and $100,000. However, this is not the final price, as a lot depends on other requirements too.
Development Team:
Businesses can hire a reliable ERP software development partner or can build an in-house team. Building an in-house team can take a lot of time and effort; however, outsourcing a development team will take less time and effort. Hence, you can choose as per your convenience and budget.
Location:
The cost of development depends a lot on the location of developers. Hiring Western European developers is costlier compared to Asian developers. So, you can choose developers as per your time zone and other requirements factors. Also, before finalising the development team, ensure you check their portfolio and previous development experience in the relevant technologies.
Conclusion:
Investing in an ERP system can change how your business works. As we discussed above, ERP software integrates all your departments together in one system, helping you save money, work more efficiently, and improve teamwork.
So, if you are looking to streamline your business and want to run business operations smoothly, it is advised to opt for ERP software. But it is challenging to develop software; hence hiring an ERP software development company can help you here. A software development company has expert developers, designers, and testers who have years of experience in developing ERP software.
Are you looking to hire the best ERP software development company? Look no further than OZVID Technologies. We are a leading software development company, helping businesses streamline their business with our robust ERP software solutions. Our team of skilled developers follows agile methodologies to build software. This means we develop smart and creative solutions that fit your business needs.
So, what are you waiting for? Waste no more time and get in touch with our expert app developers and let them help you streamline your business processes. Schedule a meeting today.
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