ERP for SMBs: Can You Afford Not to Invest in an ERP?
The acronym ERP is used as a hypernym to represent any kind of software used in the running of a business and therefore many think they are running ERP when in fact they are not.
Inexpensive and off the shelf solutions like QuickBooks, manual processes and spreadsheets used to manage functions such as accounting, opportunities, pipeline, and inventory control might suffice in very early stages of start-ups, but they quickly become inhibitors rather than facilitators of growth. These solutions may appear to be helping your business, but are in reality costing you in terms of time, efficiency and productivity.
Debunking the Myth that ERP is Only for the “Big Guys”
Traditionally, ERP software was aimed at large enterprises, but today small to medium-size businesses (SMBs) can take advantage of the benefits of ERP. SMBs need most, if not all the key components required by large businesses, but have little control and even less visibility into the data needed for effective time management and data-driven decision-making. Smaller enterprises need ERP just as much as their larger counterparts (or even more!). Here’s why: you’re not in control, you have no easy access to information about your business, you spend too much time searching for data, you have lots of different software for different processes, you have no idea how and where to expand, accounting takes up a lot of time, you have no IT staff, and cash is tight.
Frankly, these are factors you cannot afford in today’s digital economy and the age of digital transformation. The Internet has leveled the playing field, making it possible for any size company to create a global presence and compete with the “big guys”. But do you have what it takes to beat the competition? Are you able to communicate, collaborate and conduct business at an unprecedented speed and with a high level of transparency? If you don’t have a modern, technology-enabled, integrated ERP solution that is giving you a distinct competitive advantage, then you are clearly operating at a disadvantage.
Are You Saving Money or Leaving Money on The Table?
SMBs tend to overestimate their digital preparedness while in fact they are being left behind. Spreadsheets, paper and manual processes do not provide the expertise or the resources needed to maintain a competitive edge. In today’s digital economy, companies need to operate at the speed of the Internet. If you are looking to improve efficiencies, streamline operations, save costs, grow your business and compete globally, now is the time to invest in an ERP solution that leverages digital technologies. New ERP solutions used to require capital investment, but there are now affordable alternatives that provide a complete and integrated solution. In addition, cloud ERP options, subscription-based pricing and solutions that are delivered as Software as a Service (SaaS) provide more options today.
While you might think you are saving money by not investing in an ERP, you are actually leaving money on the table. Naturally, there will be some upfront costs associated with a new implementation, but savings in efficiency, productivity, and hard cash savings, can help cover those short-term expenses. Plus, the return on investment is huge. independent research firm Mint Jutras reports that the average SMB achieves 100% ROI in approximately 27 months.
The cost of fully integrated ERP solutions has decreased, while at the same time both ease of use as well as feature functionality have improved significantly. Deploying an ERP system can transform different aspects of your business, allow your business to stay competitive, and help cope with the challenges of growth and expansion. It’s time to make a move. Speak with us today about the best technology solutions for your business.