Just like your brain and spinal cord combine information from different parts of your body, ERP centralizes data from disparate systems into a single, unified database. It eliminates data inconsistencies and enables real-time access to critical information. Cloud ERP offers advanced reporting and analytics that empower organizations to become more data-driven. It boosts productivity and efficiency by eliminating manual processes and automating tasks.
Automated Reporting
With cloud ERP, employees can access information on any connected device, whether on the go or working from home. It allows teams to work together on projects that require real-time data and enables remote employees to be more productive. Real-time reporting capabilities help companies identify problems before they become major issues and improve their ability to track key performance indicators. For example, manufacturers can access up-to-the-minute production rates that enable them to optimize processes and ensure they meet sales and productivity goals. Another advantage of a cloud-based ERP solution is that software upgrades and functionality extensions happen automatically. It helps to minimize IT labor costs and reduces the risk of business disruptions. The scalability and accessibility of cloud solutions also make it easy for teams to collaborate, even when they’re spread across the country or globe.
Choosing the right cloud solution for your company depends on your deployment strategy and business needs. For instance, with Netsuite’s cloud ERP, a company can easily access its internal data from any location with an internet connection. Workflows can be enhanced, productivity can be increased, and processes can be automated with this data. However, proper implementation is required to utilize all NetSuite offers fully. An experienced project team, thorough planning, and a Netsuite partner are necessary for deployments to be successful.
Regardless of your choice, a cloud-based ERP offers scalability and accessibility to meet the needs of growing companies. It eliminates initial hardware and infrastructure investments, provides a predictable subscription model, and delivers fast ROI.
Real-time Data Access
In today’s business landscape, companies must work globally across departments and external networks to deliver services that exceed customer expectations. To achieve this, it requires seamless communication and collaboration. Cloud ERP systems facilitate this by providing a centralized real-time data sharing and task coordination platform. It ensures all stakeholders stay updated on business activities and enhances cross-functional synergy. Cloud-based ERPs can scale as needed. It enables manufacturers to adapt to changing market conditions without spending money on upgrading hardware.
Cloud-based software and applications run on remote servers managed by a third-party vendor, eliminating the need to maintain an in-house IT team. Furthermore, the software is easily accessible from any internet-connected device, which is particularly helpful for remote teams.
Given the increase in cyberattacks and data leaks, some businesses might require additional clarification regarding the security of their cloud-based systems. However, these systems are governed by stringent security policies and have multiple layers of protection, including encryption, authentication, and backups. It makes it difficult for hackers to access sensitive information and exploit businesses.
Streamlined Business Processes
A cloud ERP system centralizes data and streamlines workflows across departments and locations, boosting productivity and efficiency. For example, a company’s accounting and IT teams can access real-time information without waiting for the system to update. The system also eliminates bottlenecks caused by multiple software integration points, making delivering the data that business leaders and decision-makers need more accessible. A cloud ERP solution can automatically send notifications and alerts based on predefined triggers. For instance, a manager can receive an email notification if a purchase requisition needs approval, eliminating the need to manually track and follow up on the request. This functionality also helps companies decrease labor costs by automating time-consuming manual processes and freeing up employees for more critical tasks.
On-premise systems require longer times for configuration and deployment than cloud ERP solutions. On-premise systems need a significant investment in hardware, software licenses, and IT staff to configure and apply upgrades. However, a hosted cloud solution is typically billed on a subscription basis and can be activated in less than 100 days, significantly cutting down on capital expenses. Moreover, a hosted cloud solution is designed with disaster prevention and recovery in mind, so your data will be protected from hardware failures and other disruptions. The service provider will store multiple copies of your data in different geographic locations to avoid a single point of failure and shift to backup data automatically when a problem is detected.
Improved Collaboration
Employee collaboration is crucial in a professional services business, such as an IT service provider or creative agency. A cloud ERP system helps these organizations juggle projects and meet client deadlines while eliminating the need for costly hardware and infrastructure upgrades. No matter where their workplace is located, employees can concentrate on the tasks most crucial to their jobs. Cloud ERP systems provide a centralized platform for nearly every department, including finance, operations, sales, and customer support. It provides decision-makers with a single source of truth for data and reports, enabling them to make faster and more accurate decisions that drive strategic planning. An ERP solution also enables teams to communicate with each other seamlessly, eliminating the information silos that often lead to inefficiencies. For example, when the sales team realizes that the inventory department has depleted materials faster than expected, they can collaborate on production schedules and maximize efficiency quickly.
Additionally, cloud ERP solutions offer automated workflows that streamline recurring procedures, freeing up employees to concentrate on strategic tasks. For example, a predefined set of rules can automate the approval process for purchasing requests or expense reimbursements. It reduces the manual time and energy of coordinating approvals and notifications and ensures everyone receives the proper approvals at the correct times.
