With the government of India going digital, can businesses survive without undergoing a digital transformation themselves? Almost every intersection of government and business has undergone massive change in the last couple of years. Most of the change has to do with the way the government expects businesses to function with regards to regulatory compliance. Be it rolling out the Goods and Service Tax (GST) on July 1, where digital filing is mandatory, to filing labor records online, to e-filing income tax returns, the economy is undergoing a digital transformation, so much so it has become almost imperative for businesses as well to change their traditional ways of operating.
For medium and small business owners this could be a golden opportunity to transform their businesses and enjoy the many benefits of going digital. At the heart of a true digital transformation of any business is an efficient ERP system that integrates all operational aspects from accounting, sales, production to inventory. A good ERP system also comes with regulatory compliance built-in. For example, your GST filing needs can be handled from your ERP solution. Apart from regulatory, going digital has some tangible benefits. These include:
- Increased Productivity: One of the greatest benefits of ERP for businesses is a significant boost in productivity, which will have a straight impact on your company’s bottom line. These productivity benefits accrue because an ERP system automates processes and eliminates double entry of data. This not only reduces errors, it ensures your staff is freed up for more productive work. A modern cloud-based ERP solution also provides updated information anytime, anywhere allowing sales teams, for example, to quote accurate production deadlines to clients.
- Streamlined Flow of Data: An ERP system eliminates all information silos. All the necessary data is available instantly. This enables efficient decision making. It also allows relevant employees to take action based on market inputs and changes in the business environment.
- Improved Collaboration: If your business suffers due to lack of collaboration an ERP will be a game changer. Lack of collaboration and poor communication generally results due to team members lacking relevant information. With an ERP system you can give relevant employees access to information that will help them work better as well as collaborate with team members in other departments.
- Better Decision-Making: When updated data is at your fingertips management is able to make better decisions. The team can also have a greater understanding of how the business is operating and that knowledge is essential when it comes to response to change and improving financial business planning.
- Better Reporting: An ERP system can generate useful reports and analytics. It gives you the ability to analyze and compare functions across departments, without the hassle of multiple spreadsheets and emails. Standard financial reports such as income and cash flow statements generally are built-in, and custom reports can be quickly generated.
- Security: A cloud-based ERP solution has much better security features than stand-alone software that are susceptible to a whole host of vicious attacks. A vendor gives top priority to security in the cloud, as a number of businesses could be running on his solution. It is virtually impossible for a small manufacturer to try and match the security of a cloud-based ERP solution.
- Future proofing your business: Going digital ensures you future proof your business. Take the Internet of Things for example. IoT devices are already saving businesses billions of dollars through smart devices that monitor everything from electricity consumption to controlling industrial waste. Your business will at some point adapt some, if not significant, aspects of these intelligent devices to get an edge in the competitive market. A cloud-based ERP solution can be easily customized to take in the additional input and provide you with even better 24/7 control of your business.
So if you are looking to give your business a boost that comes from an efficient ERP solution, click here to check out our easy to use & innovative offerings.