3 Benefits of a Customized ERP for Your Business

Since COVID-19 began, business models have evolved, markets are always changing, and adaptation has become pervasive. 

People now place a higher value on the customer experience, which means they prefer businesses to sell directly to them while they are at home. To meet these needs, you undoubtedly had to adapt and leave your comfort zone. 

You May Find New Growth Potential with a Personalized ERP Solutions

Customizing does not must be nerve-wracking, but it sometimes feels that way. To help hundreds of diverse businesses scale, we have created unique ERP solutions. Our knowledgeable technical staff can: 

• Conduct a thorough examination of the business processes and needs of the organization to ascertain its unique ERP requirements. 

• Determine which business procedures in the firm need to be customized to increase productivity.

• Offer launch accelerators for customized ERP.

According to 2022 Market Trends, Data and Analysis by Oracle NetSuite, Most Discussed ERP Statistics:

Market leaders are looking for new and improved technology for their ERP systems to the tune of 43 percent. They want solutions that are quicker to run and easier to upgrade.

Future Distributors will Utilize More ERP Systems

Distribution firms' employees are the most likely to actively use an ERP system (45% of employees), followed by eCommerce professionals (44%), and professional services employees (43%). 

The Most Significant Component of an ERP System is Accounting 

In fact, 57% of firms require ERP for their infrastructure. 

The Largest Industry Utilizing ERP Software is Manufacturing  

The largest segment and the top users of ERP software are manufacturers. In reality, 47% of businesses want to purchase ERP software. 

Implementing an ERP is Primarily Done for Improving Functionality

Better functionality was cited as the primary motivation for using an ERP system by 40% of businesses.  

Growth of ERP in 2021 and 2022 

ERP solutions, a fundamental system for enterprises, are influenced by market factors like brisk international trade, widespread adoption of digital technology, and enormous amounts of data that need to be recorded, analyzed, and maintained. Forecasts for the ERP market indicate a shift towards higher utilization and global demand.

The Global Market for ERP Software is Anticipated to Reach $95.37 Billion  

The market for enterprise resource planning software was projected to reach $95.37 billion in 2021, up from $94.71 billion in 2020. That is a YoY growth rate of 0.7%.  

ERP Statistics About How Much Revenue Businesses Earn 

ERP helps businesses save expenses and increase efficiency. Statistics on ERP’s return on investments and profit margins draw attention to the technology’s benefits. 

The Cost of Maintaining an ERP System is 3% to 5% of Annual Sales 

An ERP system costs at least three to five percent of yearly revenue for medium-sized businesses with profits under $1 billion.  

The Price of Ownership for Large Businesses is 2% to 3% of Annual Income  

The expense of having an ERP system is two to three percent of the annual income for large firms with more than $1 billion in revenue.  

NetSuite is a software startup that has created a cloud-based business management platform that is utilized by over 32,000 fast-growing enterprises worldwide. This platform comprises of a set of tools that assist firms in running their operations, understanding their performance, and driving significant efficiency gains and cost reductions. 

Here are three ways that customizing NetSuite ERP can help your business grow. 

1. Use Pointing and Clicking to Customize

Your order screens may be complicated and challenging to manage. Although you need them to be concise and simple to understand, you don't have much extra time outside of your regular duties. 

Imagine having the ability to swiftly change your application's functionalities. No prior programming experience is necessary. Point-and-click customization is simple to use and is user-friendly. 

Your order and transaction processes will be considerably simpler, and it will also help you save time.  

2. Remove Tedious Data Entry

Analyzing data manually can constitute a major danger for your business. Blanks, duplicate entries, and human mistakes increase your chance of losing time and money. 

There are a lot of systems that need data input, but you do not have the time to do it every day. You must be able to focus on more challenging tasks if you want to expand your business. 

With the use of a single-source integration, NetSuite can update and collect your data in real time. This means spending less time on tedious data entry and more time expanding your company. 

3. Make Approvals Automated

Manual approval procedures can be time-consuming and more likely to make mistakes. The number of approvals to monitor includes those for time-off requests, bills, expenses, and more. Physical requests can make it easy to overlook. 

Automation can help you save a lot of hassle by giving you more control over approval workflows, increasing transparency, and accelerating the processing of requests for your company.   

You could feel more at ease with automated approvals through: 

• Templates that can be customized for various approval methods  

• With conveniently preserved, reviewable documents, compliance is increased.  

• Collaboration on difficult clearances is made easier.

Save More Time While Expanding Your Company 

While it is crucial to fully comprehend your ERP implementation budget, it can be challenging to concentrate on the advantages when all you can see are the expenses.  

You may have to pay for it. But keep in mind the wonderful advantages that motivated you to embark on this automation path in the first place: 

• Integrate the entire company for increased productivity and visibility.

• Accurate, real-time cost information will increase trust in purchasing decisions.

• With a single click, quickly obtain detailed accounting data and predictions.  

• Automating repetitive operations can reduce costs while increasing staff productivity.

• Surprise your consumers with automated order updates and live tracking.  

A customized ERP has the advantage of being able to be created and developed to satisfy the unique system, workflow, and application requirements of the business. They can also design and create modules that are tailored specifically to the needs and conditions of the various departments and units within their organization. Contact Jobin & Jismi to get more details about NetSuite customization.