Before hiring a vendor to integrate ERP into your existing system, you need to make sure that it’s specially made for retail business as retail ERP differs from traditional ERP. Integrating the new ERP system can be overwhelming, especially with no professional guidance. Thankfully, many ERP vendors assign retail ERP consultants that help you customise the ERP solution or your business according to your business needs. They have the knowledge and expertise to seamlessly integrate their system into your existing system while making the transition smoother and impact-free.
A strong foundation of knowledge can help you find the right ERP system, and to help you in that, here are four features you need to look for in the ERP system.
Traditional ERP systems have individual systems for different processes, which may not be the case with retail ERPs. Retail ERPs try to bring all the retail operations under one umbrella with a multi-feature ERP suite.
Many businesses choose ERP to consolidate and simplify their data and functions into a single source. While any ERP software may have this capability, each level of centralisation is distinct.
While some ERP software will just optimise critical activities, such as finance, others will go a step further and provide features for all departments. It’s great if you can consolidate as much data and functionality as possible using ERP.
Some ERP software packages can only work on your local servers, and local data backup may be required. This could be costly for you, and it will only give you local access. On the other hand, retail software may provide cloud services that eliminate the need to worry about data storage. Cloud services also allow you to access your ERP software from any location at any time.
Data Assessment and Reporting
Because it offers you data insights, analytics is one of the most significant ERP features. These insights eventually aid firms in developing future strategies and plans that will move them forward.
At the click of a button, you may get detailed reports on practically every component, department, or facet of your company using ERP software. It collects reports to help your company establish precise plans and inform stakeholders to make well-informed decisions. The retail ERP consultants will guide you through different reports and show you how your sales and profits were affected and how you can expand further.
Many businesses plan, set a budget, and spend their money using a variety of resources and software. Not only does this leave your company’s finances in shambles, but it’s also inefficient.
With ERP software, you may consolidate all of your money into a single database that spans departments and nations, allowing for quicker access and less financial data leakage. It also analyses your finances and provides you with additional helpful information, such as improved ways to manage your budget.
ERP software can also handle your accounting, from simple duties like tracking departmental income and expenditure to more complex operations like tax management and multi-currency reconciliation.
ERP is undoubtedly a revolutionary aid for companies. Your company can effectively manage and streamline different retail processes with the right strategies.