Is your business suffering from demand issues, inaccurate reporting, or inconsistent data? If so, an ERP system is the solution you need.
The question is — what is an ERP? These comprehensive systems are your central point of truth for the business. That means everything to do with your processes is collated on the software, making it easy to manage your operations.
In this article, we explain what an ERP system is and how to leverage its advantages for your business.
What is ERP software?
ERP stands for Enterprise Resource Planning and is used to describe integrated software platforms. These systems manage all manner of your organisation’s processes, centralising data in one single point of truth.
ERP software encompasses a wide range of functions in one place, including finance, human resources, supply chain management, CRM, and more.
Functionality
ERP systems cover an array of processes, including inventory management, human resources, procurement, and more. With multiple modules available and compatibility between them, you also gain a centralised view of the entire business. This ensures consistency and accessibility across every department in real time.
Cost
Compared to accounting software, ERP systems come at a higher initial investment due to their comprehensive nature. However, the return on investment is substantial when you can organise every business process on one cohesive platform.
ERP software costs generally increase depending on the size of the business and how complex the system is. For a basic ERP system, prices typically start at $30,000 while a more customised and complicated system is likely to start from $80,000.
Ongoing expenses may include software licences, implementation, customisation, training, and software maintenance.
Complexity and customisation
ERP software offers a robust, all-encompassing system for your business. With extensive customisation options, you can tailor your ERP to fit specific operational needs.
Scalability
ERP systems are designed to accommodate increasing complexity and volume. This supports a range of future needs, ensuring sustained business growth and adaptability.
Do you need an ERP system?
If your business suffers from inefficiencies or inconsistencies in data, an ERP system will certainly be helpful. Not only will it curate all your data into one reliable platform, but it will also simplify your internal communication. By ensuring everyone has access to the same information, you will dramatically reduce miscommunications and operational errors.
Tony Harris, IT Manager at Sheffield Group explains it perfectly, “having a single point of truth in our data makes it much more consistent for every department - everybody has access to the same data.”
ERP systems can drive transformational improvements in a range of industries, including electronics, tools, franchise, manufacturing, roofing, flooring, food & beverage, automotive, and more.
ERP vs accounting software
While ERP systems are used to manage a wide range of business processes, accounting software specialises only in your company’s financial health. For example, they enable bookkeeping, invoicing, payroll, financial reporting, and tax preparation.
In comparison, ERPs centralise all business data, encompassing finance, human resources, supply chain management, CRM, and more.
HARMONiQ — Our ERP software
HARMONiQ is a business management, ERP solution, and the only business management software you will ever need. With optimised efficiency and the flexibility to grow your business, HARMONiQ streamlines every aspect of your organisation.
- Cloud-based software
- Business Intelligence & Reporting
- Customer Relationship Management
- Accounting
- E-marketing
- Inventory management and stock control
- Full transparency across all business channels
- eCommerce
- Orders and Quotes
- Workflow Automation
At Logiq, we provide ongoing support and guidance so you can focus on growth. With HARMONiQ backing you up, you can experience ultimate peace of mind throughout the process.
“Logiq have added a key element which is confidence – confidence in the support, knowledge and capability of the system.” — David Oastler, CFO at Sheffield Group
Ready to see what ERP software could do for your business? Request a demo with HARMONiQ today.
