Businesses looking to invest in an ERP often consider cloud-based solutions. This system brings applications together in one program, so individuals within the organization have a real-time view of operations, including processes, commitments, and resources. The cloud-based solution allows anyone to see this information, regardless of where they are. Most companies offering this service today allow businesses to pay by the user, the month, or as a flat fee. Why are cloud-based ERP solutions more powerful than computer-based programs?
Business owners who move to a cloud-based ERP system find they can make more precise decisions and generate more profit. Machine learning and analytics built into the program ensure this is the case. The owner can review the company’s current performance and compare it to historical data to see where the organization needs to go in the future. These features allow the owner to find performance patterns, such as which suppliers pay on time and which ones need to be replaced.
Cybersecurity must be a top priority for every company today. No customer wants to learn that a criminal has accessed their personal information. Many cloud-based ERP services today provide automated security features. This allows the business to turn the focus to training employees on how to protect sensitive information. In addition, the company should implement robust password policies requiring multifactor authentication and biometrics. As the company can automate these processes, the cost will be negligible compared to the benefits. Other features to consider include intrusion detection and secure data connections.
Business owners, managers, and more need real-time information when making decisions. They need to know financial trends and the operational performance of the business. With the help of cloud-based ERP solutions, this information remains at their fingertips. They can call up the material they need to decide based on what is happening at that particular time. There is no need to find a computer when time is of the essence. As the information remains stored in the cloud, they can pull it up on their mobile device and ensure the right choice is made.
Scale as Needed
The needs of a business change over time, and the ERP software must be able to accommodate those changes. The program isn’t stored on the company’s computer, so storage concerns aren’t an issue. The business determines how much space each needs and adjusts the contract when it comes up for renewal. This may be monthly, quarterly, or annually. In addition, the company doesn’t need to maintain server space, so they can use the funds formerly reserved to grow the business in other ways.
Companies must comply with all local, state, and federal regulations. For example, business owners must adhere to International Financial Reporting and Accounting Standards Codification. The regulations undergo regular updates, which can be confusing to business owners. With the help of ERP software, remaining in compliance is more accessible and takes less time.
These are only a few benefits when a company moves to an ERP solution based in the cloud. Other benefits exist, such as automating compliance with foreign tax laws. Learn more about the cloud-based ERP solutions offered today, as one is suitable for your organization.