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Is an ERP system essential to the success of a start-up business?

As a start-up, prioritising where to spend money is always a difficult process. The business will – most likely, have limited resources, but hitting the ground running is essential to build confidence with investors, stakeholders, and employees.

So what are the five main benefits of a cloud-based ERP system and is it a worthwhile investment?

Scalability and flexibility

The structure of many cloud-based ERP systems means that as a business grows, modules and features can be added in line with the changing demands of the organisation.

This is vital when a start-up is in its infancy, as priorities might change at very short notice.

Streamlined processes

With resources stretched, developing operational infrastructures and information networks that are effective, yet easy to keep on top of, is essential.

One of the main reasons to invest in an ERP system is the immediate incorporation of streamlined processes that enable teams to focus almost entirely on strategic business objectives and core projects, rather than administrative tasks.

Centralised data

ERP systems act as a central data repository that automatically collate real-time data from all business units, modules, and forms. This ensures that everyone in the team has access to the same up-to-date data, whether they are in the office or in the field using mobile devices.

This also eliminates excessive emails and phone calls, as well as mistakes in human data re-entry. Similarly, tracking KPIs is easy, with all data stored in a central location.

Smarter decision-making

At-a-glance dashboards, advanced analytics and reporting features, artificial intelligence (AI) and machine learning (ML) tools are among the business intelligence features built into many ERP systems.

When the larger and more established competitors are armed with this advanced capability, start-ups cannot afford to lag behind.

Cybersecurity in the cloud

Cloud-based ERP systems offer economies of scale, including the ability to deliver robust security to smaller businesses, including start-ups. Security features are built-in and continually updated, significantly reducing the amount of money spent on protecting key business data.

To find out more about how a specialist ERP system can help your business flourish, visit here.

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