Some businesses in Singapore have been reluctant to adopt Cloud ERP, citing reasons such as broken integration and lack of available resources.
However, the shift of the workforce towards the work-from-home trend has increased the pressure on businesses to get into cloud ERP solutions.
During the Covid pandemic, businesses were left struggling to find ways to support the remote workers.
The ability of Cloud ERP to provide remote access to data and functionality needed by employees showed its importance to the business industry. Here is a look at various ways Singapore SMEs can benefit from ERP.
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1. Allows remote collaboration and workforce management
Working from home is the trend now, particularly with the Covid pandemic. ERP provides the perfect way for businesses to integrate all departments within an organization for smooth business operations.
With cloud ERP, businesses can easily review all data, make changes, and close the books remotely. Featuring a checklist functionality, it simplifies the process for all users providing a smooth process.
2. Compliance with regulatory requirements and accounting standards
Regardless of the industry, you are in, rules and regulations often cause problems for companies. The adjustments to the revenue’s recognition rulings have given companies higher responsibility in terms of recognizing revenue consistently.
The outdated on-premise systems were not designed to handle these new changes. Cloud ERP solutions such as https://naviworld.com.sg/our-solutions/erp-cloud/ have the adaptability that enables SMEs to match the current regulatory requirements conveniently.
The change is inevitable; hence you should consider equipping your business with the software it requires to match the unpredictable global economy.
3. Reduced manual processes
Automation is critical in eliminating repetitive manual processes and preventing disruptions. ERP helps to automate several areas in an SME.
These include automation of vendor payments and approvals via AP automation, automation of manufacturing processes, and the ability to access the system from anywhere, 24/7. Machine learning and Artificial Intelligence (AI) also help in fast-tracking decision-making.
4. Provides fast reaction times
Businesses that use disparate systems depend on the information technology (IT) department support to bring together data and develop reports.
These time delays in data collection cause the information to become outdated when they are getting to the decision-makers. A cloud ERP features role-based dashboards that enable employees to access data in real-time. This ensures easier, faster, and more accurate decision-making.
5. Enables businesses to scale and adapt
Businesses initially relying on basic accounting systems or spreadsheets normally outgrow these systems as they add complexity and scalability.
When the businesses start opening extra branches, begin to handle multiple currencies, or add subsidiaries, there is an automatic increase in the need for a more robust system.
While most small businesses can effectively operate on spreadsheets and basic systems, those that have adopted cloud ERP get improved business management processes and have a higher chance of scaling up in the future.
With all these benefits to SMEs Cloud, ERP solutions are a must-have for any business. Plus, ERP saves your business from the overhead costs of establishing your computing hardware and IT support stuff hence more affordable. The reduced upfront cost and simplified technology infrastructure make Cloud ERP a great choice for small businesses.