Four Ways To Expand Profit Margins With ERP
Making the move to an Enterprise Resource Planning (ERP) application feels like a big step.
But for a growing business, getting by with a starter accounting system may be costing more than you think.
With an integrated ERP system, you can see what is happening across your business ‒ from inventory to receivables and payable ‒ to monitor cash flow and maximize profit margins. With better insight into the business, you can:
Identify your top customers to build additional sales. Through analysis of the purchases that all of your top customers make, you can identify trends and patterns. That insight will allow you to predict what products and services a customer will buy next. Promotions can accelerate sales and expand your reach into customers.
Automate to increase efficiency. Automated workflows ensure that work is completed efficiently and without interruption. Employees can focus on adding to sales and offering new services when they are not bogged down with paperwork.
Optimize purchasing to keep inventory matched with sales. By connecting your supply chain processes and inventory management, you can make better decisions about purchasing. Track turnover and match buying trends to optimize stock on hand. Build on profitable items and eliminate dead stock.
Handle growth without adding more employees. An ERP system allows you to manage more transactions without having to hire more people. Increased profits only follow growth if you are gaining efficiency as you expand. Most entry accounting systems just don’t scale.
The best part is that ERP has never been easier. With a hosted deployment model, you don’t need to invest in hardware or the IT resources to support it. Hosted ERP allows you to focus on your business instead of IT headaches.
Ready to grow your margins? Let’s talk about building your business with ERP.