All over the world, cloud-based computing is enabling companies to increase their capacity, streamline processes, and add extra services. More organizations are making use of applications or services on-demand, such as cloud ERP. With a cloud ERP platform, users can access Enterprise Resource Planning (ERP) software over the Internet.
Compared to traditional on-premises systems, a cloud ERP system is more accessible and more mobile. Organizations can upload, monitor, and access data in real-time from any device, making it easy for departments to collaborate. You can also combine a cloud ERP system with CRM and PRM systems to receive real-time reports across multiple channels and leverage a central database.
In this article, we will examine some of cloud ERP’s significant benefits and look at which industries cloud ERP has had a considerable impact.
Cloud ERP Benefits
Automatic Updates
With an on-premises ERP system, you can customize your software however you see fit. However, your implemented customizations may not re-implement with future versions of the software. The result is running your business on an outdated version of your ERP software. However, a cloud-based ERP receives automatic updates and upgrades. These upgrades happen rapidly and automatically carry forward your customizations and integrations to newer versions.
More Insightful Decision Making
Cloud ERP connects your team and channel partners to your enterprise resources quickly, no matter where they are in the world. Channel partners can take orders, manage inventory, and create reports on a single system. On-premises ERP systems often mean your departments are relying on separate systems to report revenue and expense numbers. However, Cloud ERP systems continuously update data and display accurate numbers for everyone in your organization.
Lower Cost
On-site ERP solutions can quickly become costly. There are higher investment costs upfront to purchase and manage software, and many companies end up hiring an IT team. If you are using multiple systems, the licensing and maintenance cost can add up in a hurry. In contrast, Cloud ERP solutions come with dedicated IT support. A recurring subscription fee includes hardware and software costs, which generally decrease over time.
Cloud ERP For Critical Industries
Retail & Distribution
When retailers and distributors need to sell products via multiple channels, they can rely on a solution like SuiteCommerce Advance. NetSuite’s front-end eCommerce solution connects seamlessly to the back-end centralized database of NetSuite ERP. This setup gives you total transparency of your inventory and cross-channel customers. Because cloud ERP solutions collect all sorts of useful data, managers can make use of data analytics. Stores can better track customer buying patterns to improve overall performance which allows them to make strategic pivots using the real-time data.
Furthermore, the back-end operations such as inventory and warehouse management is further streamlined. NetSuite’s Cloud ERP gives you real-time visibility into stock levels across all sites so you can optimize pick, pack, ship methods. Additionally, using pre-defined rules, you can automatically set orders to ship based on whole order inventory availability and location, eliminating the need for multiple shipments and extra charges.
Manufacturing
A cloud ERP can reduce overall interruptions by alerting technicians of unexpected stoppages, such as when a piece of equipment fails. When manufacturers can monitor their equipment in real-time, they can perform predictive maintenance to cut down costs. Cloud ERP software also streamlines workflows for manufacturers, which frees up vital resources and cuts down production costs. With real-time data available, manufacturers can better manage their supply chain by leveraging data analytics and customized dashboards.
Field Service
A cloud-based ERP system sends accurate customer case information, and it can alert technicians on mobile devices. Technicians can respond to requests quickly and deliver more first-time fixes. Field teams can even provide remote repairs by combining an ERP system with augmented reality and artificial intelligence. Furthermore, technicians can use mobile devices to share screens with users and guide them through step-by-step repairs. Finally, ERP systems’ real-time tracking enables field teams to plan out their actions, monitor equipment health, and take advantage of predictive maintenance.
Conclusion
Across global enterprises and remote workforces, cloud ERP platforms help companies make quick decisions in today’s unpredictable business environment. Compared to traditional on-premises ERP systems, cloud ERP such as NetSuite offers significant advantages.
However, implementing NetSuite successfully across your organization is easier said than done. Choosing the wrong implementation partner can stop your digital transformation initiatives before they even get off the ground. That’s why you need an experienced and hands-on consultant like Kodella.
As the 2020 Oracle NetSuite Partner of the Year, Kodella has over decades of collective experience implementing NetSuite solutions. With our help, you can plan and implement the right solutions to reduce process times, implement centralized company-wide data, and enhance overall collaborations. The result is a clear competitive advantage and a roadmap for success in an unpredictable world.
