What is ERP (Enterprise Resource Planning)?

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What is ERP (Enterprise Resource Planning)?

ERP stands for ‘Enterprise Resource Planning’.

ERP software is all-in-one software that businesses use to manage the data about products, financials, sales, customers, and supply chain.

This includes activities such as a customer purchase of a single item, right through to company-wide financial reporting.

ERP (Enterprise Resource Planning) processes include:

  • Order management
  • Purchasing and Inventory management
  • Customer Relationship management
  • Marketing
  • Warehouse and Distribution
  • Financial reporting

ERP software can be fully integrated with other solutions including retail POS, ecommerce websites, and warehouse and distribution applications.

 

This means that in the ERP software, each product entry contains data points for every area of the business, stored in one place. In a single ERP system:

  • Customers can see stock levels in specific stores and online
  • Retail teams can see pricing and stock on hand (in stores and Distribution Centres)
  • Wholesalers can see their cost price, RRP and stock availability
  • Category managers can manage ranges, set pricing, and plan promotions
  • Marketing teams can track customer spending patterns and loyalty programs
  • Inventory teams can manage allocation and replenishment
  • Logistics teams can track stock movements
  • Purchasing teams can create suggested purchase orders based on replenishment rules
  • Financial teams can view accounting reports and track profit

In other words, ERP is one central location for all data about products, orders, customers, and the company as a whole.

Suitable for companies with 100 SKUs to tens of thousands. What’s more, ERP software functions can evolve as your business grows.

Historically, ERP solutions were used only by large manufacturing companies. These days ERP systems are used across a wide range of industries (including retail and wholesale) to holistically manage core business processes on a daily basis.

Which problems can ERP software solve?

Without ERP, one major issue that many businesses face is that they have disparate systems.

As a result of trying to shoe-horn together several different programs, their back office is in disarray. They’re relying on spreadsheets to match up data points, and data is duplicated and scattered in various locations. This leads to errors and inefficiencies. They experience double-handling and manual processes which can be costly to a business.

Without ERP, reports aren’t accurate, and important details get missed. There is no ‘single source of truth’.

ERP software alleviates these issues because it replaces disparate programs and legacy systems (including accounting software).

With ERP systems in place, all the data is stored in one database. Processes across core business areas are streamlined and automated.

An ERP should maintain data in real-time so that the data remains up to date and accurate, allowing for real-time reporting and analysis.

What is Cloud ERP?

Cloud ERP is software that is offered as software-as-a-service (SaaS). Companies pay a yearly or monthly fee, and all the information is stored in the cloud.

This means cloud ERP provides real-time data, accessible from anywhere with an internet connection, 24/7.

SaaS ERP software contains extremely comprehensive functionality for large and small businesses.

ERP features can be tailored to meet the specific needs of each business. Start with the functions a small to medium business needs, then add features as your business grows and becomes more complex.

Think of Cloud ERP software like Mary Poppins’ bag: you can whip out new features as your business needs them.

ERP software requires an investment in terms of the software solution, project resources, and time to implement – all important and necessary factors to ensure a successful implementation and outcome.

Choosing a comprehensive, flexible cloud ERP solution, like Qdos ERP (an ERP software company based in Melbourne), means that it’s a ‘once and done’ decision. As your business grows and additional features are required, these can either be ‘switched on’, or customised for your ever-changing needs.

Benefits of Leading Retail ERP Solutions

Evolving through a pandemic

COVID-19 has made it imperative for companies to rethink their operations and assess what needs to change in order to stay competitive.

A strategy of returning to work “safely” simply isn’t good enough, and companies are beginning to realise there’s a lot more to be done.

Retail and wholesale businesses alike demand an easy to use and agile solution. More and more businesses need to:

  • help staff work from home in flexible hours
  • become more efficient
  • implement digital transformation strategies
  • improve customer experience
  • incorporate ecommerce and delivery
  • reduce costs whilst continually evolving

Using an Enterprise Resource Planning system (ERP) is essential for any business trying to improve sales and operations.

ERP systems take care of everything you need for your business, end to end, and strengthens business capabilities allowing you to do better business.

With this system comes a multitude of benefits that will help you to remain competitive.

Streamlined processes

As retailers or franchises grow, the need for an ERP system becomes even more important.

An ERP system enables you to merge different systems together and automate certain functions. This provides cost reductions and ‘live’ information to all users across the business. Qdos ERP ensures accuracy and efficiency.

 

Staff productivity

Cloud ERP systems help staff work smarter. With a cloud ERP system, you can expect:

 

  • an easy to use system
  • better collaboration due to centralised data
  • streamlined processes saving time and preventing errors

 

Perhaps the most relevant in the current state is mobility – the system can be accessed from anywhere at any time.

Certain staff can work from home and still access their entire database in the cloud. And if they are parents with kids home from school, they can work in the cloud at any time that suits them.

 

Integrated systems

For a business to operate smartly it must prevent departments from being siloed.

Collaboration is crucial for departments to work together effectively. Using poorly integrated systems stops businesses from using their data to their advantage and makes forecasting inaccurate.

Qdos ERP provides access to information in one centralised system allowing for better decision-making.

 

Real time data for improved visibility

Retail and wholesale businesses move fast, and you need an ERP solution that allows you to see all the moving parts within your business. Using data effectively is the key to success.

Better insight, forecasting and decision-making from real-time reporting and analysis.

Qdos ERP provides you with real-time reports related to sales performance, inventory, customer, and financial. Leveraging our business intelligence (BI) reporting tool enables businesses to create custom reports and make informed, strategic decisions.

 

Scalable

As your business grows, so does the amount of data you collect, the number of customers you have, and the number of employees across the business. To be successful, businesses need to adapt quickly.

Our structured cloud-based solution allows you to:

 

  • add users when they are required
  • add locations (such as new warehouses or new retail or ecommerce stores)
  • add solution aspects such as Qdos Retail POS or Qdos Advanced Warehouse solutions.

 

Customisable

When selecting the ERP solution for your company you need to take into account the amount of time it will take to transition over to a new system. Your ERP should be implemented according to your business requirements, and not be limiting in any way.

Qdos ERP has many features and functions available – you can leverage the features that are right for you, your processes, and your business. This means you can keep the process simple and guarantee a smooth transition.

Start with the features that your business needs right now. You’ll also know that more advanced features are sitting dormant in the background. When your business grows or your needs change, those extra features can be turned on.

 

IT cost savings

With Cloud ERP, there’s no need for dedicated IT resources or to manage IT infrastructure such as servers. If you have a solid Internet connection, you can save a lot of your IT budget by using cloud software.

 

Enhanced customer service

Information readily available to provide a personalised service and optimise the customer relationship. Sales and Marketing teams love the ability to track and manage:

 

  • CRM information such as purchase history
  • Product availability in-store or online
  • Customer loyalty programs
  • Customer spending patterns
  • Detailed customer segmentation for focused advertising
  • Profit margins during promotions

 

Automate transaction reporting

Qdos retail POS systems come integrated with Qdos ERP making all your sales transactions easier and more efficient. The best feature is that it removes common human errors.

Even a feature as simple as the POS system talking directly to the EFTPOS machine, to prevent keystroke errors and to make sure the correct cost gets charged to the card.

The ERP system also provides you with real-time data meaning you know exact numbers when replenishing inventory. Whether it’s one store or a franchise, ERP systems help senior managers oversee business activity and make better decisions.

 

Empowering you to transform your business

Our range of cloud-based ERP solutions will help transform your retail or wholesale business. You’ll have the right technology to drive efficiency and profit.

Whether you’re a multi-store retailer, pureplay retailer, franchise or wholesaler, we’re here to help you do better business.

If you are looking an ERP solution customised to your needs, you can complete the contact us form here and one of our representatives will give you a call back within 24 hours.