PUBLISHED JUNE 18, 2021
Why an ERP software is important
to your business
By Vanessa Romero
Microsoft Dynamics Principal
In starting a business, it is important to be flexible and have good planning and organizational skills to succeed. A lot of business owners think that if you have great product, service, or a unique concept to sell, you start making money. Only to find out in the end that it is much more complicated as you expect it to be.
This can be avoided by planning out all the necessary things needed, visualize all the possible scenarios that could happen, mitigate risks, and create a properly laid out business plan. But whatever type of business you want to start, having a good Enterprise Resource Planning (ERP) system will back you up in planning your enterprise’s resources well.
An ERP system is a software that manages some of the most important operations of a business such as accounting, procurement, commerce, human resources and more. To put it simply, it helps unify different departments having its own processes, resources, and different technologies across an organization. As leaders in ERP consulting, B-EYE can help successfully design, implement, and support Microsoft Dynamics 365 Finance and Operations or D365 F&O (formerly known as Dynamics AX) for our customers.
The two main applications of D365 F&O are Finance and Supply Chain Management. Each category contains its own list of modules, applications and features that can be used across different areas of the system that are tightly integrated with Office 365 and Microsoft Power Platform.
Let us look closely into the capabilities of each of these categories:
This is where you can monitor your financial operations in real time, predict outcomes, and make data-driver decisions to drive business agility and growth.
Enhance your financial decision making by actively monitoring your cash flow using intelligent and customizable cash flow-forecasting solution, that helps you identify current and future trends.
Reliably predict customer payments by proactively reducing write-offs and improve your margin by understanding if and when customers will pay their invoices.
Adapt quickly with intelligent budget proposals by reducing the time and effort spent on budgeting. You may use the intelligent budget proposal feature to analyze historical data and create an accurate and robust budget proposal.
Close books faster and simplify financial management by using the in-depth financial reporting capabilities that handles foreign exchange and support multiple legal entities and currencies.
You can automatically process vendor invoices by submitting them to workflow and matching invoice lines to product receipts.
You can create rule-based collection strategy that will help increase on-time payment, improve cash flow, and save time.
2. Supply Chain Management
Optimize planning, production, inventory, warehouse, and transportation to maximize operational efficiency and asset productivity. Take advantage of data for robust, real-time reporting and analytics.
Accelerate time to market by centrally managing your products across global sites. You can take advantage of this platform for the engineers to effectively collaborate with planners in the manufacturing process. You can monitor the production lines and manage product revisions, predict, and resolve any quality issues using its built-in dashboards and reports.
Using Al-enriched demand forecasting and streamlined sales and operations planning, it can help you ensure on-time delivery to customers with the right product. You can plan production and distribution and ensure that the right inventory is in the right place at the right time.
You can optimize inventory and logistics with its advance inventory visibility, as this provides a real time output of your stocks that could streamline your production and fulfillment and reduce overstocking and stock-outs.
The system also supports discrete, process and lean manufacturing with made-to-stock, made-to-order, configure-to-order, and engineer-to-order strategies.
These are just some of the highlights from the long list of capabilities and functionalities of each of these applications. Using Microsoft D365 F&O greatly contributes to simplifying the business workflows and helps deliver real-time information for the decision makers to use. Not only is this ERP solution capable of automating processes while maintaining security, controls, and approvals within, but it also greatly cuts down the hours spent on manual processes - this gives a lot of benefits not only to the users but also to the owners of the company as well. Another great thing about D365 F&O is that it is very scalable and can support the ever-changing needs of your business. So regardless of your business process being simple or diverse, we can help you manage them using Microsoft D365 Finance and Operations.
Another key use of an ERP system is helping companies pinpoint the areas or processes in the business that needs improvement. Within the ERP, users can easily see business challenges like late deliveries, dues for payments or collections, and even inventories that are nearly out of stock. It also improves reporting and data quality, since data is processed real-time allowing different business units to access information seamlessly. As we've seen in action, this results to better decision making within a business, supported further by intelligent analytics.
While finding the best ERP for your needs is essential, equally important is finding a solid and experienced partner to implement and support your ERP application. A new ERP is a big investment for any business and it is important to work with a partner who can help maximize the solution and align it to your business needs.
At B-EYE, we can help you not only with the above, but we also have a core ERP team that handles development for any customization or enhancement, as well as a team of experts who focus on application support and system maintenance.
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