August 14, 2018 by Third Wave Associate BlogWhat is the Meaning and Definition of ERP Software?08/14/2018Businesses with complex supply chain systems and critical platforms spanning multiple departments can use an enterprise resource planning (ERP) solution to centralize the flow of data and streamline operations through data validation, process automation, and the unification of disparate systems. Improved business processes lead to reduced costs, time savings, and increased scalability. Although the word ‘enterprise’ is in the name, an ERP solution like SAP Business One is exceptionally well-suited to help small to mid-sized businesses grow and scale with a unified business management solution. ERP software is utilized throughout a variety of industries and business sizes, thanks to the versatility of the solution and flexibility of on-premise and cloud ERP deployments. Manufacturers, distributors, wholesalers, and more across many different industries may use the software for a variety of purposes, but there are universal benefits that can be achieved no matter the type of organization. In 2017, distribution companies made up the top percentage of users, followed by manufacturers and educational institutions. Learn More: SAP is a Real Small Business ERP Solution ERP Solution Business Benefits There are many business benefits that companies can realize from a unified business management solution, especially regarding operations and process improvement. Distributors and manufacturers highly benefit from the use of automated workflows and business insights ERP software can provide to drive operational excellence. ERP systems support processes across the business including supply chain management, customer relationship management (CRM), finance, purchasing, human resources, and more. Measurable improvements like time savings and reduced human errors can be observed from operational and financial perspectives when businesses operate from a single platform in real-time. This increase in transparency and data visibility allows for accelerated and insightful decision-making while reducing the risk for errors and omissions. For example, centralized data can drastically improve inventory management through the synchronization of receipts and inventory warehouse levels, recording transactional and support issues, tracking stock and drop-ship locations, performing inventory counts, and more. Businesses also gain the ability to accurately manage critical processes like order-to-cash and purchase-to-pay, while increasing vendor, sales channel, and 3PL integration, communication, and management. ERP Implementation When selecting an ERP solution, ease of customization is key to ensuring teams across departments can view the data that matters to them most. Elements like role-based interfaces and configurable dashboards allow for tailored views without excessive manipulation of code. Many businesses can benefit from working with a trusted third-party consultant for ERP implementation, a critical stage in the process. An ERP consultant should be open to learning about the nuances and needs of your business, explain in detail how the ERP solution works, and map out an implementation approach considering both sides. Enlisting a dedicated team of specialized professionals to manage the implementation process serves many benefits, including: A better understanding of potential issues and how to fix them Necessary technical background and experience Reduced risk of data loss Faster integrations between platforms Reduced liability on internal project managers Third Wave Business Systems is a Gold Partner of SAP, the world leader in ERP software. As North America’s longest-standing SAP Business One partner, small to enterprise level businesses trust us to implement scalable ERP solutions with hands-on expertise every step of the way. To learn more about how Third Wave enables companies to implement scalable ERP solutions and drive transparency and growth throughout an organization, schedule a customized demo with a Third Wave expert today.