ERP NEXT for small & medium business enterprises, ERP Strategy for achieving smooth & easy business operations Post pandemic times

Your Business may be a small scale enterprise or vast and established. It needs to stay in the mainstream competition to survive and grow steadily. However, the organisations that have both of these contradictory businesses have a vast gulf. Small and medium enterprises lag in their operations and find it challenging to manage their financial resources, limited employee base, and unable to upgrade their technology with the latest trends.

ERP NEXT proves to be the saviour and supporter for these enterprises and gives the edge to remain rooted in several niches of the market. The strategies and features of the new ERP NEXT enable small and medium enterprises to have affordable, executable, effective, efficient, comprehensive, feasible, and upgraded resource management strategies and methodologies. 

Overview to ERP NEXT

ERP NEXT is a comprehensive management tool or program that small and medium enterprises can execute to record their transactions on a day-to-day basis. Strategic ERP helps small and medium enterprises gather information, analyse the data, timely resolve the problem, and make informed decisions. All these collective features of ERP NEXT put the small and medium enterprises ahead in the mainstream of competition in the real market.    

What is ERP software?

ERP software is a software and technological strategy mainly designed for management to optimise their operations, execute their plans effectively, yield the best output, and return to the investment.

Some of the support system layouts provided by ERP NEXT areas mentioned –

• ERP NEXT aids in tracking all the invoices and payments made against the transactions made to a channelised central point. 
• ERP NEXT helps segregate the product available in the stock based on their quantity and category. 
• ERP NEXT implementation automatically developed a system of recognising and following the critical performance indicators of these small and medium enterprises. 
• Helps the management in identifying and tracking the grievances of customers and timely redressal of the same. 
•  It helps record the Keeping of the payrolls and payments of the employees along with assigning and allotting the tasks and supervising till it is achieved.  
•  Moreover, it keeps a clean chit database of all the stakeholders involved directly or indirectly to SMEs.
• Lay down a smooth and easy quotation process, concluding the selling price, after evaluating the raw material cost, machinery purchased fixed costs and other additional charges.
• Keep track of all the actions, even maintenance reminders.

Benefits/Advantages of ERP 

It is unpredictable to determine whether a particular technology will be a success or failure for the business. Predicting the potential vulnerabilities and threats to the companies due to the introduction of a specific technology (for large scale and SMEs) is entirely uncertain. 

Similarly, new ERP implementation has its pros and cons once implemented in the business organisation for operation. Here are the benefits and advantages that ERP offers to businesses and let them flourish in new directions and reach their targets. If the services are more convincing than the probabilities of failure for a particular business setup, then only go ahead with the investment option in this management software.   

Suppose a business or organisation implements ERP software as its management business operations software. In that case, it means they get into an encrypted facility to perform all management functions with the supreme most efficiency. The list of tasks of the new ERP system software includes:

• All accounting processes.
• Effective customer Relationship Management (CRM).
• Supervising manufacturing activities, efficient inventory management.
• Gathering the best human resources.
• Best analytics.
• Reporting mechanism. 

1. Focused IT Costs –

   Although Implementation of ERP Best practices requires huge investment initially compared to other Management operations software. However, the benefits and advantages that this implementation of ERP yields is beyond words to explain. The businesses can focus upon individual investment rather than putting financial resources individually for specialised software for each task and operation in the industry.  

2. Total Visibility:

   The Implementation of ERP software in the organisation or business makes it handy for the management to access data from any level without any hindrances. The software keeps a constant track of the operations and transactions. It is a comprehensive software that eliminates the duplication of tasks and wastage of precious hours of the limited workforce on mundane and routine tasks.  

3. Improved Reporting and Planning:

   ERP software engulfs the Entire gambit of the operations and recordings conducted within the business’s prices and other stakeholders interested in the industry. ERP tracks the intra- department and inter-department reporting and eventually helps the management analyse the reports, compare, and conclude with the strategic plans to be implemented to match the discrepancies and eliminate the growth hurdles from the roots.

Features of ERPNext

Financial Accounting :

ERPNext gives the stakeholder collective and consolidated financial books, intracompany as well as intercompany transactions, deferred balances (revenue/payments), easy and quick bank statement updating and uploading abilities.

Human Resources : 

The software provides the most effective and efficient tracker of employees. Consolidated and tracked data aids in specifying the employees’ payroll after segregating benefits, deductions and allowances. Moreover, it enables management, leaves days, employee lifecycle, and similar aspects.

Customer Relationship Management :

Through ERP implementation, businesses can figure out the exact leads, placing timely quotations, and finally receiving tracked and timely delivery of the products.  

Asset Management :

Assets and work-in-progress capital recording and other accounting are feasible here. The tool enables the business to keep vigilance over the movement of the assets. 

Marketplace :

ERPNext helps develop a communication channel between the buyers and the market via applications, websites, and other similar tools. 

Framework Enhancements : 

The entire business setup gets a comprehensive and enhanced framework to execute and win the processes. 

Advantages of ERPNext

1. Target market –

   The implementation of ERPNext is fruitful in small scale and medium and large business setup. Even all sectors, including services, manufacturing, retail, distribution, education, NGOs, NPOs, and the agricultural segment, adapt.

2. Customer Service support –

   It provides priority-based redressal of the grievances via emails, open chat, instant screen sharing options, and remote login to resolve the issues immediately.  

3. Pricing –

   It is free of cost if the business chooses an on-premise or self-hosted version of the tool. In comparison, companies need to pay for ERPNext Cloud implementation. For example, it may cost $50 per user every month, having a 25 GB storage capacity, 15,000 emails/month scope, real-time tracking of data of many companies, boundless customised fields, along with forms and scripts.

What’s next?

ERPnext, the open-source business system, fulfilling the needs of small, medium, and large-scale industries of all sectors and divisions, is going to rule the world. The solutions are going to be comprehensive plans that channelise differential resources from individual tools and software. Small businesses will adopt the free version immensely as it is crucial for startups and budding businesses with limited resources. It is a well-developed and established tracker for retail management, inventory controller, effective customer management, and way towards high ROI.

ERPnext software provides management content and e-commerce services and information along with solutions based on the same. It also offers integrations and applications based on Google, Slack, PayPal, and Shopify to channel the entire business operations and control them all under one umbrella. One can go either for the self-hosted version of the software or the free version depending upon the requirement and the feasibility in the business environment.