For many emerging companies, it quickly becomes apparent that managing business operations with manual workflows, or technology that is limited, can hinder growth drastically. So, when it’s clear that automated efficiencies must be added to streamline complex business processes; smart companies turn to cloud ERP solutions.
Enterprise Relationship Planning (ERP) technology boosts efficiencies, increases transparency, destroys departmental silos and enables business growth with solutions typically in these core business areas:
- Human Resources (HR)
- Supply Chain
- Customer Relationship Management (CRM)
Every ERP provider offers different strengths and weaknesses in the technology they support. There are out-of-the-box, basic versions that are built for the masses; and then there are more industry-specific providers who can give you the best experience, but at a large cost.
There’s always give-and-take when it comes to technology, so remember to perform your due diligence when it’s time to implement an ERP solution of your own. Now, let’s learn more about the benefits of implementing a cloud ERP system.
The Benefits of Cloud ERP
You’re going to have your choices when it comes to ERP systems. There’s on-premise and cloud-based options to choose from. With that said, if you’re looking to save costs and not rely so much on a lot of resources, a cloud ERP solution is the way to go.
Access to ERP technology has evolved
Before the rise of cloud-based ERP solutions, the only way you could employ the technology is if it was built on-premise of your business. After installation, you would see new efficiencies created that would boost product, generate news insights and allow your workforce to focus on higher priority projects.
As these systems have revolutionized the way business data is used, they were only accessible by the bigger and more established companies. It was only available to those who could afford the costs of implementation, maintenance, updates and staff to manage it onsite. Small and medium businesses were set at a disadvantage because they could not afford the costs to manage a system of their own on-premise.
That has all changed with cloud ERP solutions.
These tools don’t need to be hosted onsite, so implementation and maintenance is just a fraction of the cost and time. Additionally, with a cloud-based tool, the provider is responsible for keeping the system up-to-date. This also prevents you from having to retain staff to oversee the maintenance and upgrades to the system entirely. A bonus is that these providers are also in charge of the security too, keeping your data safe and within compliance of U.S. labor laws.
Before cloud-based tools, most on-premise solutions required highly-trained employees to oversee the complex systems. This limited enterprise access to critical insights to just a few select people. The costs to employ and train these employees could be costly depending on how extensive your operations were.
With cloud ERP, vendors aim to provide the best user experience (UX) possible by providing simplified tools and dashboards. The automated solutions enhance processes and ensure daily tasks are met quickly and efficiently.
Businesses win with cloud ERP because they do not have to pay for the time and resources it takes to oversee an entire platform. All they need is a trained workforce to operate it. A good provider will be able to handle your implementation, offer training and other troubleshooting support throughout the duration of your relationship with them.
Scalable for the future
Traditional systems simply cannot keep up with today’s technological innovations. Onsite solutions are often too inflexible to integrate new tools, functions, users or locations. This makes it hard to keep progressing your company forward if your expensive technology doesn’t support your requirements a couple years out.
For example, if you employed an on-premise ERP system that did not have HR components in benefits administration or talent management tools, you’re going to eventually run into a need for those tools. But since the system you implemented is too rigid to upgrade, you’re going to have to investigate alternative technology that may be impossible to integrate within your current system.
In this scenario, your employer would be adding more costs and resources for maintenance. Additionally, they put themselves at risk for to incur massive penalties and fees due to user-error problems regarding the management of their data.
In contrast, a cloud ERP tool will let you scale quickly and seamlessly because the application is hosted over the internet. You can seamlessly download other tools and services from your current provider, or you’ll be able to integrate it with other third-party providers.
For most businesses, their requirements can change instantly. Cloud ERP let’s you scale up or down based on the needs of your business.
Generate real-time reporting
With cloud ERP, you have access to invaluable, real-time insights that you can use to improve business operations. The data compiled over time allows you to identify the areas within your business that need improvement and the areas you excel at. With data accessible instantly, you can make actionable-change the moment you identify any problem areas. You can pin point any potential hazards before they even affect your enterprise.
For example, if you’re focused on manufacturing, you’d be able to quickly identify any production line problems or detect any bottlenecks that slow down business in production. Or, if you have HR, payroll and talent management tools integrated within your ERP suite, you would hypothetically be able to analyze data that directly affects your company’s ability to attain and retain top talent.
Solidify your HR Management, Talent Management and Payroll Processing Needs with the Cloud-Based InfinityHR
Not all cloud ERP systems are built with a true HCM component. Sure, they might offer a couple HR-related tools, but more likely than not, your business will outgrow those quickly.
InfinityHR is a true cloud-based HCM platform that can be employed at a modular approach. The entire suite features a built-in integration with over 300 partner technologies. It allows you to scale up or down, when your requirements change. The platform connects with ERP systems, insurance carriers, benefit brokers, payroll providers, business intelligence tools, job boards, drug and screening companies and much more.
InfinityHR features the following technologies:
- Core HR (featuring employee self-service tools)
- Benefits Management
- ACA Compliance
- Time and Attendance
- Payroll Processing
- Applicant Tracking System (ATS)
- Performance Management
- Learning Management
- Succession Planning
Contact us today to see the modules in action and/or to discuss our integrations.