Business needs are changing at a rapid pace and new requirements often influence business functions. To gain a competitive advantage, SMEs have to be proactive and adapt immediately to the changing circumstances. ERP software solutions in Australia help SMEs achieve this. Customized ERP solutions specially designed for SMEs come with a fully-integrated, intuitive platform. Such customized solutions allow small and medium enterprises to easily analyze, monitor and conduct various data-driven tasks. It allows you to collect, store and analyze data across all departments and ensure seamless communication within your organization.

Why SMEs Need ERP Solutions

SMEs depend on fewer employees

SMEs usually run their business with smaller teams and fewer employees, unlike large organizations. They need to execute all-important business functions with limited staff members. Some employees might take on multiple roles in the organization for the smooth execution of business tasks. For instance, the HR personnel may also have to take care of administrative tasks.

Multiple roles and heavy workload may affect employees’ performance. Employees should possess multiple skill sets and may have to undergo different training sessions to accomplish the assigned tasks.  Multiple job roles can affect job satisfaction and employee productivity.

SMEs need unfailing efficiency and productivity

ERP software solutions in Australia ensure improved productivity and efficiency even with a fewer number of employees. Automated processes reduce dependency on human employees. Customized  ERP solutions help SMEs work efficiently and fulfil customer demands even with few employees. ERP systems allow access to real-time data and assure that information is automatically shared among multiple departments for smooth functioning. Moreover, it allows SMEs to retrieve relevant information for strategic decision-making too, as and when needed.

SMEs have budget constraints

Small and medium enterprises usually operate with smaller margins than larger ones. However, they may require a large amount of capital during the expansion stage. ERP software can considerably reduce operational costs in various ways. It allows SMEs to maintain the lowest possible material and product levels thereby reducing wastage. Customized ERP solution reduces your dependency on multiple expensive third-party applications. Also, it reduces the time spent on administrative tasks and eliminates the cost arising out of manual errors. 

SMEs need tighter financial management

SMEs often face difficulties in lending funds from various financial institutions due to reported losses. It is important to attentively manage your finances, especially during the expansion phase or while entering new customer markets. ERP solutions can assist you to systematically store all pertinent financial information related to your SME. Relevant information stored in the system like costs, transactions and price lists makes the calculation of revenue, profit and margins easier. ERP software solutions in Australia can solve your financial troubles to a great extent. Performance analysis with ERP will help you cut down expenditures on ineffective operational campaigns. 

SMEs have to ensure operational performance

ERP software can generate detailed reports on your SME’s operational performance. It can be generated as per your requirement either daily, weekly, monthly or annually. This helps your management to closely oversee the business and reduce losses.  It helps you easily assess the results of implemented strategies and make timely decisions. ERP solutions give you better visibility into the usage of resources and help you keep it to a minimum, to generate maximum results. It assists you in quick identification of a popular-selling item and helps you focus more on the same. It also helps SMEs build a long-term strategic plan for the future.

SMEs need technological support

usually have a small or compact IT team to solve basic technical problems. When your business expands, data will be more vulnerable to cyber-attacks. Your SME may need a dedicated team of professionals to detect security breaches and avoid data leaks or downtime. ERP software solutions in Australia can be your long-term IT partner who can take care of your day-to-day IT maintenance. It can eliminate the cost of hiring additional staff in-house to monitor your IT and networks. 

Features

Automation

Automation is an ERP feature that is most beneficial for SMEs as it reduces the dependency on the human workforce. ERP solutions can automate tedious repetitive tasks like order entry, payroll, accounting, invoicing, reporting and more. Unexpected costs can negatively impact the business operations of SME. Hence, it is important to avoid the possibility of human errors. When employees spend the majority of their time repeating the same tasks, they are bound to make mistakes. Automation eliminates the occurrence of such errors and allows the employees to focus on other important assignments. Thus, automation helps SMEs reduce their dependency on the human workforce and eliminate manual errors.

Analysis

ERP systems automatically collect and process data from all business functions. It helps you easily find trends and patterns in your processes. It enables managers to measure the effectiveness of implemented strategies and provide forecasts for future business decisions. ERP systems can analyze client data, production statistics, sales data and much more. ERP can assist SMEs in predicting future demand and plan your budget accordingly. It offers easy access to vital business data and equips SMEs with tools needed to track organizational productivity and efficiency. It can include customizable dashboards, Gantt charts, pie charts, bar graphs and other visual representations. ERP software solutions in Australia can provide you with detailed reports that are intuitive, actionable and relevant. It ensures that every error or inconsistency can be traced and corrected. Powerful reporting capabilities of ERP, help SMEs perform better. 

Better Visibility

One of the greatest benefits that ERP offers SMEs is their ability to provide comprehensive visibility. It provides SMEs better visibility over their supply chain. ERP systems can automatically track finished products as well as raw materials from manufacture to delivery. A high level of integration of ERP systems allows SMEs to seamlessly send and receive information between applications. The greater level of visibility allows SMEs to understand and foresee issues like delays and stock outages.

Tracking

Apart from tracking tangible objects, ERP systems also help SMEs track other relevant information like production statistics, sales, staff productivity and more.

Additionally, ERP systems can automatically send alerts on certain events and keep employees up to date on the most important activities.

For instance, staff productivity may be tracked in an HR module and production statistics in manufacturing analysis tools.

 ERP software solutions in Australia help SMEs streamline business operations by automating data-driven processes. Extensive data analysis and accurate data management with ERP help SMEs improve and measure their operational performance.

The customizable nature of Phykon’s ERP software solutions helps SMEs include just the modules they require as per their unique business needs — making it an effective assistant or tool that works hand-in-glove with the business.