Chron defines mid-market companies as those with annual revenue between $10 million and $1 billion. These organizations have successfully emerged from the entrepreneurial phase to become mini-titans of their business universe. At this phase, they’ve captured a good deal of internal and external data on everything from market fluctuations to consumer trends. It’s at this point that it’s crucial to use that insight to make organizational and procedural shifts to capture even more revenues.
This is the perfect time for enterprise resource planning software (ERP). If you are looking for the best cloud ERP solutions for small business, then please see our earlier post. However, if you are a medium sized business that would like to learn more about the benefits of ERP software, then read on.
ERP software encompasses data analytics across all of the most important parts of running a business: accounting, customer relationship management, human resources, inventory, sales, vendor management, and more. ERP software, such as Microsoft Dynamics 365, takes these processes and melds them into one dashboard in order to better manage these functions across a business. At the central core of this hub is a database that is shared across multiple tasks. Analytics tools are added to these platforms that can help with sophisticated profit, loss, and sales projections – to name a few of the reporting functions of these platforms.
Just a description of how an ERP functions may start to give a sense of the benefits of the platform. Some specific benefits of ERP software include:
These benefits are exactly why mid-level businesses seek out ERP platforms as a tool to take their companies to the enterprise level. Having an ERP in place can help businesses in countless ways. In today’s competitive environments a mid-market company that lacks the streamlined efficiencies that come with an ERP is working with an extreme handicap.
If you aren’t sure if it’s time to switch to Microsoft Dynamics ERP, then we recommend reading our post on the subject.