Importance of ERP for Small Businesses.
Some decision-makers are hesitant to move forward with Odoo ERP for a variety of reasons. Companies are held back by concerns about failed integrations, pre-existing customizations being overwritten, and a lack of available resources. What is the Importance of ERP for Small Businesses?
The transition in the workplace toward a work-from-home culture has put more pressure on decision-makers to overlook their reservations. Companies were left scrambling to discover solutions to help their remote staff in the aftermath of Covid-19. The slow pace of on premise software exacerbated operational issues. The ability of Odoo ERP to provide remote access to the functionality and data that employees needed demonstrated its value in the business world.
Facilitates the management and collaboration of a remote workforce.
Businesses using simple accounting software quickly realized that their current procedure wasn’t up to the changing needs of the working world as a result of the trend toward homeworking. The same firms may evaluate data, make modifications, and close books virtually with Odoo ERP. Its checklist feature makes the procedure easier for consumers and ensures a seamless flow.
Examines accounting principles and regulatory requirements.
Regardless of industry, rules and regulations cause challenges for all businesses. Companies now have more obligation to identify revenue consistently as a response to changes to the revenue recognition rules. An issue that older on premise systems were not designed to handle. Companies can meet the regulatory landscape thanks to the versatility of the Odoo ERP solution and its automatic upgrades. Change is unavoidable; arm your company with the tools it requires to keep up with the unpredictability of the global economy.
Provides a consistently accurate view of the business to all organizational areas.
Purchasing software as a particular need develops is common throughout a company’s initial stage of development. This develops in data and information silos throughout the organization’s functions. To readily access crucial information from separate systems, costly integrations are required. When you combine this with internal squabbles over which data set is more accurate, the decision-making process becomes severely slowed. Odoo ERP solutions give accurate, factual data that enhances team collaboration. Sales and marketing may build promotions for products that are truly in stock using real-time inventory data, resulting in more revenue and happy consumers.
Encourages rapid response.
Companies that are using several systems rely on IT help to gather and produce reports. Data collecting delays cause information to have become outdated by the time it reaches decision-makers. Role-based dashboards are available in Odoo ERP, giving employees rapid access to reliable data. Decisions are made faster, more easily, and with greater accuracy.
Operational risk can be mitigated.
Purchasing, transactions payable, and other financial activities in Odoo ERP include approval workflows. This is combined with access permissions control to ensure that data remains accurate and in the hands of the correct people.
Unit economics, customer, and project profitability are now all monitored.
Unit economics allows businesses evaluate the profitability potential of product lines and change accordingly by evaluating direct cash flows on a per-unit basis on a regular basis. Manufacturers struggle to effectively answer these questions and estimate how many resources are allocated to product X vs product Y without integrated systems—visible gaps that might affect profitability. Companies may use Odoo ERP to get the visibility they need to see whether products have positive versus negative margins and create business development and profitability estimates.
Assists businesses in expanding and adapting.
Companies that rely on spreadsheets or primitive accounting systems initially tend to outgrow them as they develop in size and complexity. When these businesses expand, establish subsidiaries, or begin dealing in several currencies, the requirement for a more sophisticated enterprise system grows tremendously. Smaller businesses may be able to get through with primitive systems and spreadsheets, but those who install Odoo ERP not only enhance their existing business management operations, but they’re also well positioned to grow in the future.
To learn more about our Odoo ERP deployments, contact the Growth Stack team.