Enterprise management is one of the modern examples of Enterprise resource planning (ERP). It allows brands to manage vital day-to-day processes such as inventory management, accounting, human resources, and customer relationship management (CRM) to effectively have a competitive edge in the global market.
Enterprise management supports how different business components work by distributing information through a shared database. Many ERP software applications have been developed to help companies implement resource planning by integrating all of the processes it needs to run a company with a single system.
In view of the serious competition in the global market as a result of the world becoming a global village, the following are pointers as to why you should be at the forefront of brands implementing enterprise management.
Interacting with the world ordinarily offers lucrative opportunities and creates a higher demand for products. Globalization, however, comes with a cost.
The crowded global market should be a source of joy to brands but it also means more competition and a rapidly accelerating rate of change. The pressure to innovate, while at the same time keeping costs to a minimum and reducing the time-to-market is a competitive necessity.
The copious availability of internet also brings about increased competition and competitive pricing. Along the same line too, there are a host of other pressure points such as unexpected changes to trade agreements due to macro-economic or geopolitical changes; like tariff changes, import and export duties, customs duties, commodity availability or currency valuations.
You also have to contend with international environmental regulations, which are necessary to address serious problems such as pollution and climate change as well as the frequently changing policies on the balance of trade. You cannot cast aside the regulatory functions of the international standards organization (ISO), which control quality and traceability, that impact the sourcing of raw materials.
All these boil down to the fact that you must communicate both internally and externally, maintain tight control over how products are produced, and absorb the increased pressure to produce quality products at a lower cost.
Your brand must stand out from the teeming internal and low-cost overseas rivals. Enterprise Management gives you an insight into how your organization should anticipate customer demands and become more agile.
The market today has become customer-centric and you must do everything to adjust to that if you must meet up with the increasing demands of customers. From initial design to final production and eventual sales, Enterprise Management can extend to key processes and systems such as computer-aided design (CAD) and product lifecycle management (PLM).
This shortens product delivery times and time-to-market, improves quality and increases customer satisfaction. It also enhances quick and prompt delivery with the overview of addressing your customers’ pain points in real-time.
This task ordinarily should be herculean but Enterprise Management is backed by a shared database of the customers’ life journey. In some instances, however, there could be a split of the physical database to improve performance.
3. The complexity of bigger projects
Your current systems can’t cope with increased demand and complexity of bigger projects. Having a centralized system with Enterprise Management provides you with the information you need to combine forces across the organization for increased productivity, capacity, and efficiency in order to increase sales and attract larger audiences.
All departments have the same information at the same time, so they can combine all their know-how.
4. Judicious use of funds
Apart from the fact that you are facing increased competition, materials, transport, and overhead are experiencing a daily upward increase. With Enterprise Management you have all the data you require to plan, predict demand, and monitor stock allowing your brand to manage costs, optimize inventory, and utilize costly resources more efficiently.
According to a Total Economic Impact (TEI) study by Forrester, Enterprise Management customers can expect a favorable ROI of 177% with total benefits of $1.7M from cost savings over 3 years.
5. Access to technocrats
Competition makes it difficult to recruit the right people as the pool of technocrats gets smaller. Enterprise Management gives you one system to control your business processes, which means it’s easier to identify where improvements can be made, helping target recruitment of the right type of talent.
The place of Enterprise Management in communication
Enterprise Management supports internal collaboration, so product requirements are clearly defined and communicated, with production coordinated with the delivery and product teams. Without communication, it’s impossible to make sure products are delivered to specification, on time, and without excessive costs.
Externally, communication is also essential for dealing with suppliers to secure favorable prices, relating to regulatory bodies, as well as engaging customers.
According to Forrester, there are important business benefits for brands using Enterprise Management solutions from Sage. These include financial management, purchasing, sale management, inventory management, customer service, and manufacturing management.
Now you can access transactions and inventory in real time. Just incorporate Enterprise Management.