What is a Business Management System?
A Business Management System provides a business accurate, real-time insight and information into the daily running of their operations, all while automating manual processes and improving operational efficiency.
A true Business Management System will also take care of all your payroll, staff onboarding and workforce management processes.
Business Management System
A Business Management System provides an efficient and effective approach to managing not just finances, but your entire enterprise. The technical term for this is an Enterprise Resource Planning (ERP) system.
It’s used when referring to solutions that enable you to manage all business operations effectively and easily from a central system. Because every area of how you manage your business is connected into one simplified system, this helps to ensure all data and information is correct and up-to-date.
An ERP system is composed of integrated modules that work with one source of truth to address functional areas besides finance that include:
+ Business Intelligence (BI)
+ Customer Relationship Management (CRM)
+ Supply Chain Management (Logistics)
+ Materials Resource Management (MRM)
Depending on your software vendor, you can incorporate a number of other modules into your ERP system to suit your business needs. By integrating these modules, your management, staff, suppliers and even customers can gain new insights and create new efficient processes that weren’t previously possible.
For example, a manufacturer may incorporate MRM modules which include capabilities such as:
+ Just-in-Time (JIT) Inventory
+ Point-of-Sale (POS)
+ Fixed Asset Management and;
+ Project Management
If you are in the manufacturing industry, discover MYOB Advanced Manufacturing Edition>
The benefits of an ERP system
An ERP system will increase your organisation’s efficiency, improving your business operations and processes, which provides you with the ability to further grow your business with no constraints. A good ERP system allows you to reduce manual processes, use analytics to make better decisions, enable staff to provide outstanding customer service and a whole lot more.
It’s designed to be flexible and scalable, so they grow alongside your business by providing the applications and processes you need now – all while supporting the growth of your business in the future.
And while the numb er of features and benefits can seem overwhelming to begin with, a key component to remember is that it’s there to simplify your business processes, improve how your team manages their daily tasks, and provide greater insight and viability across your organisation.
Minimise duplication + reduce errors
When staff have to use multiple disconnected systems, you run the risk of duplicating work. This is one of the biggest causes of wasted time, resources and incorrect data for businesses. If this sounds like your business, then your staff will greatly benefit from an ERP system. An ERP system can provide your entire team with access to the same, real-time data, eliminating duplication and re-entry errors.
Access real-time insights anywhere, anytime
An ERP system allows you to control when and how often information is updated. You can extract real-time data to run accurate reports because data sits in one place, not in multiple systems. Data entry is automated, thereby increasing data accuracy within your ERP system. Access to accurate, real-time reporting allows your business to improve your interactions with suppliers and customers, and grow business opportunities. If you want to start making informed business decisions with confidence, the answer is an ERP system.
Automate manual tasks
In business, time is money. Loss of time can mean the loss of revenue. So, if reconciling financial records takes forever, you will benefit from an ERP system. It can be customised to meet your own business needs and streamline day-to-day tasks. All while boosting productivity and reducing operational expenses.
Accurate stock control
If your purchasing team doesn’t know how much stock is needed, increased demands can cause stock-outs. Imagine if a customer calls up asking if a product is in stock and you can’t answer them correctly – you may lose that customer for good. To avoid this, an ERP system brings all your stock data together, so staff can access the same real-time information across the business. This means sales and customer service staff can accurately answer customer questions and warehouse staff can monitor stock levels.
Preparing your business for an ERP solution
So now that you are thinking of looking at an ERP system, there are a few things you should do first. The first one is to think about the long term benefits of an ERP system. The second is to know your business inside out. You also need to create a positive climate for change by getting everyone involved. Lastly, and perhaps most importantly, you need to find an experienced partner who will work with you to achieve your goals and address your pain points.
Think long term
An ERP implementation is not an IT project or a finance project. It’s a business project driven by business benefits. When you invest in an ERP, you’re investing in a company asset. Therefore, you need to look at what long-term benefits an ERP system can give to your business. If you are a growing business, you need a system that grows with you. If you’re finding that inaccuracies and errors are building and paperwork is mounting, then you need to start considering that an ERP system is worth the investment.
Get everyone on board
To create a positive climate for change, you need the support of everyone in your organisation. Members of your staff will likely have an opinion on how your business works and how it can be done better. When implementing your new ERP system, it’s a good idea to get their input. If the project is inclusive and your staff’s views are valued, it’ll help create a positive environment for change. Your staff will have a sense of ownership and empowerment because they were involved in the whole process. This will help you end up with a system that everyone is happy with and brings out the best benefits.
Know your business inside out
A new ERP system is a catalyst for change. To ensure the changes are ones that will improve your business, you need to create the right environment. To do this, take an honest look at how your business is performing and ask yourself these questions: Is business growth on pause or declining? Are competitors getting ahead – or worse – taking business from you? Do your staff feel motivated? How old are your business systems? Do you keep using them just because they’re familiar and comfortable? Are they working for you, or holding you back?
Find an experienced partner
It’s important to involve an experienced vendor partner like BusinessHub early in the process when evaluating an ERP system. We can provide customised solutions for your business and use our industry expertise to provide a solution tailored to meet your specific needs.
And with over 10 years’ experience of providing clients with MYOB Advanced ERP solutions and ongoing support, we have the knowledge, industry-insight and expertise to help you address your pain points and challenges with a cloud-based solution.
We have trust in the MYOB brand and as it turned out their Advanced solution really did have everything we needed.
The functionality of MYOB Advanced met our many needs including customer special pricing, advanced stock management, a customer portal as well as CRM.