How Cloud-Based ERP Software Can Help Grow Your Small Business

Enterprise resource planning (ERP) is an integrated software system that helps businesses streamline and optimize all of their business processes from a single platform—from finance to inventory and payroll management to customer history and human resources. It also allows you to keep track of field service employees. 

ERP software has been used by businesses for years to help them drive efficiency and reduce costs. But thanks to the Internet, more and more small- and medium-sized businesses are learning just how beneficial it is to use cloud-based ERP software solutions. In fact, a whopping 97% of businesses have incorporated cloud services of some sort into their day-to-day operations.

Thanks to its easy use, accessibility, and numerous benefits, more organizations are gravitating away from on-premise ERP software to a cloud-based ERP solution.

What exactly is a cloud-based ERP solution? The “cloud” refers to offsite servers that store all of your business’s valuable data. With a wireless device, like a smartphone, tablet, or laptop, you can easily access that data and the full function of ERP applications, from anywhere, anytime.

Here are seven of the top benefits of shifting to a cloud-based ERP solution and why it can have such a profound effect on your small- and medium-sized business.

Reduces Costs

One big reason why so many small- and medium-sized businesses are switching to a cloud-based ERP system is because it reduces costs. Cloud ERP is Software as a Service (SaaS). It allows businesses to access software over the Internet. On-premise ERP software is limited to a physical location.

As a cloud-based SaaS solution, ERP runs on a subscription-based model. Every month you pay a pre-determined monthly payment which covers the cost of a software license, upgrades, and real-time back-ups. This eliminates the need to invest in expensive hardware, hire additional IT staff, purchase a costly service plan, or have to pay for maintenance and software upgrades.

Scalability

Your business is growing fast, and you need an ERP solution that can grow to meet your everyday needs. That’s exactly what a cloud-based ERP solution is designed to do. Because everything is located in the cloud, it’s entirely scalable, you simply increase or decrease the amount of online storage you need.

Allows High Visibility and Collaboration across Departments

Cloud-based ERP gives small- and medium-sized businesses the tools they need to increase transparency, cooperation, and accountability. 

It provides:

• Project management tools that simplify the collaboration process.
• Real-time financial and performance reporting.
• Resource management options to help identify opportunities to streamline and eliminate waste.
• Efficient collaboration with other employees, including field service technicians, remote workers, and third-party consultants.
• Increased security by showing user access and workflow throughout the entire system, allowing for easier inventory management.

As a result, cloud-based ERP is not just a functional improvement, it also helps businesses respond quickly and make better, more informed decisions. 

Enables Better Decision-Making

A cloud-based ERP solution gathers and analyzes all of the valuable data your business generates and provides an instant overview of the entire organization. Having an overall picture of your businesses operations allows you to help identify and eliminate inefficiencies, streamline operations, and provide insight into your customers and business partners. 

Not only does this enhance productivity, it also helps businesses respond more quickly to the ever-changing business environment. 

Automatic Updates

If you’ve ever used an on-premise ERP solution, then you’re familiar with the challenges of using an outdated infrastructure. And how expensive it is to update these systems. 

That’s all in the past with a cloud-based solution. Again, because it is SaaS, all of the software is taken care of by the cloud-based ERP provider. There’s no need to worry about updating software or hardware. Upgrades and ongoing compatibility issues are taken care of by the cloud-service provider, automatically. 

Provides High Security for Valuable Corporate Data

Cloud ERP provides better security than on-premise ERP solutions do. With cloud-based ERP, your company’s data is stored on remote servers. And data centers invest heavily in security measures; after all, their reputations are built on providing their customers with peace of mind.

Their sophisticated monitoring systems detect threats and get updated automatically, virtually eliminating the potential for data loss.

And, as every business owner knows, the loss of data or unexpected downtime means a loss of profitability and a major dent in your reputation.

Remote Flexibility

Because everything is located in the cloud, not stored on their actual mobile device, users can access everything they need to do their job, wherever they are. If you’re at the airport or stuck in traffic, all you need is a mobile device and the Internet to get real-time access to all of your valuable business data.

With the swipe of the screen, service technicians can see their projects, work schedule, inventory levels, get access to diagnostic tools, manuals, and schematics. They can also create work orders, e-receipts, and accept payment. 

This type of remote flexibility improves data access, allowing you to work in real-time and scale your company. It’s the perfect solution for businesses with employees that work remotely. The benefits of cloud ERP have become even more obvious since the global coronavirus pandemic struck in 2020.  

TFP Canada, Canada’s Ultimate Field Service Provider

If your small- or medium-sized business is looking for ways to be more efficient, competitive, and profitable, you may want to consider gravitating to a cloud ERP system. TFP Canada can make sure your overall business is running as efficiently and effectively as possible.

Using the best technologies for web and mobile, we help businesses automate and streamline their organizations complex business operations. Our software is a complete office management system that lets you put your business on autopilot—anywhere, and everywhere. To learn more about TFP Canada and how our cloud-based enterprise resource planning (ERP) software can help automate your business, improve fleet management, and reduce costs, contact us at 647-612-3300 or by email at sales@tfpcanada.com.