What is ERP software?
ERP stands for Enterprise Resource Planning. It is a combined system of applications that can manage and integrate core business processes. When planning to incorporate company in Singapore, investing in good ERP software can help to stay organized during the formation process. ERP software is mainly used by large corporations however, even medium and small-sized enterprises have begun to find it quite useful. In this article, we will discuss the fundamentals of ERP software and why it is a useful tool when you start business in Singapore.
The software is designed to manage and integrate day-to-day business activities. These include production, projects, human resource, finances, procurement and many more. It is a useful system when you first start business in Singapore as it will maintain and record all tasks that have been and need to be completed. Good ERP software will provide accurate information that will help stakeholders make good decisions based on generated data. This is another important factor when you incorporate company in Singapore. It will help to foresee whether certain business investments are right or not. ERP software will eliminate any duplicate data and provide data integrity.
Which businesses can benefit from ERP?
ERP software was originally created for the manufacturing industry. However, with its popular features, it has expanded to a range of sectors such as retail & wholesale, real estate, education, and even government operations. All businesses can benefit from using ERP software. It will have a range of benefits to make your business grow and succeed, specifically when you are new and planning to incorporate company in Singapore.
Every type of organization will sell or distribute something, buy products or services, manage employees, and have financial accounts. The ERP software is an organizational tool that will help to compile information for all those factors. It is best known to manage all the basic functions when you start business in Singapore.
Why is good ERP software important for new companies?
Why are new companies looking for ERP solutions? What makes ERP software important for them? According to research, an estimated 85% of companies have successfully implemented the system or are in the process of implementing ERP. There are plenty of advantages that make incorporating ERP software important for companies, specifically for new individuals that want to start a business in Singapore. Let’s have a look at several benefits that make good ERP software important for new companies.
1. Optimizes efficiency
When you are planning to incorporate company in Singapore, there is a lot of heavy paperwork at hand to complete. Even so with all business operations going on simultaneously. Therefore, implementing good ERP systems can help guide new companies with processes that take a lot of time and energy when they are done manually. Tasks such as staff assignments, monitoring work hours, distributing salaries, and tracking inventory. These tasks can all be done automatically through good use of the ERP software. By using the ERP software to organize daily business activities, your employees can then focus on their core tasks. This will help productivity flow well in new companies.
2. Reduces operating costs
When you plan to start business in Singapore there are many costs to take in consideration. There will be many requirements and processes that could cost a fair amount of money. Therefore, using any means to reduce several of those costs will be a great advantage for your new company.
Good ERP systems can help businesses save on operational costs. Most activities will be automated and any delays or breakdowns can be foreseen and prepared for. All complex operations can be completed quickly and this will reduce lead time. You would not have to worry too much about labour with good ERP software when you incorporate company in Singapore. ERP system solutions can take over a range of day-to-day tasks that you would usually need extra hands for.
3. Increases team collaboration
An ERP software allows you to break down barriers between departments in the companies. New companies may have departments whether not all employees are aware of. However, with a good ERP system, there is a chance for cross-departmental collaboration which is necessary when you start business in Singapore. When data is stored in a centralized area, departments can access the material from all across the business.
4. Improves data security
A good ERP software system will have firewalls and controls that prevent any data breaches or unusual activity. The data will be kept in a centralized system that will be closely monitored and concentrated on. The administrators that will be managing company data can provide limited access rights to information for employees via the ERP software. When you plan to incorporate company in Singapore, it is important to have credible security systems. Good ERP software is one of them.
How to decide if your company needs ERP software
There are many possible reasons why your new company would need ERP software and why it is important. It could range from staff spending too much time on tasks that should not be done manually. To not having quick access to data in order to make business decisions. Whichever the reasons may be, a good ERP software is important for new companies to implement in order to successfully guide them with formation and their business operations and payroll. If you aren’t sure about how the ERP software works, don’t hesitate to discuss it with the right provider. Also, look out for WLP Group to cater you with all your business registration needs.