Singapore is a global manufacturing giant; its GDP consists of approximately 20% from its industries. Therefore, young entrepreneurs in the country are encouraged to start small scale businesses on every level. The non-corrupt environment favors the growth of such business and attracts investors internationally to set up their companies here as well. Thus, the government of Singapore is bent on improving and adopting to all those innovative ideals that help change the business game.
Enterprise resource planning is the software of the age that has revolutionized how the various independent systems of a business interact with each other. In the past, since there wasn’t any link between the various systems such as accounts, finance, sales, and inventory etc. the work was very tedious and difficult to do. Deadlines would often be delayed and whenever data was to be retrieved, it would almost always have a risk of being faulty. Microsoft ERP offers real-time interface for the user to give and receive orders from the customers. Efficiency is the name of the game for this software. It can be used for any size of business and can be altered or changed according to the need of the customer. Many companies are using Microsoft ERP in their systems today and the graphs have shown increase in revenue ever since the use has started.
Technology is ever evolving and growing. Requirements and needs of business and clients are also ever changing. In order to meet and keep the revenue flowing it is of paramount importance to keep the systems up to date and to mitigate small grey areas, whatever they maybe. Some companies use outdated ERP solutions in their organizations and because of this they lag as compared to their competitors. In order to overcome these challenges, the following points should be kept in mind.
- The foremost strategy is to record and sequence all the various workings of the business. With this, the whole initial plan of the workings process is understood and listed.
- After this thorough mapping system, it is required to enlist all the good and bad of the process. By highlighting all the grey areas, one can give attention to them and to mitigate them all together.
- Now, with a complete understanding of the process one can custom build an ideal system of ERP that is required according to their need. This step is only possible if the precious steps are understood and dealt with.
- Finally, the new redesigned, streamlined, and improved version of the ERP is fed into the system, but it is required to review this process annually to ensure up to date processing.
When the system is kept up to date with the processing of the global market and minute details are taken care of, then there is a trend of improved profits and streamlined business processes. It is the need of the hour and new entrepreneurs should be trained to consider these important factors before their set up their own businesses.