With COVID-19, business models have been disrupted, markets are constantly shifting, and adaptability has become a way of life. Today, customers place a greater emphasis on the customer experience, which is why they prefer businesses to sell directly to them at home. It is obvious that you have to change and step outside of your comfort zone to suit their demands. A Commercial-Off-The -Shelf ERP software is all you need to fulfill your unique business objectives.
COTS ERP: Exploring new opportunities for your organization
The primary benefit of having an ERP system is the fact that it enables the client company to focus on its core resources and requirements to effectively operate. You should learn how to integrate your companys data management and workflows into one platform to allow you to track and monitor everything that happens in your organization.
Lets look at the different facets of the enterprise that a COTS ERP solution can optimize.
- Automating business processes
A COTS ERP system is capable of automating many of the repetitive and time-consuming tasks associated with running a business, such as accounting, inventory management, and customer relationship management, that can be performed manually by a business manager. As a result, employees will be able to devote more time to activities that generate revenue and are more strategic.
- Scalability has been enhanced as a result
It is also important to keep in mind that as your company grows, so will its requirements. COTS ERP systems are designed to accommodate the growth of a business and can be easily modified to meet changing business needs.
Depending on your needs, they may be able to be scaled down or scaled up. You can use COTS ERP solutions to meet the needs of your company.
- Waste no time on tedious data entry, automate it
There might be a significant risk associated with the manual analysis of data within your organization. Having blanks, duplicate inputs, and human errors on your form increases the risk of losing time and money. For your business to grow, you must also be able to devote your attention to more difficult duties if you want your business to succeed. Using an ERP platform such as NetSuite, users can update and gather data in real-time from their systems. As a result, you will be able to spend less time on tedious data input tasks.
- Improved Decision-Making
A COTS ERP system is designed to provide managers with the information they need to make informed decisions by providing them with real-time data and reporting capabilities. This can help managers to identify problems and opportunities more quickly, and respond more effectively.
- Integrate data across departments
Using COTS ERP software, companies may increase their efficiency and production. A COTS ERP system integrates data from different departments and functions, such as finance, sales, and operations, into one central system, which allows for better visibility and control.
It decreases the possibility of mistakes and enhances decision-making ability. The technology can also assist firms in scaling more effectively by eliminating the need to recruit extra workers to handle increased workloads.
- Cost-effective solutions
By streamlining and automating manual operations, ERP systems may drastically cut expenses. This can result in considerable cost savings by eliminating the need for additional personnel to handle increased workloads.
Compared with COTS ERP systems, custom ERP systems are generally more expensive and take longer to implement. You now know which option is best for you.
Now lets look at some Stats on COTS ERP implementation
According to the survey, manufacturing, distribution, and professional services are the most common industries implementing ERP systems.
According to a survey, the average time to execute an enterprise resource planning (ERP) project is 9–18 months and costs about $1.3 million. ERP initiatives are deemed effective in 63% of cases.
Companies that successfully implemented ERP had a well-communicated business case, and executive sponsorship.
It is worth noting that the success rate and cost of implementation might vary based on numerous aspects such as industry, company size, and complexity. Several industries use COTS ERP systems because they simplify operations and boost efficiency, resulting in higher productivity and cost savings.
What is the next step that you need to take
The world around us is changing rapidly, so organizations must adapt as well. Companies need to be able to adapt swiftly to new market trends in order to remain relevant. The capacity to swiftly build software is a competitive advantage in todays hyper-competitive industry.
Overall, COTS ERP systems can help improve corporate workflow by simplifying processes, boosting efficiency, and delivering real-time data for better decision-making. We implement COTS to the demands and requirements of the organizations numerous divisions and units. To know more about our COTS ERP, please contact our specialists.