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Measuring your Return on Investment (ROI) of any software product or tool gives you an immediate overview of the benefits obtained from it and what you can expect down the line. When it comes to implementing an Enterprise Resource Planning (ERP) solution, in particular, many businesses worry about the initial upfront costs. However, when implemented successfully and with a clear understanding of the project, the maximum ROI from an ERP to a business can be seen within the first few months after being deployed. Here are the five most common ways ERP software provides businesses with a maximum ROI.

Provides Real-time Information and Data

One immediate impact of implementing an ERP solution is the systematic and uniform flow of business data and information across all departments in an organization. Being provided this real-time information allows you to make better business decisions and ensures you that all the information and data is completely up to date and precise. Many business organizations get a step ahead in real-time analysis with complete access to standardized and reliable data.

Allows for Increased Productivity

A considerable number of businesses experience remarkable enhancements in their efficiency and overall productivity with investments on ERP solutions. An ERP system can help eliminate repetition in business processes and tedious manual tasks, as well as improving efforts following the implementation of an ERP software – which saves employees valuable time. This, plus so much more, allows them to focus better on other areas of business operations or processes that need improvement.

Provides Seamless Integration

A successful and competent ERP solution uses an integrated centralized database that supports all core processes of a business. This leads to the effortless integration of silo departments and processes within the entire organization. Having seamless integration within an organization allows for greater sharing of ideas, coherent decision-making and improves customer experiences. It also helps with informed (and better) decision making.

Improved Customer Service

ERP systems usually tend to come with some sort of Customer Relationship Management (CRM) application, along with sales, financials, and other front-office functions. The CRM function of an ERP is extremely important, since the main way a business stays competitive and “in the game” is obtaining returning customers – which results in profitability. For instance, sales and customer service department employees can communicate with customers better and improve relationships with them through faster, more accurate access to customers’ information and history that an ERP system provides.

Promotes Cutting Operation Costs

Last, but certainly not least, integrating a powerful ERP solution helps reduce a business’s labor and operating costs. With it, businesses can better manage their time and entrepreneurial resources, eventually saving their money and seeing maximum ROI. It also allows them to consolidate their financial reporting and other costs (like administration).

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Enterprise Resource Planning (ERP) software was designed to help companies manage their core business processes, such as sales, purchasing, finance, HR, accounting, Customer Relationship Management (CRM), inventory, etc. Today, ERP solutions are integrated systems that utilize a central database that allow organizations to collect, store and manage important data from multiple departments. When used correctly, ERP systems drive efficiency, lower operating costs and increase a company’s profitability by streamlining and optimizing important business processes.

Choosing an ERP solution is no easy task, in fact, it can be quite overwhelming if you’re just starting to start the research and/or selection process. Searching, evaluating, purchasing, and deploying an ERP solution is not as simple as it once was. There’s no such thing as a one-size-fits-all approach when it comes to ERP software. Solutions today come in a variety of different flavors, each features a particular set of capabilities, strengths, and drawbacks. Choosing the right vendor and solution is a complicated process—one that requires in-depth research and often comes down to more than just the solution and its technical capabilities.

Here at Solutions Review, it’s our job to help simplify that process. To that end, we’ve created a variety of buyer resources and articles to speed the evaluation of enterprise technology solutions. In our Enterprise Resource Planning Buyer’s Guide, we offer readers a full ERP market overview. This includes company and product profiles and best use cases for the top-24 providers, ten questions for prospective ERP buyers, and our bottom line analysis.

In addition, here are some very important criteria you should be on the lookout for when choosing an ERP tool.

Cost

It’s important to consider the cost of your potential ERP tool. Obviously you’ll want to choose one that gives the company a maximum Return on Investment (ROI). There are a lot of ERP solutions available on the market today, so it may be helpful to start with the less expensive models and compare them to the more expensive ones. Which features do you really need in your ERP system? Are there add-ons you can purchase separately? You don’t want to end up with a huge ERP tool with all these capabilities, of which more than half you won’t need or use. Before purchasing an ERP, consider your company budget, figure out which features you really need and which you can live without.

Integration Capabilities

ERP software that incorporates all business areas and locations, provides data centrally and automates processes is much more efficient than siloed solutions. An integrated ERP minimizes frictional losses in the exchange of information, dispenses with time-consuming and error-prone synchronization processes and avoids data redundancies, media discontinuities and manual duplicate entries.

Industry Suitability

As every company is different, so are there needs, demands and mission goals. For many companies, however, there is an necessary need for special functions to ensure all workflows are mapped and to fully utilize the value creation potential of ERP. The big “all-rounder” ERP solutions do not necessarily support every industry-specific process – in the worst case, these will have to be programmed retrospectively through time-consuming customizing.

Scalability

Since an organization never really maintains the same process for its entire life-cycle, your ERP solution should be able to grow with the company – whether establishing several domestic sites, adding more channel partners, or expanding internationally. Keep in mind: a local presence of the ERP vendor makes the process of implementing the ERP system in new branches much easier. Choosing a software provider that gives 24/7 support is also something you should definitely consider when choosing an ERP tool.

User-friendliness 

Your ERP software should be flexible enough to provide each user with exactly the required information at any particular time – if possible on an intuitive user interface and at the push of a button. User-friendliness of a solution is important because end-users will be interacting with the system on a daily basis, if the system is complicated and hard to manage/use, individuals will not be so willing to adopt it. Not only would this be a waste of money (the ERP investment) but that means potential issues can easily come to the surface with no way of easily overcoming them. As a result, the company will see severe consequences in profitability and efficiency.

Future Reliability

We recommend choosing an ERP software provider that offers a vision and the technological expertise for how they will continue developing the software to the state of the art for many years to come. It’s better if the provider doesn’t just see itself as a software manufacturer, but as a partner who accompanies the company through its digital transformation.

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Growing a business is not easy – it takes hard work, a lot of time, dedication and focus. What makes it worse is outdated or unmanaged software systems that harm productivity and overall performance. Implementing a single system in which all employees have access to the information they need in order to get their work done can help improve efficiency, performance and profit to avoid this issue.
 
In this case, an Enterprise Resource Planning (ERP) system can be the answer to all your problems. Here are some of the most common signs showing you may need to implement ERP software.
 
You Lack Mobile Capabilities
In today’s digital era, mobility is a key feature for businesses to gain a competitive advantage, increase productivity and grow profits. According to a new NPR/Marist poll, 1 in 5 jobs in America is held by a worker under contract, making today’s workforce a mass of talent embracing freelance and remote work – more now than ever before. Because of this, you need a system that can be easily accessible to all your employees via a range of different devices.
 
An ERP system with mobile capabilities ensure employees who travel, or are under contract, that they will be provided with notifications, updates and have easy access to important information in real-time This ensures anydecision-making will be made with the most relevant information.
 
Poor Accounting and Sales
If your accounting team keeps asking for more up-to-date figures, this should be the number one indicator telling you the company needs an ERP system. Irrelevant numbers slows down management, stunting growth and productivity. Another sign showing you may need an ERP solution is if you still conduct manual entry of paper-based invoices and sales orders. In today’s digitally advanced world, it seems like a silly and outdated practices of putting pen to paper. Having a software system that you can quickly enter information on saves valuable time and resources.
 
The same goes with sales, as everything flows better when real-time information is provided. If you find it difficult to visualize the ratio of inventory on hand to sales in hand, you’ll want to implement an ERP solution that can provide you with relevant information about inventory management and control of stock.
 
An ERP system can ensure that both sales and customer service can see the correct and up-to-date information to view the order or shipping status. This, in turn, provides a clear picture to the warehouse about inventory and stock.
 
Your System Integration Suffers or Doesn’t Exist at All
System integration provides an organization with the convenience of having a single workstation with all the relevant and important information/data needed to work efficiently. If you find difficulty consolidating information across systems and/or spreadsheets, this shows a lack of integration and it is another key indicator you need an ERP system.
 
As your business really begins to grow, having multiple applications can become an issues and slow down productivity. By centralizing all business operations in an ERP system (it links all your business applications and financials in a single database) you won’t have to worry about reconciling financials or having to assume sales forecasts.
 
Integration also ensures that all your systems communicate, allowing data to flow freely and be accessed by everyone in the company. With an ERP system in place, you can put all departments under one system to stop the silos of information and missing data. Connection is key.
 

Who are the richest people in the world?
Most people have a pretty good idea, even if they’re not an entrepreneur, or interested in the subject at all for that matter.

As you’re reading this, you probably already have names popping into your head as to who will appear on the list of the richest.

Let’s find out in this article, where we list the top 25 richest people in the world as of 2018. These are the game-changers, and the people who have helped transform and re-shape the world. These are the top richest people in the world in 2018:

Steve Ballmer
Net Worth: $40 Billion
Steve Ballmer is the current owner of the NBA’s Los Angeles Clippers, and he is also the former CEO of Microsoft. As of 2018, Steve Ballmer’s net worth is estimated at $40 billion.

Jack Ma
Net Worth: $42.2 Billion
Jack Ma is the founder of Alibaba, and although he’s been one of the richest people in Asia for several years, he’s only just made it onto the list of the richest people in the world this year.

Jack was rejected from multiple jobs, including KFC when it was first introduced to China. Today, Jack Ma’s net worth is estimated to be $42.2 billion, launching him to the 16th spot on this list

Sergey Brin
Net Worth: $49.6 Billion
Sergey Brin and Larry Page co-founded Google back in 1998, in just a small simple garage. The duo have taken Google to the top, putting Sergey Brin just behind Page in this list of the richest people worldwide.

Ma Huateng
Net Worth: $50.9 Billion
Ma Huateng is a Chinese business magnate, investor, philanthropist, engineer, internet and technology entrepreneur. He’s also the founder of Tencent, which is the most valuable company in Asia.

Huateng is another of the richest in Asia, who made it on this list in 2018, with an estimated net worth of $49.3 billion in 2018.

Larry Page
Larry Page is the co-founder of Google, which was founded back in a garage in 1998.

Google, no doubt, has become the most successful search engine in the world, and the company has gone on to make various acquisitions such as YouTube. Google’s success has made Larry Page one of the richest people in the world.

Larry Ellison
Net Worth: $64.1 Billion
Larry Ellison is the co-founder of the Oracle Corporation, and he was also the company’s CEO until September 2014. Over the years, Oracle has become an incredibly successful tech company, now being 39 years old and employing over 136,000 people.

Larry Ellison is 8th on this list of the richest people in the world, with a net worth of $64.1 billion.

Amancio Ortega
Net Worth: $70.5 Billion
Amancio Ortega is a Spanish entrepreneur and founder of the Inditex fashion group. Inditex owns Zara, and Zara is one of the most popular clothing chains worldwide.

Mark Zuckerberg
Net Worth: $74.6 Billion
We all know Mark Zuckerberg as the founder of Facebook. Facebook has become the most popular and most valuable social media company in the world. And it all started in Mark’s dorm room at Harvard University.

Mark Zuckerberg has recently moved up a position on the list this year, after gaining an ridiculous $30 billion in net worth, now making him the 5th richest man in the world.

It’s expected that he will continue to climb the list in the future, and maybe even make it to the top. Considering how young he is, it’s not out of his reach.

Bernard Arnault
Bernard Arnault is the CEO of LVMH (Louis Vitton Moet Hennessey).

Ultimately, the company was formed from merging the two businesses together. Louis Vitton is the very successful luxury fashion brand, and Moet Hennessey is the merged champagne and cognac manufacturers.

Bernard has been making serious movements up this list in the past year. In fact, at the beginning of 2017, he was at 14th. Now, a year later, he’s placed at 4th on the list of the 20 richest people on earth in 2018.

Warren Buffett
Net Worth: $91.3 Billion
Warren Buffett is an American entrepreneur and investor, and CEO of Berkshire Hathaway. Buffett is the most successful investor worldwide, and millions of other traders look up to him because of his success.

Warren Buffett is the 3rd richest man in the world, with an incredible net worth of $91.3 billion. However, despite this fact, Buffett still lives in the home he purchased back when he didn’t even know what a billion dollars looked like.

What a humble guy!

Bill Gates
Net Worth: $92.2 Billion
Bill Gates is the founder of Microsoft, and was the richest man in the world for several years running. Gates founded Microsoft in 1975 with Paul Allen, and has since become the largest PC software company worldwide.

Last year, Bill Gates has gained an incredible $10 billion in additional net worth! This has put him at an estimated net worth of $92.2 billion overall. However, he’s recently been overtaken by the next man on this list

Jeff Bezos
Net Worth: $130.5 Billion
Jeff Bezos is the founder of Amazon, one of the biggest and most popular companies on the web. Amazon started as a simple online bookstore in Jeff’s bedroom, and the initial sales were slow.

In 2018, Jeff Bezos has become the richest man in the world, after adding a whopping $40 billion to his net worth last year! Amazon is making major moves, after recently acquiring wholefoods, launching drone shipping and a bunch of other strong ideas. Jeff Bezos is the first man ever to reach the $100 billion mark, which is just insane!

Technology comes in right behind finance and fashion as the top industry for creating billionaires, and the most represented industry in the top 100, with 17. Half of the 54 billionaires claim United States citizenship. Familiar names lead the way, with Jeff Bezos and Bill Gates as the two richest not only in technology, but in the entire world, and Mark Zuckerberg, Larry Ellison and Larry Page are also among the top 10 wealthiest people in the world. If you want to strike it rich while you’re still young, the technology industry is the place to be, as four billionaires are under 40. The other 17 industries had just six billionaires under 40 combined, and only the food and beverage industry had more than one.

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