Every enterprise has different processes to run a business - like accounting, sales, inventory control, customer relationship management (CRM), etc. These processes hold a business and its extremely important the way they are handled.
While most of the companies partner with an enterprise software, integrated with different applications to help them simplify the processes, others do it manually or develop an internal software to meet their ends. However, an integrated enterprise software becomes a necessity when you are a part of mid-size or a high-growth company. That's where an Enterprise Resource Planning (ERP) software comes in.
Let’s get to know more about ERPs and how it evolved.
ERP software date back to 1960s(phew! that's a long time ago) but were catered to only manufacturing industry initially, encompassing inventory management and control. It was first known as Material Resources Planning (MRP) and it later evolved to Manufacturing Resource Planning (MRP II) in the mid-1980s.
But in 1990, Gartner coined the term “ERP”, as the software engineers started to code other functions like finance/accounting and human resource in MRP II softwares. As and when companies started adopting ERPs, it expanded to other industries like hospitality, financial services, education, real estate & construction, etc.
Today in the modern world, a complete ERP not only entails all the business functions but also automates them to make any business’s day-to-day life easier. An advanced ERP also integrates Business Intelligence (BI) dashboards to provide deeper and hidden insights that help to keep a tab on the important metrics a business owner needs.
In simple terms, an ERP software integrates, streamlines and automates all the business processes like sales, HR, procurement, inventory, etc, within an organization, with the help of the latest technology to provide insightful and meaningful data mainly to boost revenue and reduce the operational costs for the business.
Typically it is a digital transformation of your business in terms of processes, product, and technology.
The business processes (usually known as modules) are customized and updated to meet the organization's requirement. Since In4Suite® (our ERP software) is laser-focused to real estate and construction industry, we have modules like land, engineering, purchase, rentals, facilities, etc to make real estate developer or a contractor’s everyday life easier and more efficient.
If you go for the right ERP software, it must:
and a lot more…..
According to us, every growing real estate developer or a contractor, must need an ERP solution for their business. While many (approx 40–50% ) still don't use an ERP software enterprise-wide, let’s look at a few reasons why a real estate business must have one.
Microsoft Excel is a powerful tool, no doubt(we use it for internal purpose as well). It's very easy to enter formulas and customize the rows & columns to your need. But it can't handle complex formulas like GST calculations. And most the time, a manual error is bound to happen. So it doesn't make sense if a company relies just on a spreadsheet software.
Many companies also use different software for each module like Tally, Oracle Financials, SAP Fico for finance/accounting, SalesForce and Zoho for CRM. It can be beneficial in the initial years of the company but can get challenging in the growing stages especially if you have to update every software you use for every release. But if you have a single software for all modules with add-ons, not only all your data will be under one roof but also there is only one software update needed. It's like a one-stop solution for your real estate or construction business.
We recommend to not use outdated or multiple software to manage each of the processes and hop on to a scalable 360-degree solution like In4Suite® ERP for your real estate company and explore the immense possibilities it can provide.
As and when a company grows, maintaining data becomes difficult, if there is no efficient software in place. An ERP software will not only eliminate the chance to enter multiple inputs but also update the information in real-time to keep all the module moderators and respective users updated. It is very important that all departments are in sync as it saves redundancy and the users can concentrate on data available and help the owners to scale the business.
While most of the software helps you maintain data, quite a lot do not give you deeper insights into the business. The static reports give an overview but to make business decisions, a business needs an ERP software that can provide dynamic reports with the help of Business Intelligence dashboards.
In4Suite has partnered with QlikView to provide deeper insights to business owners in real time to
Automation integrates different business processes and improves communication for users working in different departments within an organization. When the employees in one department wait for tasks to be completed by those in other departments or when a piece of information is not readily available, it reduces productivity. An ERP system can automate these business processes and store information at one central place. It not only helps the users to access the data easily but also enables automates communication between departments.
A real estate ERP software contains integrated applications such as financials, purchase, sales, leads, projects, engineering, etc and it's very important to automate the information within these modules. For example, as a new purchase order gets processed, the software may automatically prompt interactions with the finance, purchase and expenses departments. This type of automation of ERP software may yield multiple benefits, including fewer routine errors and unintended duplication of data, and streamlined communications, leading to time savings and lower operational costs.
If you are looking for an ERP for your business, talk to our team and know how we can increase your revenue and reduce operational costs.