In an interesting research study by Gofrugal, we arrived at compelling facts that stress the importance of an ERP to a retail business. Here we go! Our retailers have reduced their resource requirements by 3 for every 10 employees, accelerated their billing process by billing for 20 customers in the time for 10, and are driving 5 stores at the cost of 4! Yes, an ERP has the power to automate every task and decrease labour requirements, making the operations faster, simpler, reliable, accurate and secure. Let’s explore the importance of an ERP for retailers, right away!
What is an ERP?
An Enterprise Resource Planning solution does the operational planning of business resources. An ERP offers complete everyday business management, from basic billing to business growth analysis. ERP integrates sales, purchases, accounts, inventory, order, delivery, and human resources. Omnichannel ERPs have the potential to integrate multiple platforms and provide centralized business management.
What businesses can adopt an ERP?
Small, medium, big? Retail, Restaurant, Distribution? New, established? If your business needs planning for growth, cost-cutting, customer base, or resource management, an ERP suite is all that you need. An ERP does not only manage your business but helps it grow, with reports, real-time updates for timely actions, multichannel operability and much more. When POS can be your quick lunch, an ERP can be a full course Thaali! Read more on the difference between an ERP and a POS.
What can an ERP do?
Reduces your investment in labour
By not using an ERP, you miss the advantage of integrated operation between departments. The greater the lack of centralization/ automation, the greater the labour requirement and skill set. Say, the Sales team files the Sales and the Purchase team files the purchases. The accounts team has to work on the sales and purchase files and keep adding or editing the data. An ERP eliminates the resources required to manage the unneeded intermediary tasks of collecting data, merging, editing and tallying them.
Works for you in your absence
How about automating consolidated report mails with pivot tables and charts to your inbox, every day? With very basic data like – stock requirements, suppliers, customers, and employees, an ERP automates everything from placing a purchase order to your supplier to the delivery at your customer’s doorstep based on your configuration. One of the important benefits of automating your business is the time that you’d save and invest in growing your business. Automation reduces human intervention, increases reliability and ease of access, and simplifies and secures your business management.
Supervises and studies
An ERP gives you eagle-eyed business governance. With an ERP, monitoring does not require your physical presence. Minute details like the status, payables, receivables, delivery fuel costs, deliberate/inadvertent route deviations, etc., can be tracked. ERPs use IoT and AI to communicate cautionary instances proactively in order to dodge mishaps. Approval configurations for big scheme discounts, stock transfers, sales and purchase orders, etc., with security mechanisms like OTP verification and multifactor authentication, keep you in complete control of the important business decisions even in your absence.
Nourishes your business
Customer data is power! An ERP collects customer data accurately with authentication methods like OTP verification. Now, that’s a clean and solid pile of data that an ERP puts to use to promote and grow your business. Say, there’s a sale across your outlets, this weekend. How to get your customers shopping? Do not waste time or capital by investing in hoardings, flyers, resources to distribute them, etc., to inform your customers. Roll out a message, and witness a whopping crowd! Increase customer re-engagement rates with offer schemes, loyalty points and feedback collection using the integrated CRM.
Conceives your strategies to reality
Selling high and earning huge is essential to sustain the business cycle. As we discussed, an Omnichannel ERP, like Gofrugal ERP, integrates your retail business across platforms. It draws futuristic insights from the sales of the previous month and reports the fast-moving products, profit-grossing brands, and the stock demand of the season. Also, the ERP simplifies your efforts in examining how to gross profits by identifying the ideal time for purchase and the right suppliers.
Instead, you can make investments in business expansion, as raising good profits gives you that power and freedom. In horizontal business expansions, you have the space to understand and compete in newer markets and resulting in a greater long-term return on investment and further profits. One issue that hinders the vertical expansion of most retailers is the dearth of investment capital and the workforce! Luckily, the ERP solves both, making it smooth for you to expand your business within your market.
Why Gofrugal’s ERP?
Omnichannel ERP is the key to empowering your business with the above-mentioned capacities. Gofrugal’s Omnichannel ERP is a powerful ERP suite with a wide range of options to suit your business needs perfectly. Onboard ONDC with Gofrugal and transform your business digitally with 100% online visibility to consumers, hyper-locally. With our one-time inventory cataloguing and one-time registration on ONDC, you will be able to sell on any of the buyer apps. All sales and payments from any app will reflect on your single inventory and accounts.
Gofrugal Omnichannel ERP’s Integrations
Gofrugal ERP possesses a wide ranges of e-commerce integrations, connected banking, payments, CRM, and Accounting. Establish your brand online within 7 days. Automate order processing and picking with zero supervision. Quicken deliveries with 100% accurate live delivery location tracking. Your sales order, goods picking, and delivery will go hand in hand from any platform and so will the inventory and accounts. Thus, Gofrugal’s ERP keeps you out of the tension to synchronize any business operation manually.
- Retain existing platforms with third-party integrations
- Integrate your personalized software with API integrations
- Manage business on the go with mobile or web add-ons
- Customize to your budget and scale with custom licences
- Integrate any hardware/software with universal adaptors
- Mould the ERP to fit your needs with a range of editions
Labour requirement reduces with automation. You cut down the costs of hiring labour and training them in manual business practices. The ERP has got all the skills that you need, eliminating the need to employ skilled labour! For example, an ERP substitutes manual supervision with timely and instant approval request notifications to the stakeholders. And these requests are secured with user/role-wise access configuration.
I hope you are now clear on how Gofrugal ERP proved the numbers right with our retailers. Gofrugal’s ERP has all that you’d want to grow your business. Migrating to Gofrugal’s ERP integrations is a cakewalk. However, if you choose to retain your existing third-party integration, Gofrugal ERP can seamlessly adapt to it with Gofrugal’s ERP adaptor. With the unmatched support and training services from Gofrugal’s team, ERP adoption is made simple for you!