Retailers face a special set of circumstances when it comes to balancing the budget, improving IT, and increasing revenue. The challenges make retailers hesitant to shift over to new technology advancements. It does not help that retailers have some of the smallest budgets in the industry to upgrade systems and implement new technologies in their establishments. That is where cloud-based ERP comes in.
What Are Cloud-Based ERP Systems for Retailers?
ERP is “Enterprise Resource Planning,” which means it is a system of software management that permits companies, such as retailers, to automate and manage daily operations through a series of integrated applications specific to the business’s needs. When you tag the cloud-based title to it, ERP becomes a cloud computing solution. Cloud computing is the way retailers can save money while integrating the latest technology to manage inventory, handle HR tasks, and to maximize retailer resources. A dedicated IT team, which works remotely, handles data collection and recovery, security and privacy, and technological efficiency without the robust costs usually associated with business IT.
How Retailers Benefit from ERP
Retailers are in the ideal position to benefit from cloud-based ERP solutions, regardless of their unique needs and limited budgets. In fact, the budget is one of the benefits of ERP. Let us explore the reasons why many retailers deploy cloud-based ERP to build a better business and image.
- Swift order fulfillment and tracking
Real-time data collection and reporting allows retailers to see everything happening at any given moment in any location. From the shoppers in a store to online purchases, a retailer can fulfill orders sufficiently, provide customers with instantaneous updates, and ship orders smoothly. The ordering process is streamlined for both the retailer and the consumer, which improves the customer experience and leads us to our second point.
- Better inventory management
Many retailers use cloud-based ERP to track and manage inventory at a single location or at multiple locations. This extends beyond in-store inventory, but it addresses online inventory as well. Cloud-based ERP provides retailers with real-time data and inventory tracking to plan, meet their inventory needs, and to plan for accounting and budget needs.
- Better communication with all players in the industry
There are more people involved in a single retail establishment than just the business and its employees. Retailers work with multiple vendors, business professionals, new clients, and many more during the course of a day. Online management and communication tools assist in keeping everyone informed and up-to-date on the retail establishment.
- Improved organization
Retail is a seasonal industry, which does not mean that they only work a few seasons. Retailers have many more than the four big holidays we think of. Retailers are always planning for new merchandise, rollouts, and pricing changes. A cloud-based solution helps retailers organize and plan for such changes with no interruption in the consumer experience.
We understand retailers have small budgets for IT, and because cloud-based ERP is achieved over the internet, retailers don’t have to shell out loads of green for new systems and infrastructure, while gambling on their abilities to improve efficiency and profit.