To maximize the efficacy of your Enterprise Resource Management (ERP) software, ensure that it is sharing data with other platforms that process relevant data. Doing so can improve operational efficiency, increase visibility into your business’ financial standing, and support faster decision-making by centralizing data and analysis from across your organization’s tech systems.
The Cost of Disconnection
When critical financial data is siloed in separate systems it causes teams to scramble to chase down important information. Often, the lack of alignment can also lead to inaccuracies, where the duplication of effort across systems invites data entry errors.
Then, when time sensitive opportunities arise, more time is lost verifying the accuracy of data and retroactively correcting errors. Once you finally have the information sought, opportunities may have already been lost. Integrating all your systems so data is shared resolves these challenges by increasing efficiency, saving your employees time, reducing the likelihood of inaccuracies, and enabling faster decision making.
If these hurdles sound familiar, sharing data may be the missing ingredient you need to improve your visibility into operations and enhance your strategic agility.
Your Key to Coordination
Enterprise Resource Planning (ERP) software is a class of customizable software that centralizes and shares data, directing information where it needs to go to fulfill financial functions. It is the operational and financial brain of your organization that, when used to good effect, can enable automation, reduce redundancy, eliminate delays, and improve the accuracy of your data. Additionally, it acts as a reservoir of financial information where data can be reviewed and analyzed to provide broad insight across various departments and functions. As your “single source of truth” ERPs enable decisions to be made faster and with more information.
Integrating Data Sources
For maximum visibility, ensure your ERP centralizes data from other systems, including your:
- CRM: Customer and sales data can be instantly accessed by finance and operations;
- HRIS: Make labor costing more accurate with employee data, payroll, and benefits in one place;
- Payroll: Enable the automation of pay runs and ensure job costing is accurate in project-based industry;
- Project Management: Link budgets, schedules, and expenses with the other financial information in your ERP;
- Business Intelligence (BI) Tools: Your ERP data can inform advanced analytics and dashboards;
- Industry-specific Solutions: For example, HR platforms can help unify your management efforts when linked with an ERP; and
- Operational Systems: Integrate eCommerce platforms, Warehouse Management Systems (WMS), and other key operational tools to ensure the seamless flow of data and accuracy of inventory, order, and fulfillment tracking.
6 Steps to Integration
Follow these 6 steps to make sure your integration efforts are comprehensive.
Step 1: Map your current systems and how data flows, including a detailed plan for master data management to ensure consistent, accurate data across platforms.
Step 2: Prioritize integrations that will yield the fastest ROI.
Step 3: Ensure your ERP supports modern APIs or prebuilt connectors to enable easy connections with other systems and consider special integration platforms (called iPaaS) that help all your software work smoothly together.
Step 4: Involve finance, operations, and IT stakeholders early.
Step 5: Develop a strategy to continue assessing and maintaining the integrated ecosystem.
Step 6: Partner with experts to ensure secure, scalable connections.
Conclusion & Strategic CTA
For efficiency, compliance, and profitability, ERPs are essential. But even the most capable ERP needs integrated data to have a meaningful impact. Reference the checklist above to take the steps necessary to get your ERP up-to-speed. If you have any questions about integrating data sources or want to learn more about the benefits of data integration, contact CBIZ today.
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