08 Apr The Role of ERP in Demand and Financial FOrecasts
Forecasts. Using insights from what happened yesterday to make predictions that guide the decisions made for tomorrow. The quality of those decisions is dependent on the quality of the data you rely on to make those decisions. ERP solutions are great tools to use to ensure the accuracy of your data to produce reliable forecasts. There are two types of forecasts that make ERP software a must-have. In this guide, we discuss the role of ERP in demand and financial forecasts.
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Financial Forecasts with ERP software
It’s 2021, and almost any accounting software offers financial forecasts. However, with an accounting system that only does accounting, your system’s predictions are limited to just finances. Modern business departments can not afford to work on disparate systems, like silos.
ERP’s offer integrated data, so your entire business operates on a single version of the truth. Reduce the number of human errors through the automation of mundane and repetitive tasks.
An integrated solution offers accurate insight into costs and revenue flows in the future using all your historical data. It simplifies budgeting. With a long-term view, business leaders can analyze their capital requirements and see whether they may need to borrow funds to meet unprecedented future demands.
Demand Forecasts with ERP systems
If you are still doing manual stock counts or have folders full of separate spreadsheets. Stop! It’s 2021. Cut out the guesswork. Yes, you have been in business for years now and think you know your customers very. How do you handle the ever-fluctuating demand patterns?
With accurate demand forecasts, you can predict the number of orders to expect over a period. With integrated inventory control and CRM, ERP’s give you a view of which demands are likely to convert in the long run.
ERPs are not just accounting software
ERPs aren’t merely accounting systems. They are integrated business management solutions that bring all aspects of your operations into a single interface.
Enjoy the power of forecasts, timely reporting, and dashboards that visualize your data in a digestible and understandable way. Support your decision-making and boost internal communications with an industry-specific solution that caters to your unique requirements.
Glad you enjoyed this guide on the role of ERP in demand and financial forecasts.
Not sure where to start? Let us guide you in choosing a solution that adapts to the way you do business. Your software should adapt to you and not the other way around. Drop us a line on 011 792 9521, and we’d be glad to assist.