Modern enterprises and businesses require adept business strategies and tools. Thanks to technology, we can now double our productivity, streamline processes and make huge profits using tools like ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management). These tools have become a business need for enterprises in the 21st century.
What is ERP?
Enterprise Resource Planning (ERP) is software that enables organizations to manage and streamline all key functions including accounting, HR, procurement, finance, supply chain, logistics, etc. Modern ERP solutions have come a long way since the 1990’s when they were first introduced. Faster internet and new tools have transformed ERP suites. Browser-based ERP solutions have boosted popularity. New technologies like AI are helping companies to bring efficiency, visibility, and intelligence to all business functions.
A few stats to prove the growth of this software-
The market is growing at a CAGR of 10-20% and is currently more than $25 billion.
88% of businesses believe ERP solutions have been key for their success.
53% of enterprises consider ERP one of their key investments.
What is CRM?
Customer relationship management (CRM) is a technology that manages all your company’s interactions and relationships with your current and potential customers. This technology handles customers, suppliers, partners and further digs insights. These insights can be leveraged further to create new business opportunities and fill gaps. As the pandemic hit economies, CRM has made businesses COVID-proof, they have fully migrated to online systems boosting efficiency, productivity and profits.
Few statistics that will prove the growth-
Recently, CRM was reported as the largest software market.
74% of businesses highlighted that converting leads is their foremost priority.
ERP Vs CRM
Overall, one can understand that while ERP helps organizations with internal processes, CRM deals with customer communication and handling. Modern businesses looking to propel their growth cannot avoid this 2 software, they are simply inevitable. Hence, we recommend integrating them into one platform for exponential growth.
Are you still confused? Not sure what this integration will do for your business?
1. Customer Data Journey
One of the biggest reasons why the combination has become a huge hit is due to customer lifecycle management. The ability to map, analyze, and accordingly predict is exceptional. This function cuts across department functions sales, marketing, HR to increase productivity.
As businesses have started to build omnichannel experiences, mapping online journeys is crucial. This will help you give a bird’s eye view of all your customer databases and their online journey. It will also help you with your customer favourites and their loyalty. Tangible insights like CTR, Reach, Impressions helps businesses tailor strategies. With the help of this data, the software can also generate insightful predictions and accordingly help you reach your potential customers accordingly. Largely, this can be a transforming tool in your strategy and will help you achieve your business objectives.
2. Reduced duplication of data
Since every business is online, data is crucial. Using automated and templated solutions leads to duplication of data. These piles of data can get tough to analyze. This task becomes even more hectic if ERP and CRM work in isolation. Both the software will create a data dump that will require additional manual efforts. The integration of both the software will reduce these efforts majorly. Data duplication will also not occur since both the software run on the same rules and structure.
Huge mounds of data and files is a nightmare for bigger businesses. Tracking, sorting, and storing data are all expensive individual functions. Since these solutions are packages, they come with a cohort of these functions and provide them at a cheaper cost.
3. Increased Mobility
A key factor of business continuity during the lockdown has been the mobility of enterprise solutions. Softwares that could be accessed from any device and location became popular.
Salesforce, SAP, Zoho, Oracle, Microsoft are a few big ERP and CRM solutions that have completely migrated to on-cloud solutions. This migration has boosted their sales and has helped them penetrate into tougher geographic territories. Thanks to the cloud, all these solutions are highly accessible and not platform agnostic. Employees can thus access them from any device and from different locations.
4. Inter/Intra team collaborations
With work from home shaping up the new normal, inter-team collaborations have become extremely important. According to a study, teams that collaborate well report 17% higher productivity, 21% higher profits and 10% quality customer ratings. A well-connected team has higher productivity and these tools can exactly do the same.
ERP and CRM integrations have proved to streamline workflows and increase productivity. Since the platforms are up on the cloud, teams can easily access the sorted data and work on them. Approvals, Status of tasks, pending assignments can all be viewed at once by managers. These solutions have been a boon for HR functions as they have smoothened the onboarding and remote hiring process. Overall with increased automation productivity levels have risen.
5. Reduce IT and training costs
Employee training and software subscriptions are a costly affair. Earlier, companies hired CRM and ERP professionals individually. Now they have started looking for professionals with expertise in both. Companies have also saved money on different ERP and CRM training. Training employees in a single unified platform helps save training costs and other additional course expenditures. Your overall IT cost will also reduce as CRM and ERP provide a package of solutions that if bought individually, can increase the overall budget.
6. Convert Leads
According to a study, 74% of businesses highlighted that both these tools helped them convert leads fastest. While CRM helped in the data journey and insights, ERP helped assign teams to the right assignment. Both these tools in combination have expedited growth for businesses. Sales teams have been early adopters for both these solutions. They have reported substantial profits.
Overall both ERP and CRM solutions are adding a business value which makes them imperative.
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