Continuously missing benchmarks? Overspending? Stakeholders getting frustrated?
The greatest businessman can’t succeed without cutting-edge technology.
While you may have been able to get by with just your smarts when you first started out, in today’s digital age you can’t keep up in this competitive market without using innovative technology.
Your C-Suite needs your organization to implement industry-specific ERP software in order to become better CEOs, CFOs, and COOs.
In this article, we will discuss:
- What is industry-specific ERP software?
- How can CFOs benefit from ERP software?
- Do COOs get value from ERP software?
- How does ERP Software benefit CEOs?
Let’s begin with the basics.
What is Industry-Specific ERP Software?
Enterprise Resource Planning (ERP) is a business management software that allows you to manage your operations and integrate key business aspects. It can transform processes, optimize workflows, and improve your bottom line.
What makes an industry-specific software different is that not only does it have the typical functions of an ERP software, but it also provides additional industry-related solutions without the costly add-ons. This software was designed with your industry in mind to best cater to your unique needs.
You can learn more about the benefits of industry-specific ERP software over generic by reading our other blog, 6 Key Advantages to Using Industry-Specific ERP Software.
ERP Software Can Support Your C-Suite
Your C-suite is made up of all your important decision-makers, CFO, COO, CMO, CEO, and every other “chief” you have.
They rely on high-quality technology to support their needs and streamline their processes so they can be better CEOs, CFOs, and COOS. With the right ERP software, your C-suite can flourish and make better business decisions.
First, let’s start with your money man.
How CFOs Can Benefit From ERP Software
The Chief Financial Officer (CFO) of a business needs to worry about revenue, margins, and financial growth. They look at financial data to see what improvements can be made and identify any issues or weaknesses.
With ERP systems they can better:
- Manage income and expenditures
- Monitor customer orders
- Control stock
- Budget and forecast
CFOs can make data-driven business decisions that benefit the organization and the stakeholders.
Centralize Data for Better Business Decisions
CFOs are in charge of managing project accounting. But that can be hard to regulate when data for every department is in a different spot. Leaving you to constantly bounce around from software to software or chase down department heads.
ERP software can help CFOs by integrating data across the entire business and centralizing data as opposed to having data in silos.
Automate Mundane Manual Tasks
ERP software allows you to automate tedious processes. For example, they can eliminate manual invoicing and redundancies. This helps free up their time for more important tasks and reduces errors.
Access Real-Time Data
Additionally, ERP software can help CFOs access data in real-time to catch things before they become issues.
This can help to prevent margin erosion so you aren’t waiting till after a project to find out if you made any money. For example, it can help you decide if you need to make any changes to your pricing if your costs go up.
How COOs Can Benefit From ERP Software
The Chief Operating Officer (COO) of a business juggles a lot, but we don’t have to tell you that.
They are in charge of overseeing that:
- Customers’ needs are met
- Vendor relations run smoothly
- Changes and restructuring of processes are effective
- Employees are productive
Pretty much all of the day-to-day operations are managed by the COO, so they need to make sure everything is streamlined.
Improve Efficiency & Productivity
When planning future projects or changes in processes you need to be able to look over a lot of data to make informed decisions. ERP software puts everything in one easy-to-use dashboard where you can easily consume data and make insights.
Then you can hone in on problem areas where there are bumps or slowdowns and make those processes more efficient. Additionally, you can identify opportunities and strengths that you can take advantage of.
Not only does it make your processes more efficient but it helps improve your entire business’s efficiency. This is because it enhances project management and optimizes workflows
Create a Good Culture
There’s a direct correlation between your employee’s experience and your business’s success. Therefore, it is crucial as a COO that you are making sure the organization’s culture supports their needs.
Repetitive, tedious manual tasks can drain your employee’s energy and eat up their time. With ERP software you can help automate their tasks to save them time and headaches.
Make Informed Decisions
Typically only officers in the C-suite, like COOs, make decisions for the company. When they do they often have to make educated guesses because they themselves are not on the front line.
With ERP software you can get your employees involved through their interactions with the software. The system will keep a log of all of your employees’ activity so that when you go to make high-level decisions you can easily see how it will affect them.
How CEOs Can Benefit From ERP Software
The Chief Executive Officer (CEO) of a business has a lot of responsibilities. They need to keep stakeholders, employees, and customers happy.
While it does take an initial investment to purchase ERP software, it helps you save money in the long run. By making your business more efficient with ERP software you can save time and money.
Here are a few ways ERP software can help save money:
- Improve supply chain management
- Lower labor costs
- Streamline processes
- Boost inventory control
- Reduce IT costs
As any CEO knows, nothing makes stakeholders happier than saving money and making more profits.
Enhance Reporting for Better Decision Making
Being able to gain insights in real-time is crucial to keeping up with your competition and staying at the top of your market.
ERP software quickly consolidates data across your entire organization in real-time and creates reports. Enhanced reporting allows you to make more informed business decisions to help you be a better CEO and grow your business.
Get Full-Picture Visibility
Speaking of real-time reporting, another way ERP software provides value to CEOs is it allows you to get full visibility of your organization.
A study conducted by the Association of Accountants and Financial Professionals in Business (IMA), found that 68.3% of companies still use spreadsheets to manage data. This leaves CEOs having to track down several spreadsheets in order to get all the information they need.
As a CEO you need to know what is going on in your organization at all times. With ERP software you can see every report from every department and staff member, all on a personalized dashboard created around your designated key performance indicators.
Improve Customer Experience
In order to be a better CEO and have sustainable success, you need happy, repeat customers.
ERP software helps make your business more efficient which can help you to satisfy your customers.
For example, it helps to:
- Improve delivery
- Keep consistent pricing, or even lower them
- Enhance customer service and response times
Satisfied customers lead to more orders and referrals, which means more money!
Get The Best Industry-Specific ERP Software to Support Your C-Suite
Ready to be a better CEO and equip your C-suite with industry-specific ERP software? Then you should get Khameleon software to streamline your business.
We are a state-of-the-art ERP solution built specifically for project-based dealerships to help them grow.
Our easy-to-use dashboards allow your officers and staff to simplify complicated projects, create insightful reports, and automate time-consuming manual processes, empowering your officers to make data-driven decisions that will improve your bottom line.