5 Reasons You Need an Industry-Specific ERP Software

Five major reasons why purchasing an industry-specific ERP can be one of the best decisions you make for your business.

Instead of generic ERP software that is based in accounting and lacks insight into your unique industry needs, cloud ERP has made industry-specific ERP software for small and medium-sized businesses (SMBs) both accessible and affordable. What does ERP stand for, though? Enterprise resources planning—software that can assist organisations to automate and manage business processes for optimal performance.

Industry-specific ERP is important because businesses in different verticals have different needs. Here, we explore five major reasons why purchasing an industry-specific solution can be one of the best decisions you make for your business.

Reason 1: Plug-and-play

If you choose a general ERP offering, you will need extensive software customisation to meet your industry-specific needs. IT consultants will study your business and the industry on your behalf (and at your expense) to determine the customisations necessary for your process requirements.

This can be a large undertaking with months or even years of advance planning needed to explore time, budgets, and company resources. Customisations typically require multiple iterations and several attempts at implementation, which are often frustrating to employees and customers. Industry-specific solutions offer a much shorter time to implement and are virtually plug-and-play.

Reason 2: Built-in best practices and reporting capabilities

Your industry-specific ERP solution is the key to implementing proven, up-to-the-minute best practices. Niche software developers are up to date with industry standards and evolving practices, so your software facilitates your business operation as efficiently as possible. Even in top-performing organisations, the switch to an integrated business management solution often results in streamlining and automation that yields a leaner organisation with greater productivity, efficiency, and profitability.

Reporting capabilities with an industry-specific solution are also developed by leading strategic minds in the industry to provide actionable business insights to guide your decision-making and investments. You will often find a list of turnkey reports used by industry leaders in your vertical, as well as the ability to refine existing report templates or create your own.

Reason 3: Expert, industry-specific consultancy from your vendor

Industry-specific ERP solution providers are business consultants, not merely salespeople and IT professionals. When you have a question about specific software features or problems using system capabilities, your contacts can provide valuable expertise to help you get the most out of your investment. When your employees need help implementing new best practices, the vendor can provide guidance through in-person training or online resources.

There is no need to explain how certain features are used in your industry in this relationship because your contacts are likely successful industry veterans and experienced problem-solvers. In crunch time, having a partner who can work with you, who is an expert in your software and your industry, is one of the best benefits of a vertical-specific solution.

Reason 4: Customer-centric features

Industry-specific business management solutions offer capabilities that align with specific job functions and business processes. They also enable small-to-medium businesses (SMBs) to update to today’s best practices, while integrating all business functions into one comprehensive solution. Employees can then share information in real-time across all business modules, so they can all work with up-to-date information.

If you choose an ERP developed by a partner that provides active leadership in industry organisations and intimately knows your vertical, customer-centric functionality is built-in. Vendors develop modules and features, including customer relationship management (CRM) and reporting, with years of expertise in your needs, expectations, and pain points. If your customers have specific requirements to do business with you, need certain types of approvals, or must comply with industry and government regulations, these functions are all built in. Generic solutions offer none of these features.

Reason 5: Scalability

Your business capabilities and needs will evolve—in most cases, quickly—once you implement your new ERP solution. A cloud ERP devised for your industry will offer the ability to start with the modules and features you need today and adopt new capabilities and advanced technologies as your business grows. The cloud environment enables you to add capabilities incrementally and at the lowest possible cost on a subscription basis. System updates are handled by the vendor, and are typically seamless, with little or no business interruption.

With an industry-specific, completely integrated ERP to automate and streamline your business while providing vertical-specific insights into your operations and your market, you can reach a new level of performance.

Learn more about ERP functionality and how to determine your unique business needs when you download the “How to Determine Your ERP Needs” guidebook.

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