Britain has a problem with productivity. This has been a notable concern for several years and is highlighted each time The Office for National Statistics releases a report. Productivity is measured by recording how well a country is delivering its goods and services and how well it manages its buying and selling activities. Ultimately, it’s the old gauge of input versus output. But Britain is not getting it right and seems to be struggling to improve its productivity levels.
Fixing the productivity gap in Britain won’t be easy and there are many factors to be considered if the situation is to be improved. But it boils down to investing in solutions that provide further efficiencies which can be used by staff members in a meaningful way to make them more productive day to day.
One such solution that increases efficiencies throughout a company is a robust ERP (enterprise resources planning) system. A good quality ERP solution unifies and magnifies the efforts of important departments and functions within the company by allowing data sharing, streamlining operations and improving business intelligence.
Instead of having to use multiple different systems to manage each department in your organisation – which leads to major headaches when it comes to generating reports - you can use a single system which pulls all your data and reporting activities into one dashboard.
From inventory control to HR procedures, a high-calibre ERP application manages the mundane tasks which traditionally are performed by your employees thereby saving you time, money and mitigating any errors. And, ERP solutions can be tailored to suit just about any industry.
How ERP helps your employees become more productive
Improved and accurate communication
A good ERP system keeps all your data accurate and any anomalies are quickly spotted and addressed. This is particularly important when problems occur or your organisation needs to quickly respond to market pressures or industry trends. By implementing a high-quality ERP solution in your business, all staff members who need to know about changes or concerns will know immediately. Your ERP system can also notify suppliers of changes, which helps you better co-ordinate orders and fulfil project requirements with minimal relationship disruption. Used diligently, your ERP solution can mitigate overproduction, shipping errors and wastage.
Eliminate mundane tasks
Automated features on an ERP that covers CRM, invoicing, inventory updates and the like, free up your employees to focus on tasks that can directly improve your productivity or your profit margins. Using skilled staff to complete mundane tasks is seriously wasteful.
Never-ending paperwork, filing, invoicing and receipts are a by-product of a high-functioning company, but your skilled staff do not have to perform these tasks. Their skills are far better used selling products and services, improving customer and supplier relationships and new business development. With an ERP solution your employees will inevitably become more productive and more satisfied in their jobs which results in lower staff turnover, reducing your recruitment and training costs.
Better business decision-making
A robust ERP system eliminates data errors for more efficient business decision-making. Your teams need to be agile in today’s highly competitive marketplace and working with multiple systems or perhaps even spreadsheets not only creates multiple points of data entry that can lead to inaccurate records, it can also makes their work processes frustratingly slow.
If a great opportunity arises poor data management systems can create obstacles to your teams responsiveness rather than helping them win the new business you want. By the same token, a good ERP can greatly reduce the time and effort required to address and rectify issues with clients or suppliers and keep production rolling.
No more duplicate data
Many different systems are available for businesses to record their most important functions. Popular systems include accounting software and inventory control software. But no matter how robust these software solutions appear, if they do not integrate with each other you end up with silos of data that need manual reconciliation.
Aside from the frustration this can cause, it makes financial reporting very time-consuming. An even more serious issue is that of duplicate data. Sorting through discrepant records is a nightmare and a time and resource suck. ERP solutions integrate all pertinent information and can ensure that the data held in say, your stock control software, will tally with that held in your invoicing and financial forecasts.
ERP is business best practice
The majority of companies who embrace ERP solutions report a significant improvement in productivity. And it’s not only large enterprises that benefit now. With flexible and scalable models becoming increasingly available, small to medium sized businesses can reap the benefits too.
Investing in a good ERP is a great way to direct your business towards better productivity. It is only by employing innovative solutions to business productivity challenges that Britain will see improvements. With Brexit looming, improving productivity should be top of every business agenda if we’re to beat our disappointing annual average increase of 2 percent, and be able to enjoy the knock-on effects of rising living standards.
In the wake of Brexit, attracting foreign investment is likely to become a key objective for some UK companies. History has shown us that businesses who receive foreign investment are often more productive than those who don’t. This can be for a number of reasons, including being able to increase workforce and take advantage of new skills brought in by the investor.