Microsoft Dynamics 365 helps enterprise resource planning ERP and customer relationship management CRM and now it is getting its roots to retail business.
Enterprise resource planning ERP software used to serve manufacturers but with the change in the business trends and innovation, nowadays the main ERP vendors are focusing on specific retail modules. Clever retailers are cashing the fact that these solutions can provide a universal system that supports and provides visibility of all phases of their operations. Now, with the arrival of the Cloud and SaaS Retail enterprise resource planning ERP solutions, even small and medium-sized businesses can take advantage of ERP.
ERP software usually offers a set of integrated modules that support specific business processes. When these integrated modules are combined, they provide a software solution which shows every phase of your business operations. After gathering results from all aspects of their business, the company administration can see the whole business in a quick view. This results in better decision making for your business.
Enterprise resource planning ERP modules include:
- Sales and order management
- Customer Relationship Management CRM
- Stock and inventory management
- Warehouse management
- Supply chain management
- Asset management
- Project management
- HR/ human capital management
With the above-mentioned functionalities, it is clear that enterprise resource planning ERP systems have a natural fit with retail businesses.
For physical retailers and online businesses, the main benefit of using an enterprise resource planning ERP solution is better inventory management.
According to a survey in 2012 lead by the Centre for Economics and Business Research came to know that poor stock management could account for revenue loss of £147 million for retailers in the United Kingdom over Christmas that year due to lost sales opportunities.
While it may be appealing for retailers to invest in other aspects of the business but these facts make it very clear that saving investment in stock management systems can result in a loss in revenue.
If any retailer wants to maximize sales opportunities and revenue of the business, having an efficient and real-time inventory management system, such as that an ERP solution can provide is most important.
Enhancing The Customer Experience
For businesses that sell products through physical premises and online mediums, an enterprise resource planning ERP solution can offer many advantages in terms of getting a view of operations and combining your different sales channels. The same system also offers a front end for your payment processing as well as dealing with your inventory management.
In today’s Omni-channel retail environment, perhaps the greatest advantage a Retail ERP solution offers is the opportunity to integrate the customer data from your retail operations with the social media marketing and customer behavior analytics that have traditionally been connected to the ecommerce solutions.
Combining ecommerce and retail operations is important to get a good summary of finance and ensure actual inventory management. It is also a key point that if you are going to deliver on the customer experience and provide a unified experience through several channels for your customers.
Retail ERP In The Cloud
Cloud enterprise resource planning ERP solutions are changing the market trends and allowing small and medium businesses to take benefits from the ERP system. Implementation of solutions from the traditional leaders in the ERP space can typically be lengthy and expensive and well out of reach of most small retailers.
The cloud ERP vendors are changing by offering software as a service and making it possible to implement several ERP modules quickly without excessive up-front investment in the solution and associated in-house technology expertise.
Professionals at Xcentric Services offer full integration of Microsoft Dynamics 365 to businesses of different industries. Get proper guidance after visiting Xcentric Services website.