By Dattatrey R.Kulkarni Posted December 23, 2016 In Management, Benefits of SAP Business One
I read in TOI today that India has become the fifth largest economy in the world for the first time in last 150 years, by pipping UK to the sixth position. Though the margin of difference is small today, it is expected that it will keep increasing since India is expected to grow at 6 to 8 per cent per annum, as against 1 to 2 percent per annum of UK. This seems to be a reflection of the fact that the fundamentals of Indian economy are sound and it has the potential to keep moving up this ranking in years to come.
Industrial output is one of the key contributors to the economic growth. Whereas the output by large companies is often discussed and celebrated the SME sector too keeps contributing to the economy, though with less fanfare. In India, around 36 million SMEs are generating 80 million employment opportunities, contributing 8% of the GDP, 45% of total manufacturing output and 40% of the total exports from the country.
With increased globalization the Indian SME has to compete with international players. For them to be able to succeed in this, they need highly skilled labor force along with timely redressal of financial needs and technological up gradation. Adopting international best practices in manufacturing is important to ensure the cost of production can be managed at competitive levels, while increasing the quality of products. Improvement in capabilities of manufacturing, packing or distribution does bring it advantages to the company. However, this has to be supported by building a strong Information Technology infrastructure to improve the overall operational efficiencies which are influenced by planning, procurement, warehousing, inventory management, production and even after sales service.
This is where an internationally proven ERP solution from SAP, developed for SME sector in particular, comes into play. Used by 50,000 plus companies across the globe and about 5000 companies India, this application has got the required capabilities that can help a customer in SME achieve significant improvement in the manner it manages it business. And to top it all, this package application comes at an affordable cost for SMEs.
Companies adopting SAP Business One can expect business benefits across various functions
Visibility into Operations
Find out about open sales orders, stocks of material, cash position, debtors etc. sitting at your desk. More visibility leads to improved communication both in terms of speed and accuracy. Make better decisions, FAST.
Track product cost, inventory cost, inventory carrying costs. Keep tight control on your expenses using Budgets (at GL, cost center and project level).
Improve your on time delivery and quality ratings. Go to your customers with actual data and ask (from them) for what you need to perform even better. Win their trust.
Working Capital Management
Real time visibility into your inventory, debtors and creditors. Make smart decisions and save money.
Be it today’s tax regime (of Excise, ST, VAT etc.) or the upcoming GST. Be compliant using the real time reporting capabilities.
Your team will save significant time and will be able to deliver more output, this becoming more productive leading to better company performance – top line as well bottom lines.
Follow standard operating processes and leverage system to ensure checks and balances.
All users get to see exact same information from the centralized system. No confusions, communication gaps and faster decisions.
Focus on business growth. Move from single location to multi-location operations without compromising on any aspect of business operations. SAP Business One will scale up as much as you want it to!
In addition to this, every company that runs on SAP attracts positive attention from the market be it the customers, suppliers, collaborators and even investors. With the Indian economy becoming the fifth largest and expected to do well in the coming years, would you not, as a business owner, like to upgrade your company to world’s leading platform for SMEs called SAP Business One and make your business more competitive while simultaneously grow at rapid pace? Can there be any better timing that today?
Think about it!
Do get in touch with us to start your journey towards growth and prosperity for your business and for you!