The COVID-19 pandemic has brought the entire world to a screeching halt. Governments, businesses, NGOs, societies, and the common man have taken a massive hit. Economists are indicating that the ongoing Coronavirus crisis has brought the worst ever economic setback since the Second World War. The pathogen is virtually present across every nook and cranny of the world and is devastating lives and businesses like never before. Companies are handing pink slips to thousands of employees, are slashing salaries of their top executives, and have completely stopped new recruitments to stay afloat. Unless we have a reliable vaccine, there are no hopes of recuperation. This article talks about how a robust ERP software can help in trying times such as these.
It builds a resilient supply chain
Supply chains have been shackled due to the COVID-19 pandemic as governments have put restrictions on the movement of goods. And companies that don’t rely on technology have been hit with a double whammy - neither are they able to transport products to their clients nor are they receptive to changing customer trends. A robust ERP software helps companies to gather real-time market information, check inventory levels, evade bottlenecks, and analyze demand forecasts to prepare well for the crisis. It keeps track of multiple vendors based on parameters such as delivery time, price of goods, and availability of materials so that you always have someone to rely on if your preferred vendor isn’t able to deliver on time. Another thing worth mentioning is that since governments have given only partial access to eCommerce companies to deliver products, it’s imperative for them to quickly develop an Uber-like freight model for speedy deliveries. A robust ERP software enables companies to make swift changes in the service level agreements and expedites contract signing with freight companies. Moreover, one should never forget that the virus also spreads through the give and take of cash. A robust ERP software, on the other hand, allows customers to pay through online modes such as mobile wallets, debit/credit cards, OTP, etc.
It builds a thriving manufacturing sector
The manufacturing sector is facing a mountain of losses due to the COVID-19 pandemic. This is because workers aren’t able to reach factories due to the suspension of transport facilities. Also, governments worldwide have been consistently asking manufacturing companies to pay their workers full salaries even if they don’t show up regularly. News reports only make the case worse when they tell that 30% of workers have migrated back to their villages with no intention of returning soon. Another point of contention is that remote working isn’t a viable solution for the manufacturing sector because it cannot support essential services such as the manufacturing of automotive parts, mobile phones, etc. This is where a robust ERP software comes into the picture. Firstly, it keeps records of an array of third-party vendors so that companies don’t go haywire if their primary vendor isn't able to support them. This ensures that companies will never face a shortage of raw materials. Secondly, it provides a quality assurance check to verify that appropriate guidelines are met. Thirdly, it generates Bills of Materials (BOM) and keeps a track of them. Moreover, it has meticulous algorithms to check whether harmful substances - adulterated components, dangerous chemicals, and illicit materials - exist in the supply chain, and if they do, it alerts the quality inspection team.
It builds a high-yielding Finance sector
The finance sector has been under great stress due to the ongoing COVID-19 outbreak. This is because India is essentially an informal economy and it’s tough to locate those who have been the most affected by the pandemic. However, governments and businesses are trying their best to allay the ill-effects of the virus by giving tax rebates, salary supplements, and rental discounts. Official government orders have granted permission to banks to open only a few branches and maintain skeletal workforces for ensuring continuity of operations. Due to the lack of appropriate workforce, they can engage in only essential services such as deposits, withdrawals, check clearing, etc. This has hurt many companies that haven’t been able to get loans, project approvals, and are facing difficulties managing their receivables and payables. A robust ERP software helps companies be relieved of their financial tensions. It streamlines processes by generating financial reports according to the company guidelines and by allowing them to accept payments securely. It also reduces paperwork that makes the process less tedious. It has a dashboard that provides real-time information regarding cash flow, revenue, and expenses. Also, it generates invoices and mails them to clients automatically.
Also Read:- What is Coronavirus (COVID-19) ?
The COVID-19 pandemic is here to stay for long. Those companies that change their traditional ways of working, adopt new practices, remain in touch with their clients, and understand the changing customer buying behavior will go miles ahead. This will require a strong reliance on business management software such as an ERP that automates core business functions and provides exponential speed.