How ERP can Transform Trading into More Profitable Business in 2023
Enterprise Resource Planning (ERP) software can take any business to a new level by increasing productivity and profitability. It can change the dimensions and workflows for every business, and the trading business is no exception! As a highly competitive sector, trading and distribution must regularly improve their services to ensure growth. Here, ERP for trading business lends a helping hand and becomes a game-changer in the sector.
These days, small, medium, and large traders face stiff competition and remain under pressure to fulfill the ever-changing expectations of customers. They can easily leverage the benefits of an ERP for a trading company. A customized ERP solution makes it possible to streamline all the processes by keeping the various departments like sales & marketing, customer support, finance, and warehousing on the same page.
In this article, we are going to dig deep into the importance and key benefits of ERP for trading. Let’s start with the core challenges of trading ERP software that we can help you address.
How Will Silvertouch Help You to Solve The Challenges of trading ERP software?
The trading and distribution industry has to cope with intensifying competition and changing requirements of customers. Based on these factors, we can identify the following challenges of trading business.
Digital transformation is the need of the hour for trading companies. The advent of Industry 4.0 and advancing technologies have disrupted the trading industry and traders must make their business model ready for digital transformation. They have to find and implement new ways for bringing transformation in various processes to remain firm amid competition.
It is quite challenging to acquire new customers and retain the existing ones in a highly competitive era. Both B2B and B2C companies contribute to increasing competition in the trading and distribution sector. Small and mid-sized traders find it difficult to beat intensifying competition with traditional strategies and legacy systems.
This is one of the biggest challenges for traders and distributors alike. Traditional distribution channels do not allow traders to reach customers directly. They need to take the help of intermediaries, but, in this competitive business scenario where people tend to buy products online, traders have to think of effective ways to eliminate intermediaries.
It is of utmost importance for trading companies to create new business opportunities by implementing product innovation strategies. For example, F&B manufacturing companies need to bring farm-fresh products to address the rising demand for organic products among the people. It is challenging for F&B companies as they need to manage the supply chain while bringing fresh products for processing.
Silver Touch Technologies, a trusted SAP partner, can help traders and distributors meet these challenges with customized trading ERP software. Silver Touch brings the right solution to outdated and obsolete ERP systems. Traders can replace their existing expensive system with our feature-rich ERP for trading business and meet their needs effectively.
We offer robust ERP software for a trading company that can automate repetitive and time-consuming processes to pave the way for digital transformation. Our ERP solution can increase the agility of your trading business so that you can respond to changing trends and customer expectations efficiently. Also, your trading business can grab new business opportunities with the highest scalability and flexibility of ERP software.
Here are the ways through which a Silver Touch ERP for a trading solution can help you resolve various challenges-
You can get detailed reports related to finance and other departments as and when necessary using the ERP solution.
A tailored ERP for trading software can enable traders and distributors to keep adequate stock by managing inventory.
Supply Chain Management
You can perform 360-degree management of the supply chain with the help of our ERP solution for trading companies.
Detailed financial reports, auditing, and inventory management enable you to comply with various standards of the industry.
Customer Relationship Management
Our best ERP software in India can help you maintain excellent relationships with vendors and customers using dedicated features.
Why Trading ERP Software for business?
Trading ERP software has many benefits to offer. Traders and distributors can monitor daily operations in real time and integrate processes. An ERP solution has features to manage inventory and leads effectively while analyzing previous sales reports. Traders can also keep a track of commissions, payouts, and other financial activities.
Here are five big reasons why trading ERP software is essential for your business.
This is one of the biggest reasons why your trading business needs an ERP. An inbuilt warehouse management module can offer multiple features including location management, inventory management, and a database for suppliers and manufacturers. It can control and manage all the shipments while enabling you to track warehouse movements.
An ERP for a trading company can integrate into CRM (Customer Relation Management) to manage customer relations effectively. It assists traders to prioritize sales activities and focusing on customer services. While gathering the necessary inputs and insights, ERP trading software can contribute to bringing transparency to customer relationships.
A trading ERP solution can manage product purchase and distribution effectively. Traders can use multiple measurement units and currency types. Be it ordering, packing, or delivering products- an ERP solution can make the entire process simple and seamless. It assigns serial numbers at every step to improve the traceability of products.
A Point of Sale (POS) is crucial for traders and marketers alike. It can have a positive impact on the purchase decision of the customers. Appliances, apparel, electronics, and other items can give an increasing number of sales with separate POS. An ERP solution can assist traders to establish robust POS that can improve checkout efficiency.
A trading company has to deal with multiple activities at once. Be it stock management or order delivery, the trading business needs different types of people with a specific set of abilities at various levels. Trading ERP can help traders streamline human resource management by offering an inbuilt database for employee information.
Key Features of Our ERP system for a trading company
Our robust and reliable trading ERP software has many features to benefit your business. Here are some of the top features of our customized ERP software for trading-
Dashboards facilitate your trading company to manage all the core activities from a single place on a 24x7 basis.
It is useful for offering reports on different activities across various departments as and when necessary.
Multiple currency support and multilingual dashboards can facilitate operations at different locations with ease.
A customized ERP software for the trading sector is designed to manage documents with the features of sharing documents and sending notifications.
The audit trail feature can assist you in meeting all regulatory requirements. An ERP solution has robust security features for corporate data.
It enables top executives to approve various processes and transactions using eSigning. It can save a lot of time and effort for management.
Why You Need an ERP System to Manage Small Trading Business
A cloud-driven ERP system can streamline the core processes of small trading businesses, irrespective of the sector and models, i.e. B2C and B2B. Here are the key benefits of ERP trading software for small businesses.
ERP for trading companies can automate several processes that can reduce time and effort for repetitive activities. Small business owners can focus on core activities to ensure the growth of trading companies.
When trading ERP solutions take care of several mundane and repetitive processes, employees’ efficiency can increase. Traders can pay more attention to productive activities and streamline their workflows.
A custom ERP has different modules that keep all the departments in a single place. As a centralized platform, a cloud-based ERP solution facilitates users to save and share data as and when necessary.
Owner rs of small businesses can get real-time details about various processes and keep every employee on the same page. It can assist small traders to stay firm amid increasing competition and make meaningful decisions on time.
A tailored ERP software for trading company can make small businesses ready to act like their bigger counterparts. It has most features that large enterprises use and small businesses can become ready for the future by using these features.
Top 5 Modules of ERP for a Trading Company, Your Business Cannot Ignore
An ERP solution is designed to meet the ever-changing needs of small, mid-sized, and large trading companies. It has different modules that benefit your business. Here are the most useful ERP modules for your trading business.
This is one of the most important modules for trading business. It is more advanced than traditional CRM software available in the market. It assists traders in maintaining relationships with customers and suppliers.
It is also known as inventory and warehouse management and provides users with clear details of available stock. This module is also useful for predicting future market demands and tracking, warehouse activities for effective utilization of storage space and inventory management.
This module is aimed at managing all the activities related to the accounting and finance departments. It gives financial reports in real time and enables traders to meet regulatory requirements of auditing. You can comply with existing regulations efficiently with this module.
A full-fledged HCM or HR module is useful for automating various processes related to workforce management and integrating payroll time sheets. It assists your HR team to leverage the advantage of human capital effectively.
An enterprise asset management module facilitates trading companies to make the most out of their assets. It makes it possible to schedule maintenance and optimization of available assets to improve life cycles. Also, an asset management module ensures the employee’s safety.
Why ERP Systems Are Important For Trading Company
Just like other core industry sectors, the trading sector also needs robust and dedicated ERP software for ensuring streamlined workflows and more productivity over the period. An ERP for a trading company can make it possible by getting the following benefits-
- Accurate Information
- More Visibility
- Improved Inventory Management
- Better Demand Prediction
- Enhanced CRM
Let’s understand these benefits in detail.
With the implementation of the best ERP for Trading businesses, one can ensure the following benefits.
ERP for the trading industry can give benefits including-
An ERP solution with desired CRM features can assist traders to fulfil the customer’s requirements and expectations. As a result, your trading company can get a loyal customer base over the period and increase sales.
A trading ERP solution can manage all the products and raw materials effectively irrespective of their costs in different currencies and units of measurement. It also offers a product tracking facility based on serial numbers.
An inbuilt HR management software can assist trading companies to maintain a large database consisting of all kinds of information for their employees. Salary details, performance evaluation, and other necessary data can be securely stored in the database.
Strong inventory and warehouse management modules have different features necessary to increase productivity, efficiency, and accuracy while ensuring better quality. This module can also improve the decision-making process to gain a competitive edge.
With a tailored ERP solution, you can monitor every activity in real-time. Be it sales or payroll, leads or operations, customized ERP software for trading can make tracking every process across all the departments easy for traders.
Powerful Solution for trading ERP software to Empower Your Business Growth
An ERP for trading business has all the necessary features for ensuring business growth. The SAP Business One Solution can give traders a comprehensive platform that can drive growth through automation and digital transformation of processes. SAP Business One and SAP HANA solutions offer you the best combination of necessary tools and seamless functionality.
You can easily manage orders, shipments, supply chains, human resources, and product delivery with the help of SAP solutions. A reputed SAP partner can understand your business model and offers some essential add-ons to make the ERP highly suitable for your trading company.
Start Using the best ERP software for trading company Today to Supercharge Your Productivity & Increase Profitability
If your trading business has expanded beyond the capacity of existing software or your processes remain inefficient, then ERP for trading business is the right solution for you. It not only automates repetitive processes every day, but also improves communication and enhances collaboration Your trading company can streamline the entire process.
You can introduce automation in routine, rule-based tasks to save time, effort, and resources and manage the supply chain efficiently. It reflects higher productivity and profitability in a short term.
Silver touch also has the following capabilities
Silver Touch Technologies is a leading SAP Business One partner in India that can help you increase the agility of your trading business and automate manual, time-consuming processes. We develop customized add-ons to meet the specific requirements of your trading business. These add-ons can support your trading business to grab new opportunities without compromising on customer services. We enable traders to respond to customer preferences and evolving market trends.
How ERP can help to grow your Business and Transform Trading into More Profitable Business
Globally, many traders and distributors count on an ERP for trading business. It can be a game-changer amid intensifying competition and drive your business toward growth. However, you need to find the right ERP solution developer to meet changing business needs and customer expectations with the help of technological advancements.
FAQs of ERP software for Trading Company
Trading ERP software can assist you to strengthen customer relations, improving warehouse and inventory management, and managing human resources efficiently.
An ERP system can automate several repetitive tasks and increase the employee’s efficiency in the trading industry.
An ERP system can help trading companies manage sales agent workforce and inventory. Companies can quickly automate routine, repetitive processes while having a robust warehouse management system.
To choose the right ERP for your trading business, you must prioritize your requirements and shortlist some reputed vendors. You can discuss your business needs with them, take an ERP software demo, and study its features. Also, it is better to compare pricing plans and verify your references before selecting the right ERP.
An ERP system can increase productivity by keeping all the departments of your trading company on a single platform. It also contributes to increasing the employee’s efficiency and bringing automation into several processes.
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