An ERP can be a powerful tool for coordinating and managing processes across an enterprise, from financials, to facilities, to warehousing and supply chain. Enterprises can either implement an ERP as a complete organization-wide system, or pick and choose the modules that best serve their needs.
However, during a period of economic uncertainty or downturn, an ERP like Infor can be optimized to improve efficiency across the organization - helping businesses to not only control costs through product and workforce management, but also to identify and take advantage of opportunities as they arise.
Making the most of your Infor investment, especially during difficult times, can help a company both survive and succeed. To optimize Infor at your firm, consider:
Planning and forecasting
When the business environment is unpredictable, planning and forecasting must be agile to respond to unforeseen changes. Integrating a financial management system that includes budget forecasting with a project management system allows a company to adjust rapidly to changes - understanding the way that one change - say, to the cost or availability of raw materials - can affect project budgets and timelines, and how that will have a ripple effect throughout the business.
This information allows a company to prepare for different scenarios, and operate as efficiently as possible even during unforeseen circumstances.
Infor WFM allows a company to ensure they have the right number of employees on the schedule, to get the work done without waste. So, for example, a manufacturer can schedule workers around maintenance, reducing the number of idle hours for line workers; or a hospital can have the necessary number of nurses to manage patient care without overstaffing.
WFM can also be used to optimize the recruiting process, using data analytics to predict future workforce requirements. This reduces the lag time between identifying a recruiting need and having the position filled, helping the company plan a cost-effective recruiting and hiring strategy and remain agile.
Businesses are all affected by regulatory compliance issues to some degree – and those operate internationally must manage differing regulations in several countries at once. Regulatory compliance is a complex endeavor, with strict penalties associated with any failure to comply.
An ERP with a compliance module can help a company manage fraud, data security, and reporting to help with industry-specific and cross-border regulations, to ensure compliance and avoid expensive penalties.
There are two additional steps that can be taken to improve the efficiency and effectiveness of the Infor ERP. One, is to use Infor in the cloud. Cloud computing helps a company to control infrastructure and capital costs while improving remote collaboration and business flexibility.
Another is to find an application management partner that can help with ongoing Infor optimization and operations. An expert in Infor can be the best weapon in the business arsenal - helping to ensure that a company can make the most of Infor, using skills and knowledge gained from experience to manage the administrative burden of the application, while improving its use throughout the organization.
If you’d like to learn more about making the most of your Infor investment, contact Velocity today.