HOW ENTERPRISE RESOURCE PLANNING (ERP) SOFTWARE CAN INCREASE PROFITABILITY FOR YOUR PRODUCT-BASED BUSINESS
May 4, 2022
MCS IN THE MEDIA
March 8, 2023
Do you spend management meetings talking about true data values so you can decide on the correct pricing and margins? Does your company struggle with accessing accurate product information to make pricing decisions?
Companies often struggle to find the right pricing strategy. They may have researched the market and know all of their competitor’s prices. But very often the real problem is that they don’t have full and accurate visibility of all their own product details, leaving them guessing as to how to deal with price.
A good management system, called an ERP system, can be tailored to bring together the information you need from across your company – including stock levels, up-to-date cost price, expected delivery dates, margins, and current price — so that it’s visible to you when you need it, allowing you to make informed and timely decisions about price. This will enable you to manage your margins, giving you flexible control of your pricing, and enabling you to move product and grow profits.
An ERP system has analytics capabilities that will enable you to pull all your up-to-date data together onto one easy-to-read dashboard. MCS specializes in integrating software throughout your business, giving you robust and accurate data. We make sure that you are getting all the information you need, even from the deepest darkest corners of your company, and that information is presented to you in a user-friendly dashboard, accessible on your laptop, tablet, or mobile device.
POS, stock, and cost price information can be integrated into your ERP system, giving you real-time information at your fingertips.
Conclusion
By implementing a good ERP system, you can use true and up-to-date data to help inform pricing decisions and provide a better ROI for your company. Analytics can be used to look at price elasticity and determine how much demand is really involved with different types of goods. With this information, you can make more informed decisions about pricing, providing your company with the upward swing it needs.
For more information on business analytics, visit https://mcscomputers.ie/business-analytics/