Why the Future of Coir-Based Business is in the Cloud
Like any industry, the coir-based industry has undergone vast challenges in the past two years. Whether it was managing a seamless flow of operations, retaining skilled labour, or managing the supply chain – everything had been under fire. At the same time, the coir-based businesses are adapting to remain on top of the competition. The changing scenarios mean that ERP (Enterprise Resource Planning) should be a prominent long-term strategy of any small to medium-sized coir business.
ERP software allows coir companies to gain a fully integrated view of their business process by bringing together their sales, inventory, manufacturing, purchases, payroll, and finance. They have been the main driver in maintaining and reducing operational costs, enhancing the manufacturing process, increasing sales and long-term planning, and offering an integrated flow of information to management for making informed business decisions.
WHY THE FUTURE OF COIR-BASED BUSINESS IS IN THE CLOUD
The global coco coir market is growing at a CAGR of 8.2% (2021-2027). Many coir businesses already have systems in place to meet the growth. Most have integrated coir ERP into their business. If not already done, they have a likely budget for it in the years to come. However, these growth-driven companies are looking beyond basic on-premises ERP software. Instead, they are focused on customised cloud software solutions for the coir industry. It is because they know that a custom solution can give the coir company a distinctive competitive advantage in the industry which is way ahead of the basic features and functionalities that an on-premises ERP offers. Let’s find out why the future of coir-based business is in the cloud:
Improves Coir Business Productivity
Cloud-based ERP customized for the coir industry can improve the business productivity of your coir business. It can help with custom processes & reports specific to the industry. Employees can download such reports with ease. They can save time on creating, downloading, and uploading specific reports. It can improve their productivity significantly. The employees can also send quotations, invoices, reports, etc. as an attachment to the email with a single click. ERP implementation can reduce the time consumed on such mundane tasks while improving business productivity through day-to-day operations. Employees can utilize this time to improve and optimize operational activities. It can also help the coir business owners reduce their operational expenses.
Enhances Operational Efficiency
Coir businesses run a complex range of labour-intensive and outsourced activities. Understanding & streamlining these processes can help cut down on inefficient processes. Coir organizations can gain the best from software implementation as the transition and expectations will be already charted through the cloud-based coir ERP. Arenas, where ERP implementation can impact, are automated data entry, optimized inventory cycles, project-centric financials, and insightful reporting for stakeholders to name a few.
Provides Competitive Advantage in Coir Industry
Most companies in the coir industry use off-shelf software. Such software is created for the mass market. So, you will need to adjust your business process & flow to suit the capacity of the software. Also, your competitor will likely invest in the same system depriving you of any competitive advantage. With cloud-based ERP software, coir companies can gain through its innovative functionality and the ability of vendors to customize the software according to your process flow. It will enable your organization with business process reengineering enhancing the organization to gain a competitive advantage in the coir industry.
Better Regulatory Compliance for Coir Industry
With newer regulatory compliances in place, it is important to audit the way business operations were conducted so far. Newer processes must be designed by including regulatory compliances. Ensure that your auditors are involved when you design the business process. Zero down on cloud ERP software that includes regulatory compliances. However, having a coir ERP in place alone is not enough to ensure compliance. Make sure your employees and stakeholders are prepared for the change management with the new system in place so that compliance can be facilitated with ease.
Investing in ERP is a long-term agenda and often involves huge costs. It is also one of the main reasons SMEs refrain from implementing one-stop software. However, emerging trends bring in different affordable options for coir-based businesses. These options range from cloud-based SaaS (Software as a Service) to open-source solutions, etc. The organizations can now avail themselves of benefits through these affordable systems. A cloud-based solution not only reduces the hefty one-time cost but also reduces the cost of training, and maintaining servers & IT staff.
Most coir-based businesses opt for coir ERP software on cloud to address the challenges they face with the business growth. Sometimes, the purpose is to replace ineffective technology or processes. Whatever your challenges are, connect with us for a free discussion on how we can help streamline your business.
ERP consultants at Turqosoft can help you define your business processes & KPIs. Get advice on how you can leverage technology for the growth of your coir business. Connect with us through email at email@example.com or call us on +91 9841205845. Also, you can follow us on LinkedIn, Facebook, Twitter, or Instagram for interesting updates.