What are the tangible and intangible benefits of ERP system?
Tangible benefits are those measured in monetary terms and intangible benefits cannot be measured in monetary terms but they do have a very significant business impact.
Below are Tangible and intangible benefits of ERP system:
Improves the productivity of process and personnel
Lowering the cost of products and services purchased
Paper and postage cost reductions
Lead time reduction
Reduced stock obsolescence
Faster product / service look-up and ordering saving time and money
Automated ordering and payment, lowering payment processing and paper costs
Increases organizational transparency and responsibility
Accurate and faster access to data for timely decisions
Can reach more vendors, producing more competitive bids ;
Improved customer response
Saves enormous time and effort in data entry ;
More controls thereby lowering the risk of mis-utilization of resources
Facilitates strategic planning
Uniform reporting according to global standards.