It’s a common misconception that SAP is only a solutions provider for large enterprises. SAP has a program called SAP Business One which is specifically designed for small and medium-sized businesses. SAP’s tools can offer small businesses so much additional functionality that can translate into cost savings.

The tool offers a lot of functions like cash flow management, staff management, and government regulation compliance. Here is a rundown of what SAP Business One can provide for SMEs.

1. Cost Savings

Small businesses need all the help they can get to compete out there. However, if they can do so without compromising on their profits, it’s even better. Small businesses are constantly investing money in business development and generating little-to-no returns. That’s how business goes; you get a return after you’ve invested. Thankfully, if you save enough and invest in the right places, your business can thrive.

What’s great about SAP Business One is that it offers the essentials to SMEs without a huge price tag. The suite includes business intelligence and analytics, forecasting, and sales and human resource management, etc. It also includes a CRM tool integrated with the suite. Hence, you get all the solutions you need to run a business integrated into a single package. As far as Enterprise Resource Planning systems go, Business One is perhaps the best value for money out there.

2. Greater Financial Capability

SAP Business One doesn’t just work on integrating several services under one roof; it integrates the operations as well. Most businesses have to work with multiple streams of income and expenses. Business One offers a way to incorporate and link all the financial operations under one roof. All of this occurs in real-time.

All departments, including purchasing, sales, inventory management, etc, can be integrated into one solution. This will help improve cash flow and bookkeeping. It will also help make sense of the financial outlook of the company. Consolidating all the financial transactions will allow companies to identify and analyze various expenses.

Also, SAP Business One will allow select employees to have access to sensitive data. This will reduce the chances of privacy breaches and narrow down suspects in the event of a breach. It will reduce the probability of breaches without the implementation of extra security. This is a huge financial advantage for new businesses.

3. Improved Supply Chain Management

SAP was practically designed for this purpose. Business One will allow for better visibility and control over all pay cycles. It will also provide an integrated solution for the management of invoices, receipts, returns, payments, etc.

It even incorporates simple dashboard reporting so that you can match sales receipts simultaneously. The logistics of supply chain management can confuse even the most experienced professionals. This is why SAP Business One is such a valuable tool.

4. Implementation of Best Practices

The term ‘best practices’ is often used as an umbrella term for the most efficient and productive processes in the industry. However, those processes tend to undergo slow, iterative changes that aren’t necessarily implemented across the board.

SAP Business One provides SMEs with the best practice systems for any industry. Its updates are much quicker than other solutions on the market. What this affords SMEs is the ability to comply with various regulations without having to scramble. This is a major cost-saving benefit that rules out non-compliance beforehand.

5. Predicting Customer Needs

Huge volumes of data, when analyzed well, can usually deliver great insights. Hence, it’s a key advantage of SAP for business analysts to have Business One integrated within their systems. The link between the sales and CRM functions will allow you to track things from the start. Hence, it will establish key changes that you need to respond to throughout the sale of a single product.

These tools will allow companies to anticipate the demand for certain products and/or services during different times of the year. They will learn to anticipate key short-term spikes and dips in demand. This will even allow businesses to trace their supply/demand cycle for different times of the month.

Integrating various types of data will also allow businesses to identify bottlenecks within their operating procedures. Hence, it has the potential to remove roadblocks and inefficiencies within established systems.

6. Customizable Solutions

SAP’s ERP has been built with customizable solutions in mind. Business One has hundreds of available modules that operate from a user perspective. Modules can be added or subtracted as per the need of the hour. This allows businesses greater flexibility concerning operations.

7. More Informed Decision-Making

As the integration of several departments and their information streams leads to more accurate predictions, it leads to better decision-making. SMEs can make more informed choices based on the huge volumes of data they collect. It will allow small businesses to allot more precise funding into their departments. It will also allow them to identify which products/services are working best and why. Hence, they can devote resources to improve on the weaknesses and build on their strengths.

The SAP Business One tool features great report creation and customization options. These options highlight the important data so that you can support your decisions with more prominent factual analysis.

8. Better Access to Training

Small businesses need access to more training on the complexities of running an enterprise. SAP Business One offers just that, and much more. SAP’s catalog of online training and user help tutorials helps newcomers. A lineup of tutorials and training sessions ensures new staff members, as well as the existing ones, can be familiarized with any new practices.

Business One is a great solution from SAP for SMEs. Its modules, flexibility, and wealth of features allow for cost savings as well as familiarization with the industry’s best practices. It is an essential tool for small businesses and it allows them to get a head start.