To thrive in today’s dynamic agricultural economy, agricultural enterprises around the world need to incorporate the new-age, digitalised methods of crop cultivation. Not only will this transform food production potential with better farming efficiency but will also create more transparent and traceable food supply chains. To make this possible, legacy software systems can come in handy to capture data across the food value chains and aid the efficient management of end-to-end processes.
With a smart software system, enterprises get excellent advantages in the form of seamless data consolidation of subsidiaries, single sign-on, management of multiple inventories, and precise budgeting and financial planning of all subsidiaries as one entity. This article delves into the details of how integrating legacy software systems can help enterprises efficiently manage data obtained from multiple subsidiaries.
Consolidation of Group-level Data
One of the most exhausting tasks for large enterprises with subsidiaries is merging all the financial reports and data of multiple businesses to assess it as a single entity of information. Doing this manually could mean more manpower, endless spreadsheets and working late nights. Also, there is the possibility of manual data-entry errors that can lead to serious complications.
The use of smart software platforms can eliminate the concerns of the consolidation process being stressful, time-consuming and most importantly, error-prone. The most beneficial aspect of software systems is that they can automate the amalgamation of accounts from several entities, saving a lot of time and effort. With the right software, enterprises can seamlessly consolidate the data of any number of subsidiaries.
Single Sign-On Experience
When it comes to managing different facets of an enterprise, relying on too many applications or platforms can be disastrous. Firstly, it requires enterprise owners to remember all the credentials and enter them every time they wish to access any information. Moreover, the risk of security and compliance also increases with the involvement of multiple platforms.
Integrating a software system makes sure that all of your enterprise’s diverse datasets are accessible on a single platform, using a single set of login credentials. By ensuring timeliness and boosting the overall efficiency of processes, software system integration greatly enhances the sign-on experience of end users. This also helps in avoiding data entry duplication or errors and helps in bolstering security standards.
Data-driven Budgeting & Planning
When it comes to financial planning and budgetary management, enterprises need to take into consideration all their subsidiaries as well. However, data collection, consolidation, financial analysis, etc are pretty time-consuming and error-prone tasks when handled manually. As a result, getting a comprehensive overview of the entire group’s budgetary situation becomes quite difficult.
By bringing together all the data on a single platform, software systems significantly streamline the data acquisition and consolidation process. With all data accessible in a single place, you have a better view of how the entire group is performing. Transforming this data into actionable information also becomes extremely easy for financial heads and other decision-makers. An efficient software system thus provides detailed insights into how your enterprise is performing and saves a lot of the enterprise’s time and effort.
Multi-location Inventory Management
A significant obstacle pertaining to inventory management that agricultural enterprises face is managing inventory across multiple sites. With multiple farm locations, it becomes essential for enterprises to maintain adequate stock of inputs and finished products at every site. Furthermore, integrating inventory with accounts is also imperative to ensure that every transaction is accurately recorded. Doing all of this using spreadsheets can be extremely time-consuming and exhausting.
With a powerful software system, everything right from tiny stock adjustments to sales and purchases is accurately recorded. Consolidation of data related to stock levels at all inventories can help in preventing the stockpiling or shortage of units at a specific site. It can also be beneficial in reducing the order-to-dispatch intervals by always maintaining minimum stock levels at all the inventory locations.
FarmERP’s enables the integration of software systems to optimise a number of your business functions and boost overall productivity. By offering a seamless single sign-on experience, FarmERP helps you carry out your end-to-end business processes efficiently without any hassles. Get in touch with us to know more about our integration capabilities and agritech offerings.