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Sales Glossary

The sales industry is always changing and evolving. Keeping on top of those changes can be tough. The Vidyard Sales Glossary is your ultimate guide to important sales terms, definitions, concepts, slang, insider business jargon and more to keep you up to date with the latest in sales industry lingo.

What is Enterprise Resource Planning?

Enterprise resource planning (ERP) is a system that streamlines essential parts of a business. ERP is important for large businesses, especially those that are scaling and rely on cross-communication between teams, because it keeps information organized. Implementing ERP software allows companies to easily integrate sales, finance, marketing, project management, and more to allow for faster, more cohesive work.

Benefits of Enterprise Resource Planning

Countless hours and resources go into running a business. You want everything to run smoothly, but don’t want work to overlap or cause unnecessary miscommunication. For everything to remain efficient, organization is needed. How can a company ensure all of this? Simple: implement an ERP platform.

When used correctly, ERP positions businesses to grow. Efficiency increases, organization is easier, and overall company transparency is maintained. There’s no overlap between resources, and time is dedicated to where it’s needed most without being wasted.

Specific benefits of ERP include:

  • Increased productivity. Implementing ERP platforms ensures business processes are being followed. Work is automated and streamlined so staff don’t get tied up in mundane tasks. Teams can remain agile and easily adapt to meet the needs of customers to close out more sales.
  • More collaboration. Information is easily shared in ERP platforms. Sales reps, for example, can access account details and bring up customer support records. Transparency is made simpler, and teams can collaborate efficiently.
  • Accurate reporting. ERP systems record data, so generating timely reports is easier than ever before. Data is reported in real-time, is accurate, and provides valuable insight into how a company is performing. This information is also used to make adjustments to improve the business further.
  • Decreased operational costs. Time is money. If staff are spending precious hours completing routine tasks or tracking down information that could easily be centralized, your business is wasting dollars. ERP streamlines tasks which frees up time and monetary resources.
  • Consistency. ERP platforms provide structure, and processes become routine. Each account follows the same template so sales reps don’t get confused about how information is recorded or presented. This consistency improves communication and decreases potential confusion regarding records.
  • Less risk. Streamlining tasks and implementing and following specific processes leave less room for human error. Automation tools can also be integrated within an ERP platform, which alleviates mistakes further.

Who Should Use Enterprise Resource Planning?

ERP is used by both B2B and B2C companies of all sizes. But when exactly should you consider implementing an ERP system?

If your company experiences any of the following, you should start thinking about ERP as a solution:

  • Time spent on manual tasks. If staff, especially sales reps, are spending too much time on routine tasks and manually updating customer accounts, they’re wasting time. Automating this work would free up countless hours they can use to conduct sales and generate revenue instead.
  • Increased growth. Growth is always a good thing, but too much growth in a short period of time can be overwhelming. If you’re struggling to keep up with how quickly your company is scaling, you need to update your systems.
  • Lack of data. If you can’t accurately measure your company’s performance, you can’t make smart decisions to improve processes, set milestones, or accurately forecast. ERP platforms help immensely when it comes to reporting and providing valuable data to assist in decision making.
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