Business Elevate and future-proof your ERP system through Embedded Commerce

Elevate and future-proof your ERP system through Embedded Commerce

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Greg Cohen is the chief executive officer of fortisa leading integrated trading platform.

Forward-thinking B2B and service companies such as distributors, manufacturers, wholesalers and even construction suppliers are finding new ways to engage with buyers by turning their ERP solutions into a competitive asset through embedded commerce. Not all ERPs are created equal, and some cloud solutions may be easier to navigate, but even older ERP systems that rely on plugins and middleware can extend trading functionality. Today, any seller or business, regardless of the solution, can meet their buyers and suppliers through new media to sell more, create a more efficient trading ecosystem, and maximize cash flow.

Embedded commerce between receivables and payables is challenging in the B2B world due to a huge installed base of legacy solutions and outdated business processes. Many companies still use iterations of “on-premise” or “stand-alone” ERP accounting modules and manual processes designed for a time when corporate customers shopped through catalogs and submitted orders that yielded paper invoices, to which buyers responded by mail checks. And while billing and waiting for checks still play a big role in the B2B ecosystem, they’re hugely inefficient and hamper sales.

Sellers now have online webshops for distributors, use call centers with CRM software and send digital invoices with online portals. Businesses receive payments via card, wire transfers, Automatic Clearing House (ACH), and even financing or crypto options. If the ERP system cannot be easily integrated with commercial endpoints, the need to manually process and enter data creates critical bottlenecks. This is a challenge, as businesses want unimpeded cash flow. An integrated system enables companies to reap the benefits of payments that are woven across all media, in turn connected to the ERP solution itself.

Likewise, vendor and accounts payable automation can help streamline back office processes and even aid in the procurement of new vendors. As markets tighten, companies of all sizes are evaluating processes, seeking efficiency and optimizing cash flow. Embedding end-to-end commerce extension technology can help drive both outcomes.

Three top reasons to integrate payments into your ERP system

Companies that already use a cloud-based ERP system may find it easier to integrate a modern payment system into their workflows, while companies using legacy systems may need to upgrade or add additional functionality to enable all front and back office capabilities. to get. Whether you’re using a cloud-based or on-premise ERP, here are three reasons to integrate payments into your ecosystem.

• Multi-channel sales: Companies that integrate advanced payment solutions with an ERP and other solutions that support a business (CRM, website, POS, etc.) can manage payments across multiple locations and channels, including in-person, online, and over the phone. As direct-to-buyer options increase, B2B companies are expanding the channels they serve, and integrated commerce can not only simplify management and reporting, but also create a seamless and enhanced customer experience. Adding mobile or online invoice management, a simple built-in recurring or financing option, or expanding directly into buyer channels with a new sales-driven web presence can all help drive growth.

• Improve internal efficiency: When payments are not integrated with all customer engagement endpoints and aligned with the ERP, employees must manually enter data and even payment information, which can increase the likelihood of errors such as double entry and cost valuable staff time that could be better spent on more strategic tasks. In addition, these tailored inefficient processes expose the company to real security and privacy issues. Integration automates manual tasks, eliminates errors, reduces exposure and saves time. Driving these efficiencies and integrations is critical, so tune in with a great VAR and trading partner to get it all right.

• Accelerate cash flow: With advanced payment solutions integrated into workflows, businesses can get paid instantly through digital payments instead of sending paper invoices and waiting for checks. Log-in credentials and buyer engagement tools can make accounts receivable management much more efficient. Many integrated commerce experiences embedded in B2B workflows, such as payments with ERP integration, allow you to generate quotes, create invoices, get paid instantly, and even reconcile – all in one place.

For companies that have used legacy ERP solutions, it is a more difficult task. The move from on-premise to the cloud is certainly not a trivial project. But I’ve also seen the results, and in my experience it’s worth it, not just from a payments perspective, but from a broader business process standpoint if you’re looking to expand your product offering.

The pandemic accelerated digital transformation. Customers have new expectations and demands from their suppliers. Now is the time to upgrade or improve your ERP system and integrate a modern payment platform. It’s the natural next step to increase sales and improve cash flow while meeting customer expectations.

How ERP Payment Integration Can Help You Compete

The top reasons to fully integrate payments into your B2B world and your ERP system are to facilitate multi-channel sales, boost internal efficiency and accelerate cash flow. Integration can also help companies compete more effectively. Implementing an omnichannel commerce solution that provides a hassle-free buyer experience makes your business stronger appear taller.

If you’re ready to improve your competitive edge while expanding your market, improving efficiency and accelerating cash flow, now is a good time to evaluate your options. There are value-added resellers (VARS) and trading experts who can help you discover what’s available and determine if the design and options match the unique needs of your business.

Whether you need to upgrade your ERP first or find a way to integrate your existing modern ERP with a payment platform, create a strategy that future-proofs your business. Embedded commerce is already making significant strides in the B2C world, and since your B2B buyers are people with a life outside of work, their expectations are also changing. Responding to their changing preferences will improve your competitiveness and help your business thrive.


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Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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