Malaysian startup companies are known for their innovations. But to ensure that the Malaysian economy flourishes, we must grow the startup company. A Malaysian startup company needs to adapt its business strategy to become competitive and profitable while looking for ways to generate more leads and grow the sales pipeline. To achieve these goals, a growing number of startups are turning to ERP software.
In the modern business world, companies of all sizes face a number of challenges regarding productivity. For a startup company in Malaysia, the problems get bigger in financial matters. One of the effective ways to address this problem is by implementing the best ERP software. With this, we’d like to share how ERP software could help a startup company in Malaysia grow. Moreover, you may look at the pricing scheme calculation for ERP software for consideration.
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Startup Company Malaysia Challenges
Malaysia is working to establish itself as a leader in the dynamic start-up ecosystem that exists across Southeast Asia. The country’s primary objective is to develop into a regional hub that is capable of nurturing high-performing start-ups. However, they also come across a few struggles such as the lack of funds which actually is also a common problem for startups around the globe.
Startup owners frequently have the impression that there is not enough available investment in the market to go around. In addition, the absence of infrastructure creates doubt over their capacity to remain competitive in comparison to other parts of the region. Other than funding problems, it is also found that Malaysia has a lack of workforce with technical and digital skills. Therefore, implementing complete ERP software for startups will solve these problems. Usually, this is the first step to start a startup, before running the business later on.
Benefits of ERP Software for Startup Company in Malaysia
Startups should seek the best way of managing their companies. This includes achieving the most while minimizing costs. Now, let’s look at the benefits of using ERP software for a startup company in Malaysia.
1. Reduce operational costs
As stated above, Malaysian startups’ main concern is the lack of funds. Using the best ERP software allows you to reduce operational costs as it automates the operational processes. Besides, it eliminates communication problems and the analysis of real-time data.
2. Workflow automation
Most startups are also working with limited workforces. Automating the workflow with ERP software will save you time, money, and energy. This way, startup owners don’t have to hire more workforce. Moreover, tasks are finished more quickly and allow you to easily track every progress of it.
3. Automated reports
Other than operational processes, ERP software provides you with a single automated, detailed, real-time, and accurate reporting system. These reports are important for owners to make better business decisions. A startup company in Malaysia should make full use of these reports to grow the business.
4. Enhancing visibility
Using ERP software can assist in streamlining procedures, providing more information, and strengthening operations. The information can be accessed easily from a centralized system. ERP software ensures that all business processes are visible to every department.
The Features of ERP Software for Malaysia Startups
The most comprehensive ERP software provides various features that startups can make full use of. These features will help a startup company in Malaysia to accelerate in achieving its business goals. Some of the main features are:
1. Accurate budgeting
Startups often come across financial problems. This is due to poor financial management and budgeting. However, the ERP software will help you manage the budget and allocate funding according to the company’s budget.
2. ROI tracker
Calculating the Return on Investment (ROI) is important. You need to understand it to plan the financial matters further. Using the ERP software allows you to simplify ROI calculation as well as rack the effectiveness of capital utilization in real time.
To increase visibility, startups may use the dashboard feature. It will show the operational activity so that managers and employees can monitor it easily. Having a dashboard will also increase productivity and efficiency.
4. Forecast sales
Being able to forecast sales is one of the advantages of using ERP software. You’ll be able to improve your business decisions and get more accurate sales projections by using the most recent data to maximize revenue.
5. Asset management
Assets are essential to assist the operational process. However, managing assets can be difficult without the help of automated tools. Thus, ERP software will help you in managing and track assets automatically to reduce the chance of loss.
6. Leads management
Generating more leads is one of the startup’s objectives. With the use of ERP software, you may simplify the leads-identifying process. In addition, you can effectively monitor and follow up on possible leads. This way, you can engage better with your leads.
Also read: How ERP Software Can Help Startups
Using The Best Startup Software in 2022 from HashMicro
Since one of the biggest problems is the lack of funds, a startup company in Malaysia should consider using an automated system such as the ERP software to assist in achieving initial goals. For the greatest experience, you could try the best ERP software from HashMicro. We offer the most complete features for your startup to help you towards the business’ growth by maximizing profits and reducing operational costs.
Implementing HashMicro’s ERP software for startups allows you to monitor the company’s development seamlessly. You can analyze the financial ratios to choose the best course of action for your business. Besides, HashMicro’s software is easy to use. Not only the higher-ups, but employees can also use the software easily. Moreover, it is a cloud-based system so you may access it anywhere and anytime. With the assistance of HashMicro’s software, your startups will accelerate and be one step ahead of your competitors.
ERP software is essential for the growth of a startup company in Malaysia because it will save the company time and money. After knowing the importance of ERP software for your startup to accelerate, it is best to immediately implement it. It has various features to assist you in automating the operational process.
The best ERP software can provide you with reliable and accurate data which will greatly help you to be more successful in your business. When implemented properly, it will address many of the common issues that Malaysian startup companies face, while helping you to expand and grow even more effectively.