ERP (Enterprise Resource Planning) Software: Take your business to the next level
ERP is a suite of applications that manages core business processes, such as sales, purchasing, accounting, Human Resource, customer support, CRM and inventory. It’s an integrated system as opposed to individual software designed specific to a business process. Using a centralized database helps businesses collect, store, manage and interpret data from various business units. It is used to automate back-office tasks and streamline cross-departmental workflows. The right ERP solution optimized for your business, can drive efficiency, lower costs and increase profitability.
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Key Features of ERP Software
Financial management. Manage your capital inflow and outflow. Standard Accounting & Finance transactions like expenditures, general ledger, balance sheet, bank reconciliation, tax management and payments. The ability to generate financial reports for different departments and business units.
CRM. Customer Resource Management helps you to boost customer service and profit per capita. It manages leads, opportunities and customer issues. Customer profiles by consolidating data like their purchase history and past interactions with support reps. In an ERP setup, CRM is closely integrated with Sales module to fast track conversions.
Sales & Marketing. Handle sales workflows like sales inquiries, quotations, sales orders and sales invoices. The more advanced ERP also features taxation rules and shipping tracker. The Sales and CRM modules work together to speed up the sales cycle and earn the company more profits.
HRM. Human Resource Management features tools like time tracker, timesheet, and database for employee records, job profiles and skills matrix. HRM may also include performance reviews and payroll system. The latter is closely integrated with the financial management module to manage wages, travel expenses and reimbursements. Some ERP solutions also feature a training or LMS function under HRM.
Manufacturing. Sometimes referred to as Engineering or Production, helps businesses make manufacturing more efficient in areas, such as, product planning, materials sourcing, daily production monitoring and product forecasting. Some of the key functionaly of ERP Manufacturing is: Bill of Material, Production Scheduling, Shop Floor Control and Sales & Distribution Plan.
SCM. Supply Chain Management covers key aspects in your supply chain including purchase order management, delivery and dispatch.
Inventory. Tracks materials and helps you measure stock targets, standardize replenishments and other inventory goals. It uses product serial numbers and bin locations to track and locate items in your organization.
Purchasing. Manages the processes involved in materials procurement. These include: supplier listings; quotation requests and analysis; purchase orders; Good Receipt Notes; and stock updates.
The Benefits of an ERP System
It’s true that ERP software requires a major investment, but there’s also an even bigger cost in not making the investment. While some manufacturers choose to stick to the tried and true methods of the past, others seek technology solutions. Manufacturers cannot afford to put off an ERP implementation while their competition invests in ERP and starts reaping the many benefits we’ll touch on below.
Efficiency. An ERP solution eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streamline business processes and make it easier and more efficient for companies to collect data, no matter what department they’re working in.
Forecasting. Enterprise resource planning software gives your users, and especially managers, the tools they need to create more accurate forecasts. Since the information within ERP is as accurate as possible, businesses can make realistic estimates and more effective forecasts.
Collaboration. Nobody wants to run a compartmentalized business with each department functioning separate from the other. Collaboration between departments is a crucial and often necessary part of the business. With the data entered into ERP systems being centralized and consistent, there’s no reason why departments can’t work together. The software also touches on almost every aspect of a business, thus naturally encouraging collaborative, interdepartmental efforts.
Scalability. Structured ERP systems allow the addition of new users and functions to grow the initially implemented solution over time. When your business is ready to grow or needs more resources, enterprise resource planning software should be able to facilitate that growth.
Cost Savings. With one source of accurate, real-time information, ERP software reduces administrative and operations costs. It allows manufacturers to proactively manage operations, prevents disruptions and delays, breaks up information logjams and helps users make decisions more quickly. If you’ve chosen the right solution for your business, and the right vendor who meets your needs, you’re bound to see a powerful ROI.
Streamlined Processes. As manufacturers grow, their operations become more and more complex. Manufacturing software automates business operations cross-departmentally, providing accurate, real-time information to everyone utilizing the solution. ERP increases efficiency and productivity by helping users navigate complex processes, preventing data re-entry, and improving functions such as production, order completion and delivery. Streamlined, efficient processes throughout.
Mobility. An advantage of ERP solutions is having access to a centralized database from anywhere you work. Home, office or wherever.
Reporting. ERP software helps make reporting easier and more customizable. With improved reporting capabilities, your company can respond to complex data requests more easily. Users can also run their own reports without relying on help from IT, saving your users time to use toward other projects.
Productivity. Save time and increase productivity levels with ERP. By having redundant processes automated, users have more time to work on other pressing projects and tasks.
Regulatory Compliance. A benefit of ERP software which sometimes goes unnoticed is how it ties well into regulatory compliance in the manufacturing industry. Powerful ERP solutions will keep track of regulations within the industry and monitor changes in compliance.
Flexibility. Modern ERP software systems are robust, flexible, and configurable. They are not a one-size-fits-all proposition but can be tailored to the unique needs of a business. ERP systems also can adapt to the ever-changing needs of a growing business, ensuring you won’t have to buy a new solution once your needs change or your business grows.
Customer Service. It’s easier to provide high-quality customer service using an enterprise solution. Sales and customer service people can interact with customers better and improve relationships with them through faster, more accurate access to customers information and history.
Security. Data security isn’t a worry when you have an enterprise resource planning solution in place. A new system will improve the accuracy, consistency, and security of data, all through built-in resources and firewalls. Restrictions to data can also be enhanced by managers of the solution, so you can make your own software as secure as you’d like.
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