What is ERP Software?
Enterprises use such software to manage routine business operations like accounting, purchasing, project management, risk management, compliance, and supply chain management (ERP).
Enterprise performance management software, which aids in planning, budgeting, forecasting, and reporting an organization’s financial results, is also a component of a full ERP suite.
It effectively oversees departmental operations to improve decision-making and advance the organization.
ERP software solutions rank well among the greatest options accessible there when it comes to organizations of a large scale.
Let’s discuss the top common features of ERP
The incorporation of software with any third-party app or software is what is referred to as integration.
With the aim of facilitating data sharing between various systems to increase productivity and insights, ERP offers integration tools that allow ERP to interact with other applications and/or systems.
This finally aids in streamlining your overall workflow, which boosts productivity and efficiency.
Every organization operates differently, so some additional supplemental bespoke software solutions could be required to interact with ERP software.
2. Data Analysis
For a corporation to understand its business strength, a report must be prepared. But you must first acquire information in order to prepare this report.
Having a single ERP system allows all aspects of your firm to exchange data on daily operations.
Additionally, data can be broadcast to a number of streams, giving businesses access to real-time feedback for improved decision-making.
Companies must gather as much data as possible, and present it in a way that is both visually appealing and easy to understand in order to stay ahead of the competition.
3. Customer Relationship Management
For every organisation, managing customer relationships is the most important stage.
You must keep your customers satisfied if you want to succeed in business.
However, because of the complexity of this, you must rely on software. CRM functionalities are available in ERP software.
A shared, easily available database contains all client data, including contacts, order history, purchase orders, and also prospect status.
Creating eye-catching images, compiling historical data, and helping to analyse and present your results are all part of reporting.
You must write a report in order to analyse the data. Many software packages offer this reporting capability. Almost any form of data can be used to make reports.
This comprises lead management, sales activity, marketing performance metrics, and contact management.
Better reporting can enable executives and stakeholders to make business decisions that are more informed, such as improving how you manage your company and seeing issues before they arise.
5. Financial Management
Financial management is required in order to keep track of expenses and revenues for growth.
Organizations use accounting to manage assets, produce accurate financial reports, and improve spending decisions.
As a result, accounting software can be considered a part of ERP software.
Accounts Receivable, Accounts Payable, General Ledger, Financial Reporting, and frequently Payroll are crucial elements of accounting.
6. Sales and marketing
The ability to sell, upsell, create bids and buy orders, predict, manage commissions, and keep track of crucial information like profit margins and ratios is another advantage that ERP systems with integrated CRM provide to marketing and sales teams.
The ability to generate more leads, swiftly develop and implement campaigns, and monitor client activity throughout the sales cycle may be advantageous to marketing teams.
To deliver a great client experience throughout the whole sales pipeline, sales and marketing teams work closely with their counterparts in finance and operations to utilise ERP services.
7. Human Resources
The majority of ERP software includes some level of human resource management, although standalone solutions are more common.
These features enable the storage of employee data and the automation of processes affecting the people in your company, such as employee scheduling, hiring, and increasing productivity.
This results in a more productive and successful firm through improved employee record keeping and improved employee performance.
Manufacturing has been the foundation of ERP as a function.
By helping with product planning, raw material sourcing, production monitoring, and forecasting, today’s systems improve manufacturing operations.
Modules for product tracking, distribution planning, shop-floor control, work order administration, bill of materials management, and assembly management are additional components.
9. Supply Chain Management
Manufacturers, logistics companies, distributors, suppliers, and retailers may manage the flow of goods and services between locations as effectively and economically as possible with the aid of supply chain management (SCM) technologies included in ERP software.
An ERP system can automate payroll, order processing, invoicing, reporting, and other repetitive business operations.