ERP (Enterprise Resource Planning) is software which provides variety of important functions that can be integrated by every department of your organization worldwide. To render the worthy investment of ERP Implementation, companies must search for the solutions that posses many capabilities. This software provides various ranges of important functions which integrates each department of a business to provide the real-time view of data and task. It efficiently manages the department processes for better decision making and progress of the organization. When it comes to businesses of large scale, the ERP software solutions ranks high among the best options available there.
Features of ERP System
While the ERP systems are often tailored to the specific industries or the individual businesses, each and every system offers important benefits and features regardless of specialization. Because of the capital hardware required like servers, complex deployment, upgrades, maintenance, etc; the ERP software is used to be accessible only to large enterprises. For ex: Oddo, is a uniquely open source, but to integrate with third-party apps for POS, MRP, etc the commercialized ERP aimed its development at the companies with IT developer’s team. Another example is of Net Suite which is a fully integrate ERP targeted at fast-growing companies which requires a scalable financial management and inventory management system.
There are many features of ERP in the market, and even more when you consider apps and modules for the industry-specific system. Some of the top 10 features of ERP software are described below as:
There is no denying in the integration issues that accompanies many ERP deployments, whether you are migrating legacy data into ERP system or adding the third party application to an existing one. The ERP Software companies seamlessly integrate into your existing infrastructure, that essentially simplifies your all process from data collection and analyze the complex manufacturing and customer management task.
This helps you to ultimately streamline your entire workflow and thus improve the productivity and efficiency. Every business functions in a different manner and therefore there might be some of the additional supporting custom software solutions which need to integrate with ERP software. Sales, engineering, accounting, and other custom software development company cannot live in their individual's silos today.
The financial filings under enormous scrutiny for companies cannot afford to miss making payments or overlook accounting details, due to the regulatory requirements at all the time. The important components included in fiancé and accounting are accounts receivable, accounts payable, general ledger, financial reporting and often payroll. It also provides the real-time information to the managers.
Because ERP provides and ensures the proper financial reporting, this is the fact behind considering and testing financial management module. By testing this module before implementation, you can be assured to have a perfect component for both i.e. financial reporting and accounting management. The financial management module can improve the cash flow, lower cost and increase the profitability.
According to the studies, the enterprise mobile workers will make up 73% of the workforce by the year 2012. That’s all the more reason to select an ERP solution which provides the remote access to its database and processes. In fact, an ERP system having the mobile functionality will let workers access the software program which allows mobile devices to connect to ERP.
To have the up-to-the-minute information on everything, the companies can ensure their employees by granting remote access i.e. from product pricing to transportation services. ERP solutions should provide the mobile access to its database and processes. Using the ERP system, companies can gather the information about their employees easily.
ERP module handles the sales workflow like sales inquiries, quotations, sales order and sales invoice. The sales and ERP modules work together to speed up the cycle of sales management and can make the company earn more profits. More advanced and scalable ERP also features the taxation rules and shipping tracker. In core ERP functionality, the tools for quoting are also included to manage the sales performance.
The orders of sales are entered by the sales management process of ERP. This triggers the procurement and production which eventually leads towards the shipping of products and delivery of services to a satisfied customer. ERP tools are including the frequent formerly stand-alone tool which integrates into CRM. ERP aid the marketing and prospecting to ensure that business will continue to grow more.
ERP HR modules have moved beyond the core processes which include the payroll, legal reposting and employee administration. With the list of the latest solution, it features a host of capabilities that include resource, workforce and talent management. The handful features that companies use to take in ERP system, is to schedule the time and attendance, performance support, recruitment, employee performance, competency management, etc.
While travelling from branch to branch, the web-based tools grant managers to remote access to the crucial employee's information and HR procedures. Therefore, to check the functionality of HRM in ERP software is the most crucial factor. Previously, the HRM module was considered to leas as it was managing the basic features only but now, it has extended its presence globally.
Whether the organizations buy it or make it, the businesses are required to know what they have in hand to sell when the customer require the material and where does it exist. It is crucial to a modern business that inventory must be quickly moved to where it is required and must manage the velocity of those movements.
This will help the businesses to manage the track record of customer’s requirement to a proper functioning of their inventory. Too much of inventory means that cash is invested where it is not required to b invested. Too little inventory means that production cannot start or maybe a sale is lost. Therefore, the value of inventory must be a key component of financial statements too.
Say goodbye to traditional licensing paradigms, as these days the companies are interested in ERP which can choose from a variety of delivery methods. The SaaS model, offer the company’s access to business services such as the Payroll, HR, procurement, etc. Just forget about the cost and time-consuming deployments, ERP systems are fast and easy to deploy.
There are many immature solutions in the market that comes up with limited functionality so buyers must be aware of these. The codeless and model have driven open source ERP solution promises to integrate the accounting sales, procurement and project management at a fraction of the cost of traditional ERP system.
In today’s fast and competitive environment, the highly competitive marketplace, and the ERP Software development Companies need to be able to monitor the demand, supplies manufacturing status, logistics, and distribution in record time. Failing to find the information, such as the location of the product’s key components and to share this information with supply partners, this can lead to have the significant impact on a company’s supply chain.
An ERP supply chain management module aids in all supply chain processes, from designing to planning and procurement to manufacturing and also fulfillment. ERP software has captured the entire supply chain management market to encourage the demand for supply manufacturing and logistics to the customer's distribution record time.
Almost, all of the businesses are required to extend bolt on the additional system just to satisfy the unique aspects of their business which are not addressed by their ERP system. For ex: For the accounting activities, a financial institution may rely on the particular ERP solution, but in return to that, to process the claims of human resource management , it may turn into the third-party application.
Having a single data warehouse means to restrict the points tightly to monitor and secure the customers ERP solutions. For this reason, the companies must inquire about a particular ERP system’s degree of interoperability to avoid the headache of integration.
One of the most important features of the ERP system is manufacturing, but it is not the trendiest application of ERP technology. ERP manufacturing modules the delivery with a number of benefits, by helping the companies to align their manufacturing and inventory processes, which include:
Manufacturing Industry for ERP
To ensure the delivery of real-time data regarding inventory information, the key functions of ERP manufacturing software include the engineering, workflow management, and quality control.