Want to make your business operations more efficient? Try incorporating ERP systems in your organization for an efficient work process. There are a lot of aspects where ERP systems can play a crucial role in ensuring a smooth business process. Listed below are the core ERP features, that you need to know about:
This is one of the most important ERP benefits. There might be a possibility of data inefficiency, missed opportunities in various enterprise departments. By using an ERP, you will be able to manage finances, operations, and business data that can be easily shared all across the organization.
By using the ERP systems, you will be able to develop business intelligence through reports and insights that can be used by the company to capitalize on the new market opportunities and take actions related to business growth.
By using an ERP system, you will be able to automate the most common business tasks, such as payroll, invoicing, order processing, reporting and much more. With this, you can earn better revenue and customer experience over time.
3. Data analysis
With data analysis, businesses can gather a wide variety of information and draw actionable insights that will eventually help in optimizing the existing operations, reduce costs, figure out any areas of fraud and serve customers in a better way.
Better reporting helps in making more informed decisions, make efficient business processes and also identify the problem areas before problems arise. These reports can also include visual representations, such as graphs, charts, and dashboards which help in understanding the trends and patterns that can improve business results.
5. Tracking and visibility
ERP platforms allow companies to track and understand business metrics in depth. This is done by providing company-wide access to real-time data, breaking down errors in transferring information and offering reporting and analysis for business operations.
With ERP accounting systems, you can track, store, and analyze the financial data, such as accounts payable and receivable, General ledger (GL), budgets, and forecasting. With these, you can perform advanced tasks such as revenue recognition, multi-currency reconciliation, tax management, and fixed assets management.
7. Financial management
Managing the finances involve planning, organizing and determining the funds that are used for a business. It is important for the finance department to take insights from the financial data used across different departments to make final decisions related to the current projects.
ERP systems help in process management by tracking, analyzing and reporting critical business data.
8. Customer relationship management (CRM)
ERP systems when integrated with CRM features ensure that the customer relationship data helps in expanding the view of the business. All the customer information which includes the contacts, purchase orders, order history and order status—can be easily shared, and is accessible to the database.
9. Sales and marketing
The ERP systems when used along with CRM helps in marketing and sales and make it easier for them to upsell, sell, forecast and purchase orders, manage commissions, track key details, profit margins and ratios.
With this, it would be easy for the marketing teams to drive more leads, build and execute the campaigns, and also track customer activity throughout the sales cycle.
Better sales and marketing means better finances and operations which eventually translates to better customer experience throughout the entire sales operation.
10. Human resources (HR)
The hr payroll system open source helps in the management of employees, onboarding process, handling payroll, compensation management, and timekeeping. Several complex HR functions such as deduction of tax and benefits can be sorted out with the help of an ERP- connected software which helps in saving time and money and also reduce the chances of making errors in the long run.
11. Supply chain management (SCM)
When it comes to supply chain management (SCM), ERP systems ensure efficiency in tracking the demand, manufacturing processes, inventory, logistics as well as the distribution of materials. By using a fully automated supply chain, operations are automatically enhanced as it helps in suggesting purchase orders, transfer orders, and work orders in multiple locations.
By using supply chain management systems, you can easily achieve your inventory goals and simplify the distribution process. By collecting real-time data on a company’s supply chain, you can identify the areas of inefficiency. This will eventually help in providing greater control and management over inventory.
Efficiency in the manufacturing process through the ERP inventory system is achieved by assisting during product planning, forecasting, production monitoring, as well as sourcing out the raw materials. Other components involve product tracking and distribution, work order management, bill of materials, floor control, and so on. Overall, it helps in enhancing the ability of the organization to automate and manage the forecasting decisions, and inventory planning.
With so many things to offer, ERP systems are surely the need of the hour for organizations to boost their efficiency and productivity in the long run.