ERP (Enterprise resource planning) software are the key players in business management and have turned around the environment of process development. Developed from a wide variety of tools, these systems impact business decisions for improved operations. Depending on your company’s niche, every ERP system helps enhance the core functioning of the firm.
Considering the functionality and flexibility that it provides businesses with, ERP systems help businesses of every shape and size.
Confused? Relax, let’s take a look at what ERP actually is.
What are ERP Systems?
ERP software systems are a number of integrated applications that help businesses manage their everyday functionality and integrate all the back-office functions over one singular platform. These systems are engineered to centralize and optimize operations and induce automation, besides reducing manual labour and saving on costs.
When businesses integrate ERP systems with their supply chain, it automatically helps predict future movements of the inventory and keep up with process control. Besides helping the inventory function smoothly, an ERP system also helps with customer services by recording customer data, such as order history and billing information. With such functionality at your fingertips, cloud-based ERP software brings out the best in business.
A comprehensive list of features of ERP systems
ERP systems help in efficient management and automation of the financial accounting processes. These software integrate with the financial tool inside the organization and help calculate all the costs involved with the running of business and its operations in real time. This way, it saves the time that would have taken a considerable amount of bandwidth and days to execute.
Interestingly, the functionalities aren’t only limited to calculations as these software help facilitate payroll, billing, budgeting, and different banking operations. These software can also conduct improved cost analysis to come up with a more streamlined way to manage cash flow and reduce human error while cutting on costs.
When you integrate ERP solutions in your business, you can easily align your HR program over the platform. It not only promotes the hiring and training of new employees, but also helps track their progress in the company.
Further, individual employees are also allowed the option to log into their system and input the working hours, allowing them the systems to automate payroll processes. This removes the resources that are spent behind keeping up with an extensive payroll department.
Inventory and Supply Chain Management
One of the most prominent areas of functioning in a business, the inventory and supply chain management is another major feature that is managed by the integration of ERP systems in an existing platform. It helps the company stay updated on the inventory stick, check out the sales, keep appropriate price points and also locate items that are present within the warehouse.
This way, managing an efficient supply and demand system becomes easier, besides eliminating the human error that could be the cause of failure of the distribution system.
Some of the functions present in the ERP software can also help the manufacturing department by allowing them control the production process, synchronization of the team process and evaluating quality. Further, an ERP system can also play a major role in analyzing the financials and forming easy charts on cost analysis and forecasting.
While these are some functionalities that an ERP system can provide you with, the number of software present in the market can confuse you with the options to choose from. However, to ease the process of trial-and-error and see what suits you best, we have curated a list of some of the best ERP systems that might suit your business. Check them out!
Examples of some best ERP systems with their functions:
Oracle Cloud ERP
Leverages artificial intelligence and machine learning
Supports 26 languages
Infolets counts for a unique feature
Functions as one singular platform
Multi-channel integration facility with Shopify, Magento, WooCommerce
Hybrid cloud application
Suitable for the business of every type
SAP S4 HANA
Functions with embedded analytics, artificial intelligence (AI) and robot process automation (RPA) capabilities
Offers 14 day free trial
Can be integrated with existing network configuration
Uses multiple-channels for data communication
Integrated with Built-in business intelligence (BI) capabilities
Carries seamless scalability
Favourable for business of every shape and size
Intuitive UI for a seamless adapting experience
Now that we have covered some of the best ERP systems, we hope you have an idea around how ERP systems work and aid your business with the latest market trends. However, it should be noted that what system solution works and brings results for some might not work for others.
All the best in selecting the right ERP system for your business!