Essential Features of ERP Solution

Enterprise Resource Planning better called ERP is a software package that integrates perfectly with the company’s operations and functions so as to provide enhanced and timely information via shared data stores. An ERP package is a great enhancement for the companies as it has numerous advantages, some of which are:

=> it improves work-flows.
=> Helps to provide better customer care.
=> Provides real-time data into raw material availability, sales patterns and cash flow.
=> Ensures swift processing of information thereby reducing the paperwork.
=> It is quite appropriate for global operations as it includes local as well as international attributes required for a global business.

In short, an ERP system can help to boost the productivity levels thereby increasing profits, both intangible and tangible.

Like every other thing, ERP too has some drawbacks. With levels of configuration and intricate interfaces, ERP implementation takes both time & money and can significantly affect the company’s working environment. The advantages of ERP software always outnumber the drawbacks and have become a kind of necessity for manufacturing industry, transport sector and distribution & retail stores. In order to implement ERP solutions, companies should search thoroughly for the options and weigh them according to the capabilities and features.

Most important of them are:

Financial Management

Owing to the fact that companies are constantly under the scrutiny of financial regulatory bodies, a sound financial administration is an essential component of an ERP solution. It ensures that companies adhere to financial reporting and tax requirements.

Human Resource Management (HRM)

Earlier Human Resource (HR) ERP modules were restricted to employee administration, payroll management and few other legal reporting. The latest solutions are able to handle varied number of tasks such as talent management, scheduling, recruitment, performance assessment, attendance & time and many more.

It calls for additional arrangement to satisfy those unique needs if it is not addressed in their existing ERP system. It is important that the ERP solution is interoperable and scalable without any integration nuisances.

Installing an ERP solution can be a daunting task and further customization to suit the business needs makes the process more complicated. It is quite necessary to select an ERP package with the appropriate features and capabilities so that it can deliver more benefits than investment.

Supply Chain Management (SCM)

In the current highly competitive market, it is essential for a company to correctly assess the demand, supply, manufacturing status, logistics and distribution. An ERP supply chain module takes care of all the phases right from design to the requirement fulfillment.

With levels of configuration and intricate interfaces, ERP implementation takes both time & money and can significantly affect the company’s working environment. Financial Management – Owing to the fact that companies are constantly under the scrutiny of financial regulatory bodies, a sound financial administration is an essential component of an ERP solution. Human Resource Management (HRM) – Earlier Human Resource (HR) ERP modules were restricted to employee administration, payroll management and few other legal reporting. It calls for additional arrangement to satisfy those unique needs if it is not addressed in their existing ERP system. It is important that the ERP solution is interoperable and scalable without any integration nuisances.

Customer Relationship Management (CRM) – Customers are the most valuable assets of any company and no one can afford to lose them. A customer relationship management module (CRM) ensures proper flow of information between sales team to address the needs and marketing team to understand the buying preference and patterns.

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