Enterprise Resource Planning (ERP)

 

Enterprise resource planning (ERP) is business process management software that allows an organization to use a system of integrated applications to manage the business and automate many back office functions related to technology, services and human resources. ERP software typically integrates all facets of an operation — including product planning, development, manufacturing, sales and marketing — in a single database, application and user interface.

ERP software integrates many business applications and activities which enables the system to cater to most of the processes and department if not all. We have taken the liberty of listing down the vital functional modules of ERP software. Though it must be clarified that, this is by no means is a comprehensive list and that the reach of ERP within any organization extends far beyond these key areas depending on the type of the structure.  

Accounting and Finance

 

 

 

• General Ledger

• Accounts Payable

• Accounts Receivable

• General Journals

• Trial Balance and Financial Reporting

• Bank Reconciliation

• Cash Management and Forecasting

• Budgeting

  Manufacturing
  

 

• Purchasing, Tracking & Sales Shipments of Inventory Items

• Track by Lot and Serial numbers

• Track Quality Tests

• Warehouse Management functions

• Conversion Tracking

• Tracking Labor, Overhead and Other manufacturing costs

• Provide the total cost of production

  Sales
  

 

• Sales order creation

• Sales order processing

• Purchase order processing

• Online sales

  Service Management

 

• Track and monitor post-sales service to products in the field

• Warranties

• Service Contracts

• Product Lifetime Costing has become standard functionality in current ERP solutions.

How does ERP improve business performance?

 ERP is an automation software. It automates business by performing various tasks more efficiently with information that otherwise would not be had been available. ERP simplifies most of the functions for the users ultimately improving the fundamental process which is order fulfillment wherein a company takes order from a customer, ships it, bills it and provides after-sales service. Which is more or less covers all the processes of the business. That is why ERP is often referred to as back-office software. It provides a software road map for automating the different steps along the path to fulfilling an order. In this fast-changing world and growing competition ERP is not just a tool to improve performance but has become a necessity for the survival of the business. Running reports in real time, hands-on information from all the departments, numbers with charts and results ready for analysis, having hidden data is now essential wherein there was a day in history when having any of these accessible to you would have paved your way to the zenith in your field of business. Ultimately, for a small business ERP could help leverage time and resources and help cut cost and stay the head of competition, however for any SME, SMB and large company, an ERP is as essential as any other software in the company. In an age where all business technology applications should provide some competitive advantage, 76 percent of IT chiefs said operational efficiency was the goal of their organization’s ERP investment, followed by support of global business (12%), growth (5%) and IT cost reduction (4%).

 

Feature/ BENEFITS OF ERP

• Leads/Contacts/Company/Deals

• Calendars & Scheduling

• Quotes and Invoices

• Product catalogue

• Import & Export

• Currencies and taxes, Etc.