Are you going to purchase ERP software? So before rushing to do so, you must know the most important components of it that can’t be ignored. Let’s talk about that in this article.
One size fits all approach don’t apply when it comes to buying an ERP software. As everybody has different business needs and ERP software is needed to be customized according to those needs. Along with the other custom components, there are some important components an ERP must have. It is important to make sure that an ERP contains all these components in it.
Finance and Accounting
It is important to have a Financial Management component as part of your ERP software. The financial management component within your ERP system stores, monitors and analyzes all of your financial data, including accounts payable, accounts receivable, costs, budgets and forecasts. By integrating with other modules, Financial and Accounting will keep track of your cash flows and give you a snapshot of your financial performance at any point in time.
CRM and Sales Management
The CRM and Sales Management are the starting points of your entire business operation. Your ERP system should help bring together data that better enables salespeople and marketing planners alike to better address customer needs, preferences and buying patterns. A CRM component allows you to do this by keeping track of all of your customer and sales data within your ERP solution. The insights you can gain from a CRM component helps optimize your marketing and sales efforts.
HR Management
Human Resources Management is no longer solely an administrative task. The HR component within your ERP system should be able to handle the full scope of employee management, from onboarding to offboarding, and from compensation management to timekeeping. A good ERP system should have an HR Management component with advanced features like time and attendance management, employee benefits management, risk and compliance management, etc., in order to enable company executives to monitor and take care of its most important resource – its people.
Business Intelligence Reports
Business intelligence tools are indispensable for executives to get a complete view of their businesses. It enables the company to turn all of its acquired information into actionable insight in order to be able to analyze company performance and make better decisions. It allows you to monitor your chosen key performance indicators (KPIs) and make changes when those KPIs aren’t where they should be.
Supply Chain Management
As ERP solutions mainly cater to manufacturing and distribution companies, your ERP system should absolutely be able to monitor demand, supply, manufacturing status, logistics and distribution in record time. The SCM component of an ERP system is one of the most crucial for this reason. You need the best SCM features to be able to optimize your supply chain, and that starts by collecting real-time data. Real-time data allows you to keep tabs on your supply chain, so you can find and fix issues as they happen, rather than waiting until you receive the data a day or more after the fact.
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