Since it was first introduced, Enterprise Resource Planning (ERP) has come a long way and can now be considered a global business management software. ERP software products can make every business more efficient, be it pharmaceutical, manufacturing, telecommunications, healthcare, sports, or FMCG.
Having insight into the business operations is crucial for business owners looking for growth. Erroneous reports with insufficient, inadequate, and inaccurate data cannot be used to make business decisions. An ERP system provides you with the real-time, accurate, and relevant data of your entire business. So now, as the ERP software streamlines the entire information of your business, you can work towards the bigger picture and make informed decisions.
What is ERP Software?
An Enterprise Resource Planning (ERP) software helps to run your business efficiently as the business expands. Several national and international companies use ERP software to run day-to-day business activities. It can automate various business functions like accounting, inventory management, production, and finance.
Integrating this software into your business offers business process automation and efficient inventory management while eliminating the scope of human error. An ERP software gathers data from different departments in the organization to build a database and derive insights.
How Does an ERP Software Work?
The main goal of ERP software is to reduce the number of resources required for the operation of an enterprise while ensuring its profitability. The system collects data from multiple departments and stores it in a central location. This allows employees to access the data easily when they need it.
For a business to run smoothly, every department needs to coordinate with one another efficiently. By streamlining business operations, ERP software makes communication between departments seamless and more transparent. As the system collects and creates a repository of all the data in a single place, every action triggers some other across departments. Based on the workflow and business processes, these actions are predefined. For instance, work order receipts for the floor that are generated against procured material trigger a series of updates for personnel, such as issuing a delivery challan and/or raising invoices in real-time. The same transactions will also reflect for other departments, such as QC & assurance, once they have been processed.
Features Of an ERP Software
ERP software solutions not only streamline business operations but also reduce manual error and labor, saving money as well as time. A business leader needs the entire information of the business with just one click. ERP software is one of the most powerful data management systems in the market today.
It is an ideal software for data integration, automation, and full-scale infrastructure configuration. Optimizing all the processes of a company is one of many functionalities available in the latest ERP solutions that aim to help companies increase their profitability.
The features include:
- Auto Shop (MRP Engine)
- Item Code/Description Generator
- Dimension Wise Inventory
- Auto Mil (Minimum Inventory Level)
- Real-Time Costing
- Web-Based System enabling remote working from any internet-enabled device
- Multiple Location Management
- Human Resources
- User Guide
- Built-In Chatbot
- Exportable Dashboard
- Tally Integration
- Business Intelligence Reports
Who Can Get ERP Software?
ERP is for every business, be it micro, small, medium, or large-scale businesses. A wide range of industries can benefit from ERP solutions because they are designed in a modular manner and have cloud-based interfaces. Even the smallest of businesses can benefit from ERP solutions because they are packed with features.
Here are 5 ways to transform your growing business with ERP software solutions:
One of the major benefits of getting ERP solutions is business process automation. As the ERP software collects data from every department, streamlines everything, and automates some of the actions. In turn, this reduces the risk of human error, thus facilitating better management. By automating routine business processes and storing data in a central location, ERP systems enable users to easily access data for tasks and interact between departments.
Comprehensive Product Coverage
ERP software solutions can benefit businesses from different industries. The software is made of modules that can be customized to suit the individual financing, costing, HR, maintenance, production, or inventory control needs of any organization. In other words, a single ERP product can potentially offer comprehensive solutions for different verticals of businesses and industries.
Improved Customer Service
Integrating ERP software can help enhance the customer’s overall experience with the business. ERP products not only make it easier to maintain customer data but also automate some repetitive functions to reduce the efforts of any customer. Employees can serve their customers better when they know them better. It helps them solve customer queries faster and better with real-time data at their disposal.
Real-Time Business Reports
You have access to real-time information about your entire business with ERP software. A detailed inventory overview and customer orders are available to the employees. They can then keep track of supplier purchase order details and forecast upcoming demand. By streamlining your workflow at every stage with this software, you benefit from increased productivity.
Smart Inventory Control
ERP software can automatically change the minimum inventory level (MIL) based on the dynamic procurement lead time. Also, employees can manage inventory levels better, based on the real-time information available at their fingertips. With the help of an ERP system, business managers can track their inventory level remotely, and control costs by fulfilling orders on multiple channels efficiently.