Are you looking for a software solution to improve the speed and productivity of your business operations? ERP is the answer!
Today, 95% of startups and growing businesses use an ERP to improve their performance and cost efficiency. However, such outcomes come from investing in a suitable ERP. For this reason, you should know what features to expect from the ERP solution you choose.
The best ERP software comes with modules to manage various aspects of your business – finance, procurement, supply chain, sales, etc. – while providing room to add more capabilities depending on your changing needs.
So, what are the key features you should look for in an ERP system? Let’s dive into them.
Supply chain management:
The world runs on a supply chain. It is a layered process with multiple factors in play. Hence, you will need a system that streamlines these operations. A supply chain management ERP helps you track material movement from suppliers to manufacturers. This module can handle tasks such as demand and supply planning, order completion, appropriate inventory, production, and distribution. With the help of these features, you can visualize the flow of material and identify opportunities for cost reduction.Manufacturing:
A manufacturing ERP setup involves numerous complex processes. This ERP module brings them together to provide a 360-degree view of every operation. The features include tracking efficiency, identifying bottlenecks, and preventing equipment downtime. This module is best for product planning, ordering raw materials, managing finished goods inventory, and production planning. It also facilitates production forecasting, work order management, task allocation, and automation of regular activities.Financial Management
Managing finances is the cornerstone of every business, regardless of their product or services. As businesses grow and diversify, the volume and intricacies of the financial operations increase exponentially. Employing the right ERP system for the financial management of your business from the outset can save you a ton of money and headaches in the long run. This ERP module assists in managing accounts payable, accounts receivable, and general ledger. You can automate activities like vendor payments, billing, invoicing, and joint venture accounting. The software helps create and file financial documents like payment receipts and balance sheets. You can track and assess cash transactions to arrive at cash flow forecasts.Sales and Marketing
The sales and marketing ERP module integrates multiple functions, such as order creation and scheduling, shipment tracking with delivery notes, and sales invoices and returns. Your sales and marketing team can work on the same dataset of potential and existing customers without data duplication and confusion. The module automates the creation of a detailed sales and forecast report and helps the marketing team set targets.Customer Relations Management (CRM)
Efficient customer service is vital for business growth. Implementing customer relationship management allows multiple departments to access customer data, streamlining purchases and returns. Your customer service team can utilize this information during customer interactions. This module is essential for seamlessly integrating customer information across all departments. The significance of this feature is evidenced by the projected $88.19 billion global sales from CRM software.Human Resources
Human resources ERP is critical to monitor employee recruitment, training, attendance, and appraisal. You can use one system to track performance reviews, benefits, payroll, and shift planning. It is an essential tool for managing talent, workload, and databases. The module can generate reports for regular review of the various aspects.Integration
The integration module is a comprehensive feature that helps connect the ERP system to multiple software used in your business. If you use two separate software for accounting, sales, manufacturing, and customer service, the integration ERP is your answer. It can connect all these software to a shared database accessible to all. You can save money on changing the other software by employing only a single integration ERP system.Automation
Saving time on routine tasks is a major concern for many businesses. Automation of such tasks is possible with the help of an automation ERP module. You can deploy this module to handle activities like repetitive invoicing, contract renewal, subscription lapse notification, and order processing. The module helps prevent human errors, delays in sending notifications, lapsed renewals, and manual data entry. With the help of this module, your employees will have more time on their hands to tackle critical tasks.Data Analysis
The need for data analysis is rapidly increasing. The data analysis ERP module collects and organizes every information, transaction, and interaction according to functionality. You can prioritize this information based on your business requirements. For instance, if you operate a call center, you can utilize the ERP module for call recording, sentiment analysis, average call time, and other metrics to evaluate customer interactions. Or, if your business is in manufacturing, the data analysis ERP can analyze metrics such as the number of quality issues, scrap amount, production quantity, etc. It also records transactions like inventory changes, sales, order fulfillment, and employee expenses. Since this ERP is accessible to all, the data analysis module facilitates detailed visualization of information to aid decision-making across every department.Reporting
Having all the required information is great for inter-departmental operations. However, if you wish to make sense of the information, the reporting ERP feature is most helpful. The data analyzed in the data analysis feature must be presented lucidly. Hence, you can use the reporting module with tools such as data visualization, dashboards, bar and pie charts, line graphs, and Gantt charts. You can implement this feature to examine the data understandably. For example, if you run a chemical refinery, the reporting module can tell you how many liters of chemicals were produced, what the productivity was, how much was sold, what the quantity is in the inventory, and how much was scrapped. In a clothing e-commerce firm, the reporting ERP is functional in keeping track of the inventory, purchases, refunds, and feedback. It also helps identify opportunities for maximum sales on holidays or special events.Top Benefits of Using ERP Features
At least 70% of industry leaders utilize more than one ERP feature described above. Here are a few benefits of ERP you can reap for your business.- Business verticals can access the same data and collaborate effectively, so they operate without silos.
- The productivity of the operations increases due to less burden of repetitive tasks.
- Everyone in the organization can retrieve information from a central system. This reduces duplication of efforts.
- Resources can be shared among the various business verticals. This reduces repetitive and unnecessary expenditure.
- Processes become more streamlined due to fewer bottlenecks and scrap.
- The customers receive products of a higher quality.
- Customer satisfaction and retention improve.
- IT functions become more manageable for everyone in the organization as they are based on a shared database.
- You can identify new opportunities with the help of a centralized database.
- The task allocation and workflow become transparent and visible to all the concerned teams.
- Adopting an ERP automatically makes the business systems compliant with the laws and regulations.
