The acronym ERP stands for Enterprise Resource Planning. It refers to the systems and software packages used by organizations to manage day-to-day business activities, such as accounting, procurement, project management and manufacturing and others. At its most basic level, ERP app integrates these processes into a single system. But new ERP systems are anything but basic. ERP open source provide intelligence, analytics, visibility and efficiency across every aspect of a business.
An ERP packages includes core software components, often called modules that focus on essential business areas such as finance and accounting, HR, production and materials management, customer relationship management (CRM), and supply chain management. Organizations choose which core ERP modules to use based on which are most important to their particular business.
ERP at any size: What are my options?
An ERP information system isn’t just for large global enterprises. If your small business or midsize company is drowning in spreadsheets, manual processes, and bad information from disparate solutions, it might be time for online ERP software.
Benefits of ERP systems
ERP offers a plenty of benefits, most of which come from information sharing and standardization. Because ERP process can share data more easily than disparate systems, they can make cross-departmental business processes easier to manage on a daily basis. ERP data can also enable better insights from data, especially with the newer technologies that many ERP systems are including, such as powerful analytics, machine learning and industrial IoT capabilities.
Advantage of having an ERP system
- boosts efficiencies by automating data collection
- enables business growth by managing increasingly complex business processes
- Reduced risk by enabling better compliance
- Improves supply chain management.
- Distribution process management
- Services knowledge base
- Configure prices
- Improve accuracy of financial data
- Facilitate better project planning
- Automate the employee life-cycle
- Standardize critical business procedures
- Reduce redundant tasks
- Assess business needs
- Accounting and financial applications
- Manage human resources and payroll
- Improved business insight
- Lower operational costs
- Enhanced collaboration using data sharing and integrated information
- Improved efficiency
- Consistent infrastructure
- High user-adoption rates
- Lower management and operational costs
What to look for in an ERP software package
When choosing an ERP package, the website stated that the more configurable it is the better. Businesses are always in constant state of change from one moment to the next, it’s not uncommon for old processes to be discarded in favor of newer ones. In addition to functionalities considered to be standard, such as regulatory compliance, quality control and supply chain management, the ERP architecture should also allow an organization to implement additional functions that will accommodate any change in business practices.
An ERP Solutions Company ensures your company runs efficient business processes throughout the organization in a coherent manner. It gives you the ability to track changes. ERP pinpoints improvement opportunities. It helps you build strong relationships with your customers while keeping your organization compliant with the rules and regulations.
Source Link: https://www.oracle.com/in/applications/erp/