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How Do ERP Features Benefit a Business

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Businesses are constantly looking for any advantage as the corporate world is becoming more competitive. An ERP implementation and support system is the best way to stay ahead. ERP integrates all departments into a single system. It assists you in automating and streamlining core business processes. It also allows you to enhance collaboration, be more efficient and gain real-time insights. In accordance with local laws, the best ERP system allows you to automate various operations in business. But, with many options, how to select an ideal ERP? What characteristics should you search for? In this article, we'll go over the most renowned ERP features and the best ways to use them.

A Brief About the Basic Features of ERP Implementation and Support System

Some of the most basic yet powerful and widely used ERP features are:

  • Real-time visibility
  • Centralized data management
  • Inventory management
  • Human resources and payroll
  • Customer relationship management
  • Financial management and accounting
  • Security
  • Business intelligence
  • Project costing management
  • Supply chain management

Elaborating on the Top 5 ERP Implementation & Support Features

A detailed explanation of the ERP features is here.

Real-time Visibility 

Real-time visibility in business is another essential characteristic of ERP systems, allowing authorized users to view data of all business processes in a unified area. This offers a comprehensive picture of the organization that can be utilized to make more informed decisions.

Centralized Data Management

Centralized data management is a key feature of ERP systems. All data from various business processes are combined into a single database. This gives you a real-time image of the entire business, allowing you to make better decisions.

Inventory Management 

An ERP system's inventory management feature is critical to any business. It aids in inventory tracking, management, and maintaining a log of all your stock items. An ERP system's inventory management feature does much more than simply keep track of your inventory.

Human Resources & Payroll 

Human resource and payroll management also seem to be essential for any company. They contribute to ensuring that everyone is paid fairly. The system makes tracking employee data such as employment history, personal information, and other skills simple. You can keep track of their benefits received, leaves applied, hours worked, and additional information.

Customer Relationship Management (CRM) 

Management of customer relationships in ERP assists you in managing your customers all through their lifecycle. It serves as a central storage site for customers and their inquiries and contact information. You can also keep an eye on their payments, quotes, and orders. Furthermore, you can utilize the data to better understand their purchasing habits, expectations, and needs. This promotes long-term relationships, retention, and upsell opportunities.

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Information on the Other ERP Features

The other ERP features are elaborated on below.

Financial Management & Accounting 

When selecting an ERP system, finance and accounting features are vital. Your company must keep track of financial data such as revenue, sales, profits, and expenses. Accounting software enables you to keep your finances under control in real-time, allowing you to make good decisions about future expansion opportunities.

Security 

Security has emerged as an essential component for all types of businesses. Hackers are constantly looking for that one loophole that will allow them to gain entry to your private data. However, if, like most businesses, you are concerned about ERP security, you do not have to. Multiple protective measures, such as role-based permissions, multi-factor authentication, and encryption, are used in modern ERP systems.

However, safety must remain in your mind whether you select cloud-based or on-premise systems. You could argue that professionals are in control of having your cloud ERP safe. They have put in place security systems to safeguard against cyber-attacks. You must educate your workers on how to keep their systems secure. Here are some pointers.

  • Use role-based entry to authenticate users over sensitive data.
  • Use multi-factor authentication.
  • Create unique passwords by combining letters, special characters, and numbers.
  • Educate employees on internal security protocols, password policies, detecting phishing attempts, and the steps to take when something like that takes place.

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Business Intelligence 

Business intelligence transforms raw information into data-driven insights that can improve business actions. An ERP that includes built-in BI can monitor and analyze data in order to identify developments, optimize processes, and boost efficiency. By increasing visibility into statistics from all business areas, BI can assist ERP users in making better choices about how to best utilize resources and manage operations. It also allows you to identify patterns and trends in customer behavior and improve your offerings.

Project Costing Management 

Project costing monitoring software provides a holistic overview of project costs. It provides a comprehensive overview of project spending, allowing users to monitor and manage costs at each stage of the project. The component also allows the development of project budgets and advanced tools for analyzing and lowering project costs.

To determine profitability, you can generate a cost and revenue framework for a project. You can create project estimates versus real costings to identify areas where you have overspent. Using expense tracking, you will be able to identify where you're spending your money and come up with plans to save money.

Supply Chain Management 

In enterprise resource planning (ERP), supply chain management manages the flow of products and materials from procurement to delivery. This includes inventory management, shipping, and warehousing of materials and goods. ERP systems combine all these operations into a single system, offering a 360-degree view of the distribution chain and real-time decision-making. The ERP supply chain management subsystem allows you to develop an inventory plan using past data and forecasts. You can then use such insights to determine how many products to purchase and when to reorder them.

Also Read : Importance of Accounting for Small Businesses

Closure

When you discuss the most prevalent ERP features, there is no standard solution because business needs vary. Inventory management, CRM capabilities, business intelligence, and financial management are among the most frequently requested features. As a result, it is critical to think carefully about your company's unique requirements when selecting an ERP system. Contact Fortius Consulting Services, one of the best business consulting services in UAE, if you want to level up your business by implementing an ERP system.

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