What Are the Basic Features and Benefits of ERP Software?

Enterprise resource planning or ERP software is an all-in-one type of software. Because of the title, you might think this software is only about planning. But it handles more business processes than that. It also takes care of various functions like finance, accounts, manufacturing, human resource, and the whole chain of other management functions. More importantly, this is in charge of the collection, storage, and interpretation of data stored.

To get a more comprehensive idea about the roles an ERP solution plays, here are its basic features and their functions.

Management of Finances

Financial management not only handles finances but also the accounting processes of a company. This is one of the most important facets and feature of an ERP software. Running a business deals with more than making money; accounting of it is also important. Not to mention that taxes and deductions should be properly made. Small businesses and large enterprises are being scrutinized by regulatory boards, so you can’t afford to miss anything. Having an effective financial manager will ensure that you won’t miss anything.

You have probably tools for tax management, another for your banking, a different one for your payment systems, and yet another one for your payroll. With the best ERP software, all these tools can be rolled into one. If you want to know the best software when it comes to financial management, you can head on to CrowdReviews.com to see some reviews and comparisons.

Management of Human Resources

Any business employs people; even those just starting out have at least one or two employees. When you have a small business, it is probably easy to handle your human resources, and no specific software will be needed. But once your business grows, it is probably a good time to invest in some HR management tools. With an ERP software, the HR management is already integrated, so you wouldn’t have to get a different software. This will save your business some money, and an HR software will help for effective labor management.

The human resource management feature of the ERP software will handle anything that has something to do with your HR. That would include payroll management, personnel management, personal development, time management, and organization management. To know more about the HR management of an ERP software, you could check out ERP software reviews online.

Manufacturing Management

Not all businesses will be into manufacturing products, but this is still a good feature of the ERP software. This deals with the billing of any materials,used notes on any changes in the engineering phase of the product, operations control, plans for sales, distribution projects, schedule of production, and other functions that are done to manufacture a product.

We should also include in the manufacturing process the purchasing of any orders. The ERP software can also effectively handle any purchase orders. It will all be integrated into the system so no need to get additional tools for production, planning, inventory, and other processes in the supply chain. Everything can be done in the ERP software.

Read and compare different software when you read reviews of ERP software at CrowdReviews.com.

Management of Customer Relationship

You probably already know the importance of an effective CRM tool. Every business deals with customers, so you have to take really good care of them. You can do that by using the best CRM application available. It also happens to be a basic feature of ERP tools, so you wouldn’t have to look further. Your software will already have customer relationship handled.

The management of customer relationship will include acquiring leads, help desk support, and anything that has something to do with customer relationship. The CRM will help you with better customer relations at the same helping your company grow.

Mobile Functionality

According to Citrix, 61% of office workers are spending part of their time outside the office. One great feature of an ESP solution is that it allows its users to use it even outside of the office with its mobile functionality. As long as you have an internet connection and the device to access your account, you could work anywhere.

Some applications offer remote access to their database. Combined with the mobile functionality, you wouldn’t even need an office. But of course, you will still need one for the base of operations where you could put the servers and other hardware that are needed to make the ERP software run smoothly.

Another good thing about mobile functionality is that it means you and your employees will always be up to date with the happenings inside the office. This is because the database is updated in real time. Anywhere you are, you could be updated about what were accomplished and what still needs to be done.

Now that we are done with the basic features and functionalities of an enterprise resource planning software, you are probably convinced that you should already get one. If not, then here are some of the benefits this ERP software can bring you and your business.

Visibility and Accountability

As you can see, the ERP solution combines a lot of functions that are supposed to be handled by different departments in the company. Because of this, processes are more visible. One department can know what it going on in another department unless theinformationis classified. This also improves accountability within the departments because everyone is aware of what is everyone else is doing.

The software will ensure that all processes are traceable so that management will know what is going on. If stakeholders are also allowed access to the system, then they will also be apprised of what is happening in the company.

Increased Productivity

When you use ERP, most processes are automated. This will lessen the time your employees spend on tasks that can be handled by the software and put it into more useful things that will increase productivity. Because of the automation, the transition between different departments is done easily and smoothly. In this way, tasks are done much faster, and employees can do more that the usually do.

Data can also now be accessed in one location so employees find it easier to manage their daily tasks wherever they are. And because information is centralized, deadlines can be traced easily to know if they are being implemented on time and correctly.

Scalability

An ERP system is scalable. This means that it could make bigger operations as your business expands. Adding functionalities is also easy with the best software. There will be no need to buy more software if you need more tools. The ERP solution can easily handle it. This will also save time and money for the company. Time, because you wouldn’t need to search for the best software and your employees do not have to train again to learn another software. Money, because you are already using the same software, you would just need to upgrade it, which will cost significantly less than acquiring a new software.

The scalability feature of the software will ensure that processes and departments are easily managed no matter how big your business gets.

To know more about how to choose the best ERP software for your company, check out this article.

Improvement of Access to Data

Data access is one of the most difficult things to establish in a company. Especially if your company deals with sensitive information, access to some data should be strictly monitored. For other databases, access might be hard to control, but with the use of an ERP solution, it is done easily. There are access controls that can only be accessed by whoever is in charge with databases. And whoever is in charge can filter whom he or she wants to access certain information. There isadvance management of users that will ensure that no one else can access information that they are not allowed to. With the ERP, controlling the access of data does not have to be a challenge anymore.

ERP service providers have also invested a lot in the security of their applications, so hackers should not be a worry. You could read other reviews to know how security is done per application.

Compliance with Regulations

There are rules and regulations that all businesses must comply to. With the ERP software, the compliance to these regulations will be easily monitored. Another good thing is that compliance and regulatory requirements that are recurring on a regular basis can be integrated into the system. This means that you wouldn’t have to do them again and again, they will already be automated.

Other side benefits of an ERP solution not mentioned above are ease of use, reduced complexity of the whole system, abetter chain of supply and demand, better customer relations, quality of data that is better, and reporting that is improved overall. Hopefully, these benefits and features have convinced you to try getting an ERP software for your business.

Searching for the best ERP software? Check out reviews and rankings at CrowdReviews.com.