The software of an ERP combines important information with key metrics taken from broad sections of a business, such as HR, finance, sales, supply chains, operations, manufacturing, and marketing.
ERP platforms can reduce monotonous manual entry by centralizing data and integrating it to give organizations a more fluid operational setup and provide clearer visibility.
But what are the specific features that make up a good ERP platform?
Each platform provides its own bundle of features and capabilities to cater towards slightly different needs. But speaking more generally, we can pinpoint those that most platforms will have.
These features are:
- Customer Relationship Management (CRM)
- Human resources (HR)
- IT helpdesk
- Inventory & procurement
- Order processing
- Supply chain management (SCM)
Let’s now take a look at each one of these in a bit more detail.
Accounting. ERP systems will incorporate accounting and finance capabilities, which can reveal the financial information of all the connected modules. It provides a clear picture of an organization’s financial health, with the tools helping them with reports on profit and loss.
Customer Relationship Management (CRM). Customer relationship management modules in an ERP platform are crucial for relating sales information to product and production teams. It facilitates seamless contract processing from production to sales teams to shipping and even returns.
eCommerce. ERP platforms integrate into ecommerce websites along with data related to product development, shipping, and supply chains. By integrating ecommerce and ERP, it enables organizations to connect overall revenue growth and website health. In addition, it can help to highlight bottlenecks emerging in supply chain operations, issues slowing down logistics, and delays in delivery.
Human resources (HR). ERPs will connect HR modules to integrate employee information. This will include data on payroll, time tracking, timesheets, hiring information, departmental scheduling, and succession planning. In addition, an ERP will sync with accounts and financial tools to boost the understanding of HR regarding financial health.
IT helpdesk. An ERP’s helpdesk modules enable the smooth running of an organization’s technology. In doing so, it helps to get rid of the bugs from the company’s database as well as prioritize tasks and follow-ups with stakeholders. IT departments can track the ROI of teams with the use of an ERP and increase the efficiency of the company’s technology and software.
Inventory & procurement. Inventory and procurement software manages warehouse inventories as well as the stockroom. ERP tools help to deal with seasonal surges in products and keeping check of stock levels with the overall aim of forecasting supply needs, shelf space, the right staffing capacities and logistical cover.
Order processing. Work order software ensures the continuity of sales and service sectors in an organization. Those analyzing business insights can then deep dive into figuring out the improvements that can be made to the sales cycle.
Supply chain management (SCM). Underpinning entire revenue streams is the supply chain. ERP platforms ensure that there is rich insight into supply chain management leading to possible HR software and infrastructure improvements.