What is an Enterprise Resource Planning System and How it is Beneficial for Business?
As a name suggests, Enterprise Resource Planning or ERP covers all the process that is involved in running a company; it focuses on finance, human resource, manufacturing, logistic, and supply chain and other aspects of an organization that plays a crucial role in running the business.
ERP is a platform for integrating the process altogether. ERP offers better analysis and visibility with every aspect of a business. ERP play important role in making a data-driven decision and manage performance as it allows the flow of information across the departments.
The benefits of ERP:
ERP plays a detrimental role in automating the core business process. ERP makes It possible to share information with transparency with departments. It also helps in applying regulatory compliance, reduces risk, fast-track reporting and so much more.
ERP at any size:
Applications like ERP are designed to simplify the business. It does not matter how big or small the business is, with ERP one can manage the data, information more effectively and can make the best use of time and other resources. ERP market has something for everyone, there is a separate ERP system for small, medium and large size businesses along with the industry-specific ERP system to fulfill client’s needs.
Small Business ERP:
For business, organizations that have 250 or less than 250 employees can manage their business with ERP software designed for small size business. The software will help in managing the data and information efficiently that would help in the growth and expansion of the business.
Midsize Business ERP:
Designed for industries with a strength of up to 500 employees, the ERP support built-in analytics, fast deployment, and support of business processes like finance related matters, HR, procurement, supply chain management, and more.
Designed for large companies, the system is highly useful in reducing the time involved in resource planning it incorporates advanced ERP features such as memory computing, Big Data analytics, and a gateway to the Internet of Things (IoT).
ERP System Can Manage the Following Aspects of any Business:
- Manufacturing and Distribution
- Order Fulfillment Process Tracking
- Quality and Control Improvement
- Inventory and Warehouse Management
- Product Tracking Using Serial Numbers
- Monitor Overhead and labor costs
- Accounting and Finance
- Cash Flow Management
- Budgeting and Forecasting
- Accounts Payable
- Accounts Receivable
- General Ledger
- Financial Reporting
ERP Software Benefits:
Adding ERP software will produce a long-lasting impact on your business. Here are few prime benefits of adding ERP system:
Incorporating ERP will automate various manual business tasks, as a result, it becomes possible for an organization to become more cost-efficient and productive in the long run.
Enhanced Business Visibility:
One of the best advantages of ERP system is it improves communication among departments and in different aspects of a business.
The system helps in quick analysis of the data and information through its interconnected dashboards that eventually helps in the growth and performance of the organization.
ERP is not only useful in managing the back end business process, but as it is improving and incorporating business intelligence, and it is playing a crucial role in managing front office functions as well. As more and more businesses are exploring the avenue of success via ERP, it is natural for competitors to consider incorporating an ERP system. No matter what your business domain is, ERP can prove beneficial for the business.
If you are wondering how a well-designed ERP system can help your business in touching new height, then connect with IPH Technologies, we have been the part of the business expansion and automation of various business firms via ERP system.
Discuss your business requirement, objectives and goals and allow our software developers to come up with a customized ERP system for your business. Request a quote or discuss our project with us and allow the latest technology to make your business smarter and more optimized.
Read more: What is Outsourcing in Business?