Basic Features Of ERP That You Should Know
ERP is management software that helps to manage business by using a sophisticated system of integrated applications. The useful features of ERP integrate all aspects of business, including manufacturing, marketing, development, inventory, and sales.
Amongst several features of ERP, some of the basic features are mentioned below.
1. Customer Relationship management or CRM is a core component for any software developer to improve the services offered to the customers of the company. It helps company to respond easily to customer's needs, to efficiently fulfill orders of the customer, and to create marketing campaigns to expand business. CRM is one of the most effective features of ERP because, it could include sales tools that can process orders, offer flexible prices of products, and produce sales quotes. It can also create sales literature, and manage campaigns.
2. The most appreciated features of ERP are Human Capital Management modules. This module is very beneficial for companies that need time and labor tracking. It can also keep a tack of payroll for more efficient payment system. It can help to manage compensation and, to plan workforce needs. HCM module is one of the beneficial features of ERP, because it can include a self-service tool for manager as well as employees. It is not an essential module and can be offered as add-on module by several software developers.
3. Amongst several other features of ERP, Financial Management module is most frequently utilized by organizations. This module includes several general ledgers, accounts payable and receivable, asset management, and billing. Financial management module might support multiple languages and different currencies. It can also support cash-flow management, tax management, expense management, and budget control tool.
4. The manufacturing module is one of the most useful features of ERP for companies with several manufacturing units. It can help in product differentiation according to industry-specific needs. This module can make company's manufacturing operations not only efficient but also very simple to handle. This module can offer a BOM or Bill of Material tool which can improve productivity of manufacturing units.
In conclusion, the features of ERP can vary according to the different needs of the different companies. All in all, they help to run an organization in an efficient way without using much manpower. It is cost effective software for companies who want to use their time in expansion of their respective business. One time investment in ERP software can save lots of time and, help in the smooth running of different departments of the company. In simple words, features of ERP software help companies to be more efficient without wasting much manpower and, to compete in the global market with much more confidence and efficiency.
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Read about Types of ERP Software. Also know Advantages of ERP Software. Read about Disadvantages of ERP.