ERP software is the need of the hour for business concern

A popular and most-sought after business management software is Enterprise resource planning which is also known as ERP Software. It is generally a suite of different kind of integrated applications that a business concern can directly use in order to store and perfectly data from the initial phase of business, comprising different types of product master planning, including its cost and development, production, marketing, inventory management, shipping and deals regarding payment. It is to be highly noted that an integrated real-time glimpse of business processes and its all aspects are largely provided by this particular software. It perfectly uses a database management system and its common databases maintained for direct types of results and feedbacks.

Uses of ERP

ERP system rightly helps in tracking the status of business commitments such as payroll, purchase orders and other types of orders and in tracking the business resources such as production capacity, raw materials and cash. The said application largely shares readily available and already maintained data from various departments such as accounting, sales, purchasing, manufacturing, etc. The said system directly facilitates directly information and details flow between different types of business functions and also perfectly manages links to stakeholders who are outside the business concern.

The components of ERP software are Workflow management, Transactional database, Messaging/chat/wiki, Business intelligence system, Management portal/dashboard, Document management, Search, External access through technology like web services, Customizable reporting, analysing the product and Simple resource planning.

Common functional areas of an ERP system

ERP software largely covers different type of functional areas in a business concern. ERP modules play a significant role in this particular system. In financial accounting, the matters dealt are financial consolidation, cash management, receivables, payables, fixed asset and general ledger. In manufacturing, the matters dealt are product life cycle management, workflow management, manufacturing flow, engineering, manufacturing projects, quality control, work orders, bill of materials, scheduling, manufacturing process, capacity, etc. In management accounting, the matters dealt are activity based costing, costing, budgeting and cost management. In human resources, the matters dealt are diversity management, payroll, training, recruitment, benefits, retirement, 401k, etc.

In customer relationship management, the matters dealt are customer contact, service, commissions, Business Support systems (BSS), call center support - CRM systems, sales and marketing. In supply chain management, the matters dealt are claim processing, product Configurator, purchasing, order to cash, inventory, supplier scheduling, etc. In project management, the matters dealt are activity management, performance units, time and expense, resource planning, work break down structure, project planning, project costing, billing, etc.

It is to be highly noted that ERP covers more roles and functions such as globalization, standardization, decision making, transparency, stakeholders' relationships, etc. with third–party software, ERP systems can be perfectly extended as per the business requirements. It comes with features such as transmission in real-time, managing resources and facilities. The other features are advanced planning and scheduling (APS), republishing, reporting, archiving, capturing transactional data, syndicated marketing data and data migration. This particular software is most sought after in the new generation business concern to a great extent.

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