Singapore has emerged as a hub for advanced ERP software adoption in businesses across diverse sectors. With a substantial emphasis on digital transformation, Singaporean companies are increasingly integrating ERP solutions to optimize their operations.
The right ERP implementation has been shown to boost productivity by up to 60% and cost reductions by around 20%. However, the wrong choice of ERP vendor has also resulted in significant financial losses for some companies.
Choosing a vendor solely based on low prices might mean compromising on quality. Conversely, a hefty investment doesn’t always guarantee the perfect solution tailored to your business needs.
This statement often haunts the minds of business owners in Singapore when selecting an ERP solutions company. It’s not uncommon for a wrong choice to lead to the loss of hundreds of millions or even billions of dollars!
Opting for the wrong ERP software vendor Singapore could trap your company with incomplete or mismatched ERP modules, ultimately hindering efficiency and productivity.
Selecting a vendor without adequate preparation and knowledge is like sailing in a storm without a map. You might end up with a substantial investment that yields no returns or, worse, causes operational losses. Understanding these modules and their features equips you with a compass to navigate through this crucial decision.
Let’s delve deeper into the ERP modules and their features before you decide which vendor best suits your needs.
Key Takeaways
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Table of Content:
Table of Content
You can enhance efficiency and productivity across all operational activities in your company through various key modules offered by the best ERP software. What are the ERP modules?
They are modules that serve as automated solutions for more effective operational processes. High accuracy optimization in business can be achieved through AI-powered ERP software. Here are the essential modules within an ERP system that you should know about:
Accounting and Financial Management
Have you ever felt frustrated with financial reports that didn’t fully represent your company’s financial status? Not to mention that manual data entry errors and inaccuracies could impact your business decisions.
The accounting management module emerges as a solution, providing full control over your company’s financial aspects. By integrating all financial data and business transactions into one platform, ERP finance modules enhance efficiency, reduce errors, and ensure all stakeholders have access to accurate and up-to-date financial information.
Consequently, companies can make informed business decisions based on reliable financial information.
Common features of this module:
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Bank Integrations – Auto Reconciliation: Automates the matching of transactions between bank statements and accounting records, ensuring accuracy and saving time.
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Profit & Loss vs Budget & Forecast: Allows comparison between actual profit and loss figures with planned budgets and forecasts, aiding in performance analysis.
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Cashflow Reports: Provides detailed insights into cash inflows and outflows, crucial for understanding liquidity and financial health.
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Financial Ratio Analysis: Calculates and presents key financial ratios, aiding in evaluating a company’s performance, solvency, and efficiency.
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Custom Printout for Invoices: Offers customization options for various types of invoices, ensuring professional and tailored documentation.
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Multi-company with Intercompany Transactions: Facilitates transactions between different entities within the organization, streamlining accounting processes across multiple branches or companies.
Inventory and Warehouse Management
Have you ever struggled to track items in your warehouse? Or experienced sudden disappearances of stock without a trace? You’re certainly not alone; many other businesses face similar challenges. Manual errors and data inconsistencies can result in substantial losses.
With barcode and RFID support in inventory management software, you can effortlessly monitor and track the movement of every product in your warehouse in real-time. Inventory processes that usually consume time and effort can now be executed faster and without obstacles.
For the inventory, businesses also rely on their warehouses. It’s not just a place to store items; it’s the operational heart ensuring goods are ready for timely delivery and in the best condition. However, several issues can arise, such as discrepancies in stock, inefficient warehouse layouts, suboptimal item mobility processes, and more.
Warehouse management software can automatically track inventory accurately, optimize warehouse layouts for better efficiency, and enhance item mobility through well-integrated systems. All of these aspects help ensure that items are always ready for timely delivery and in the best condition.
Common features of this module:
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RFID Warehouse Automation: Utilizes RFID technology for automated stock movement in and out of the warehouse.
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Fast-Slow Moving Stocks Analysis: Analyzes inventory to distinguish between fast and slow-moving stocks for better management.
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OCR for Receiving: Optical Character Recognition (OCR) technology is used for accurate document processing during inventory receiving.
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Stock Forecasting: Predicts future inventory needs based on past data to optimize stock levels.
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Packaging Management: Manages and tracks inventory packaging processes within the warehouse.
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Quality Control Management: Ensures product quality through comprehensive quality control processes integrated into inventory management.
Purchasing Management
Facing challenges in managing the procurement of goods and services in your company? Orders often don’t match, leading to extra payments for excess items or reshipments. Choosing the right vendor isn’t an easy task either.
With cutting-edge purchasing modules, you can efficiently tackle various procurement issues. This technology ensures organized procurement processes, can be monitored in real-time, and provides transparency. This reduces the chances of deviating orders and prevents unnecessary payments.
Moreover, this procurement software also streamlines vendor selection based on your defined criteria, giving you full control over your procurement process.
Common features of this module:
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E-Procurement: Facilitates online tenders and RFQ (Request for Quotation) / ITQ (Invitation to Quote) processes.
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Automatic Vendor Rating: Evaluates vendors based on punctuality, pricing index compared to others, and completeness of service.
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Cost Savings Tracking: Monitors and reports cost-saving measures implemented in purchases.
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Budget Tracking: Tracks and imposes limits on purchases based on predefined budgets.
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Tender Comparison: Allows comparison between tenders submitted by vendors for better decision-making.
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Multi RFQ Comparison: Enables comparison of multiple RFQs to assess the best offer available.
Human Resource Management
Do you experience challenges in storing employee information, tracking work hours, calculating salaries and taxes, as well as recruitment and performance evaluation? Or perhaps you’ve felt the complexity of scheduling and managing employee rosters?
It can be confusing and time-consuming, especially when trying to create efficient schedules while ensuring all employees are available.
With an integrated HRM module, however, you can manage employee data, track work hours, handle payments and taxes, and even perform recruitment and performance evaluations more effortlessly. This allows you to focus on optimizing your company’s human resources without difficulty.
Common features of this module:
- Face Recognition and GPS Attendance: Tracks attendance while preventing fake GPS check-ins.
- Talent Management with KPI Tracking: Manages talent performance with Key Performance Indicator tracking.
- Employee Development & Training Plan: Provides eLearning and training plans for employee growth.
- Automated Video Interview: Conducts interviews automatically, streamlining the hiring process.
- Mobile Apps for Employee Self-Service: Allows employees to access and manage their information easily.
- In-Depth Leaves Management: Covers details like carryover, expiry, and leave-related reporting.
Customer Relationship Management
Is the primary issue you face in managing multiple sales channels the inconsistency of sales data across platforms? If sales data isn’t synchronized well, you might miss opportunities and experience disruptive overstock.
CRM software can help synchronize all data, including sales and inventory, across all your sales channels, whether online or offline. With this integration, you can maximize operational efficiency and enhance the overall customer experience.
Common features of this module:
- CRM Mobile Apps – Android & iOS: Access your CRM on the go through dedicated mobile applications, ensuring convenience and usability across devices.
- Leads & Opportunities Management: Tracks leads, assigns quality scores, and manages opportunities with detailed call logs and past activity tracking.
- Activities Scheduling & Reminders: Efficiently schedules tasks, meetings, and reminders within the CRM, enhancing productivity and organization.
- In-Depth CRM & Marketing Reports: Gives access to comprehensive reports covering sales activities, mass mailings, helpdesk data, and more, providing valuable insights.
- Fully Integrated with Online Lead Management Forms & Emails: Seamlessly integrates online lead management forms and emails into the CRM for streamlined data collection and management.
- Easy-to-Use Customer, Leads & Sales Funnel Management: Simplifies customer relationship, leads, and sales funnel management with an intuitive and user-friendly interface.
Sales Management
Managing a sales team can often be a challenging task. One of the main challenges is understanding their performance effectively.
At times, team members might be busy with calls and field visits, but results may not be visible. Tracking sales activities and outcomes efficiently is often challenging.
With sales management software, you can plan, track, and analyze sales performance within one comprehensive dashboard. No more tinkering with complex spreadsheets; all the data you need is at your fingertips.
Common features of this module:
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Sales Forecast & Actualization: Predicts sales and compares them with actual figures.
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Sales Mobile Apps (Android & iOS): Mobile applications for sales activities and management.
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Integration to E-commerce Platforms (Tokped, Lazada, Shopee): Seamless connectivity to major online marketplaces for sales.
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Upselling Recommendations: Gives suggestions based on customer purchase history or frequently bought together items.
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Online Quotation with Online Signature: Generates quotes online with the option for digital signatures.
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Commission Tracking: Manages and tracks sales commissions for staff.
Supply Chain Management
In the business world, managing the product flow from suppliers to consumers is one of the most crucial yet often complex tasks. However, challenges like delivery delays due to production delays, inventory management difficulties, and product quality issues commonly arise.
With its ability to forecast demand based on historical data, SCM ensures the availability of the right raw materials. Additionally, effective inventory management prevents shortages or excess stock, while supplier integration allows real-time monitoring of deliveries, identifying, and preventing potential delays. These functions, overall, ensure a smooth and efficient production flow.
Common features of this module:
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Inventory Management: Monitors and manages stock levels, prevents stockouts or overstock situations based on forecasted demand, and provides inventory tracking through an offline-capable app.
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Procurement Management: Automates purchase order creation when inventory levels hit minimum thresholds and offers vendor ratings, including fulfillment rates, for informed decision-making.
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Order Management: Tracks order statuses, receives real-time updates, and efficiently fulfills orders to ensure timely delivery.
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Shipment Tracking: Traces courier locations to guarantee on-time deliveries and enhance customer satisfaction.
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Return Management: Simplifies the return process, providing robust solutions to enhance customer service and satisfaction.
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Planning & Forecasting: Forecasts future demand, generates notifications for reordering, and optimizes inventory levels using advanced analytics, reducing risks of overstocking or stockouts.
Interested in one or maybe more of the modules so far? You can click the image below for a pricing scheme of the ERP system modules.
Project Management
For many businesses, managing their projects often poses a challenge. One of the main issues is coordinating team members who might be in different locations or even different time zones. This can lead to communication difficulties, task delegation problems, and real-time project monitoring. Additionally, managing resources, including time, budget, and manpower, often becomes complex and requires strict monitoring. Without the right tools, the risks of errors, delays, and resource wastage grow significantly.
Using project management software addresses these challenges. This program allows teams to collaborate within a centralized platform, ensuring all team members receive the same information and can communicate efficiently. Functions such as team calendars, automatic notifications, and task tracking facilitate coordination and minimize the risks of errors or information discrepancies.
Common features of this module:
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Project Monitoring Dashboard: Offers a centralized view of project progress, allowing easy tracking of key metrics and milestones.
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Cost and Budgeting Management: Helps in tracking project expenses, managing budgets, and ensuring financial control throughout the project lifecycle.
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Timesheet & Invoice Management: Facilitates the recording of work hours by employees and generates invoices based on the logged hours and project tasks.
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Task and Deadline Management: Enables the creation, assignment, and tracking of tasks, ensuring deadlines are met and tasks are efficiently managed.
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Project Reporting in Gantt Chart & S-Curve: Provides visual representations like Gantt charts and S-curves to showcase project timelines, tasks, and progress.
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Project Template Management: Allows for the creation, storage, and utilization of standardized project templates for consistent project execution.
Besides the foundational ERP modules we’ve just discussed, numerous other options can be tailored to your needs. While each module can function independently, when integrated into an ERP system, you gain a comprehensive view of your business.
This undoubtedly simplifies decision-making and overall enhances your company’s efficiency.
Conclusion
As a decision-maker in your company, you understand the importance of implementing ERP software correctly. Indeed, being tempted by low prices or lured by a big-name vendor might seem promising.
However, are you willing to risk product quality and suitability just because of these factors? Choosing the wrong vendor can result in ERP modules that miss the mark or are even incomplete, ultimately hindering your business processes. If you want to get a free demo to trial the software, click here!
Frequently Asked Questions About ERP System Modules
What is a module in an ERP system?
A module in an ERP system is a separate part of the software that manages specific business functions such as finance, manufacturing, inventory, human resources, sales, and marketing. Each module focuses on managing specific business processes within a company.What are the common modules found in an ERP system?
Common modules in an ERP system include:
Finance: Accounting management, budgeting, and financial reporting.
Manufacturing: Resource planning, production management, and inventory control.
HR (Human Resources): Employee data management, payroll, performance management, and recruitment.
Sales and Marketing: Sales, marketing, and customer service management.
Inventory: Stock management, shipping, and goods monitoring.How do ERP modules interact with each other?
ERP modules are interconnected and share data among themselves. For instance, sales data inputted into the sales module can affect the inventory managed by the inventory modules, which in turn can influence the manufacturing processes in the manufacturing ERP modules.Should a company use all the available modules in an ERP system?
Not necessarily. Choosing the right modules depends on the specific business needs of the company. Some companies might only need a few specific modules, while others might require a variety of modules to manage their operations as a whole.How do ERP modules help improve business efficiency?
ERP modules enhance business efficiency by providing integrated tools to manage various operational aspects of a company. With these modules, companies can automate processes, integrate data, improve visibility into operations, and facilitate better decision-making.
