Growing a business has finally reached the point where spreadsheets no longer cut it. That’s why enterprise resource planning software exists as a problem solver. Business professionals might have heard of integrated ERP software applications but they may not know exactly what enterprise resource planning software is.
Implementing an ERP application can help your business in many aspects. ERP software application will collect and organize every business information and help a company to run lean, and efficiently, especially for their expansion. Thus, companies need to choose the right ERP application for their business. Read on for answers to any questions you might have about ERP software applications.
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Table of Contents
What Is Enterprise Resource Planning (ERP Application)?
ERP stands for Enterprise Resource Planning which is referred to a type of software that organizations use to manage day-to-day business activities. ERP applications can manage every business activity such as accounting, procurement, project management, risk management, and supply chain. To put it simply, ERP is an application that automates business processes and provides insights and internal controls for business activities.
In this modern era, ERP application is critical for managing a business of all sizes and in many types of industries. To these companies, it is one way to go for business needs including business management, sales, customer services, and so on. It is because ERP application provides an integrated and continuously updated business system. The systems use common databases maintained by a database management system.
ERP software has various modules and each addresses a specific business requirement. For example, products-based companies typically have modules for accounting, inventory and order management, and customer relationship management (CRM). Other industries such as services companies may need several modules for accounting, project management, CRM, and many more. Each module is very important for business operations and each of them pulls information into the central database.
Why ERP Software Application is Important for Business?
ERP software application enables companies to identify the business with a lot of options for improvement or opportunities for expansion. The more employees can access, the more teams will spot problems in the business.
For every business unit, ERP applications can prevent human error while doing tasks such as account reconciliations, customer billing, and order processing. ERP application provides the information that the team needs to operate effectively.
Every company across every industry can use ERP software for their business operations. ERP application has a diverse model for all types of industries according to their needs. It means an ERP application is a flexible solution with extensive functionality that can cater to a wide variety of business requirements. It sounds impossible to ignore the impact of ERP software applications in today’s business world.
In fact, as enterprise data and processes are corralled into ERP systems, businesses can align separate departments and improve workflows. Examples of specific business benefits such as improved business insight, lowered operational cost, improved work efficiency, reduced risk, and many more.
Also read: 16 Best ERP Software in Singapore You Should Know in 2023
ERP Software Application Features
For businesses of all sizes, including enterprises and small to medium sizes, retiring on-premise systems and moving entirely to the cloud all at once isn’t possible. ERP application comes with so many features that can help you to get the best result from the company’s activities. So here are complete lineups of features from ERP software to automate various business processes and avoid human errors:
Accounting
This feature will help your business to improve the way you record transactions, costs, and expenses. It also automates bank reconciliation with the latest updated accounting system and high accuracy of data. This feature will make it easier for company accountants to produce accurate financial reports.
Inventory
ERP software application enables you to quickly manage inventory across several branches and locations and construct reorder points. This feature will help you a lot to mind your inventory assets, minimize human errors, and work efficiently. Systems can manage your inventory much better than manually.
Procurement
With this feature, you will never be panicked when stock is nearing the minimum availability limit. ERP software application will run the procurement process for your business and give you updates every time and everywhere. You can access the number of stocks in real-time. It will be easier for the production team to make the right decision for production processes.
Supply chain
This supply chain feature will help you to solve common to specific problems in the supply chain. Factory or warehouse locations will no longer be an obstacle to meeting your customer demands with the help of the software. It will make the business flow smoother and have fewer problems.
Warehouse
Enterprise resource planning will help you to optimize warehouse operations with easy pick & packing and get stock availability updates in real-time. It is very crucial to know the stocks in real time because it is closely related to the sales and profit optimization process. This system will make it easier for you to better business operations.
Customer relationship management (CRM)
ERP software applications will help you manage thousands of clients and customers in one centralized system. Get every customer information you need in seconds and increase your lead conversions. Increase your sales by optimizing every function of ERP application features. With ERP software features you can optimize your workforce to innovate to increase sales rather than operations.
Conclusion
Enterprise Resource Planning (ERP application) generally refers to software used to manage business activities. There are several modules in ERP, namely accounting, project management, CRM, and others. These modules are critical to business operations and each of them pulls information into a central database.
Obviously, ERP software supports companies in identifying businesses with many options. An ERP application will help you to streamline your business processes & drive your company’s growth significantly. Therefore, make the right decision to create efficiency and productivity in every company’s operational activities through various key features of Hash CORE ERP Software, the best enterprise resource planning software from HashMicro.
