ERP Software Systems are the nerve-center of the Management for Medium to Large Organizations. It is a blend of various inter-related modules which are essential for the company’s operations and finance. All departments of a company contributing to the cost of its product or service will be included in an efficient ERP software. These applications are different from an individual application software which is used only for a specific purpose like Accounting, Sales, and Inventory Management etc. An ERP system has individual modules which run as an application software within the concerned department but are also a part of the ERP software to get the data for Management reports. It provides real-time data to the authorized users who can access it from multiple remote locations for assessments and marketing.
For instance, an oil company with sales depots at remote locations will have difficulty in entering daily sales at its headquarters. If their PoS (Point of Sales) is computerized, the consolidated data will be updated in batches at the central server on a daily or periodic basis. If the sales depot receives a bulk enquiry they cannot commit it till they know the stock availability at the remote warehouse or main depot. Similarly, the management, especially the marketing team, needs to wait till the sales entry update is completed in order to make a proper assessment. This lag occurs due to lack of access to real-time data. If they use ERP software systems, the entire data will be available at the immediately to the management at any given time. A sales module should be installed at the sales depots and connected to the central server with the management. Similarly, purchasing, inventory management, production, accounting and human resources should be computerized using different independent modules which can be integrated at the management level. The integrated data will give exact reports of the stock levels or the finances at any given time. With just a click, this data will could figure the need for any immediate purchase, if required. This way the management can find out the most expensive processing stage and plan accordingly. Additionally, this integrated data can also provide information like, the cost of human resources against the product price and the profit/loss made at a particular time, which will help management take appropriate.
How ERP software helps the management in decision-making?
- ERP Software has integrated modules of application software that help in digitizing individual department’s processes or operations
- Authorized staff is given access to high-level data such as consolidated reports of various departments or modules
- The management can access real-time data from any remote location
- Management gets important data regarding how each module or department is working against the set targets. Any corrective action to be taken can be done one time
- Budgeting gets very easy as the set targets and the actual data are available on a few clicks.
- With real-time data and finance on the fingertips of the management, everything the company needs to think of is progress
How to choose the best ERP solution provider in Singapore?
Many ERP companies are coming up in Singapore because of rapidly growing demand of ERP softwares. While choosing the best ERP solutions for Singaporean market, the reputation and experience of the company in the particular industry would be the biggest deciding factor. A company with years of experience in developing, customizing and deploying ERP solutions for Singapore-based organizations will have tailor-made solutions for most of the issues prevailing in that particular industry. They would be expert in suggesting a better way of operating to cut the cost or strain involved in the process. The Organization needs to make sure the ERP solution meets all their requirements before buying it. There are many ERP software providers in Singapore willing to quote a lesser price in order to beat the competition. Though some of the start-ups provide considerably better solutions compared to many others who are just running around mending the errands of their existing solutions. Cost is definitely a major factor but one cannot compromise on efficiency for a lesser cost.
The best way to choose the best ERP solution for an organization is to check multiple solutions available in the industry and then choose the one closest to the organization’s requirements. The management can negotiate the rates and implementation schedule depending on the experience of the solution providers and the customizations required. While cost must not be the major factor in deciding on the ERP solution, the effect of paying an exorbitant amount on software definitely needs to be analyzed by the management. An efficient ERP software system includes separate modules for Finance, Accounting, Human Resources, Sales, Purchase, Inventory, Operations or Processing, Budgeting, and MIS or Management Information System. The MIS module is specially made for the management since it is focused on reporting. Different modules can be accessed only by managers in respective departments. Since all these modules are integrated, individual modules can be analyzed at the same time to collect integrated data.
Implementing a good ERP system can help an organization in progressing with digital data readily available for the management