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What is ERP and how does it work?


What is ERP and how does it work?

ERP stands for "Enterprise Resource Planning". It's a software application that helps perform various business-critical functions on-the-go. From gathering, storing, and analyzing information to managing finance, human resources, manufacturing, supply chain, customer relationship management, etc. it does everything. Enterprise resource planning software employs process re-engineering concepts to implement the best standards and practices in the business. This helps increase revenue, improves employee efficiency, and controls costs.

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ERP was coined in 1990 which managing the core of business including functions like - sales, purchasing, accounting, HR management, client support, client management, and inventory management.

Generally, various businesses comply to ERP software for effectively managing the daily automation process which leads an uphold in the profitability.Through this software, the organizations can effectively manage the back-end task of their company. Not only this, but the ERP software also eases the functionality of cross-departments.

Best ERP Software Solutions Available In The Market Today

  • Oracle ERP Cloud
  • Sage X3
  • Acumatica
  • Microsoft Dynamics 365
  • Infor CloudSuite
  • Oracle NetSuite
  • Odoo
  • IFS
  • Salesforce/FinancialForce
  • Epicor
  • Aptean
  • Service Now
  • Workday
  • Deacom

The primary benefits of establishing an ERP software in the agency

Boost efficiency - The process like accounting, sales, and production will engage on one platform which will boost clarity within the organization thus leads to higher productivity.

Supports Data Collaboration - With one software in the organization, multiple departments can pile the data at the same time. Compiled data promotes the process of convenient data management as well as upshots the decision-making process easy for top management.

Reliable Forecast - Every organization believes in smart planning for the future. ERP software eases this process by cumulating the integrated data. The reliable data leads to a realistic forecast for the future, which is very important for a business.

What are the different Types of ERP Software Solutions?

Generalist ERP - example - Oracle, SAP
Small Business ERP - example - SAP Business One
Verticle ERP - example - Microsoft Dynamics AX, Brightpearl
OpenSource ERP - example - Odoo

What is ERP and what is its purpose?

Many companies use seperate softwares for CRM, HRMS, Design, Purchases and stores, Material Resource Planning, Manufacturing ( Routing, Scheudling etc.,) Projects tracking and accounts.The problem with diverse softwares for each of the function as mentioned above is the same data is entered by different departments or transferred from one software to another. This more often leads to confusion, data being entered wrongly and mistakes do happen due to multiple handling of the same data by different departement

A good ERP integrates all of the above function to one software and lets you dispense with different softwares. In addition, a good ERP does not allow mistakes committed by human beings either by automating the input entries or placing necessary controls. It notifies any exception to the right authority , displays management dashboards required for management decision making at the appropriate levels and computes and displays the management information on a real time basis so that the management easily knows when a mistake is committed or even before a mistake committed.

What are the modules in erp system?

In addition to some specific modules , every ERP systems there are some common core module which is useful for every organization. 

1. Sales Management

sales management module allows the company to track sales orders starting right from RFQ until the delivery of the product. Alerts and notifications can be triggered to handle the smooth delivery of the products and increase customer satisfaction.

2. Purchase Management

purchase module streamlines the functioning of purchase of inventory, assigning orders to suppliers, and maintaining purchase bills. Purchase module is interlinked to finance module to avoid the hassle of double work entering bills into accounts module.

3. Inventory Management

Inventory Management module provides up to date information on in-stock items, out of stock items, inventory locations, items sold etc. to increase profitability and reduce carrying costs. Inventory module is interlinked to all modules of Tech Integra ERP to avoid duplicated work.

4. Production Management

Production module provides tools to help plan, execute, track and control the output along with addressing the key challenges of the production department of the organization. It helps to streamline the production planning process by synchronizing supply with demand.

5. Finance Accounting

Finance module is the core module of our ERP software solution. All transactions of the financial module are GST incorporated to ensure the smooth finance operations of the organization.

6. HR & Payroll Management module

HR & Payroll Management module involves various managerial activities such as maintaining employees records, employees attendance, salary administration, Payslip generation, allowances computation, deductions, salary adjustments, bonus and arrears, overtime calculation, provident funds management, and MIS reports.

In Addition to this modules there are 

1. Project Management Module

2. Transportation module

3. Customer Relation Management module (CRM)

4. etc...

What is the future of ERP?

ERP solutions help companies right from the SMEs to enterprises in solving their operational issues and manage processes more efficiently and automatically, thereby saving more time, increasing productivity and reducing errors leading to streamlined workflows. Most businesses have gone digital and ERP is something every online business needs today.

With the high-end technological advancements continuing to emerge at a great pace, it has become imperative for every business to cope up and embrace these technologies and tools to stay ahead in the competition. And ERP is no different than these tools.

Tomorrow’s ERP solutions will let businesses take real-time and informed decisions and will make businesses smarter in every way. There are several factors that have come together to shape the future of ERP technology and solutions globally out of which some of the most prominent ones are discussed here.

More user-friendly ERP solutions: - With the increased importance and influx of the next-gen workforce and processes in organisations, a number of extremely user-friendly and intuitive ERP solutions is sure to come up in the near future. According to an expert ERP consultant of a reliable Odoo implementation company, ERP solutions will get upgraded and will get introduced with more simplified interfaces to ensure easy usage of the software solutions in future.

Mobility and wearable technologies will turn more dominant: - With industry experts stressing more on SaaS and cloud technologies, mobility will definitely be dominant in the future ERP market. Right from store management to managing back-offices, employees, and almost everything will access ERP solutions via mobiles.

Improved Reporting systems: - With advanced ERP solutions, reporting or report management of every business will get simpler and faster, regardless of the amount of data to be handled in the reports.

Apart from these, there will be a steep upsurge in the bespoke ERP solutions befitting every business requisite and preference. ERP will make everything automated right from sales to inventory tracking, warehouse management, calculations, accounting, data management, etc. And if you want to enjoy these in your business as well, it's time to look for a trusted and experienced ERP consultancy firms like Envertis Software Solutions to choose the right ERP for the future and get it implemented as per your business needs and processes.

The increased popularization of ERP systems : - As fresh, new generations of employees continue to enter the workforce, the popularization and therefore consumerization of ERP systems will likely rise to meet their demand for systems that aren’t run on obsolete technologies. Similarly, ERP vendors that still develop and support outdated user interfaces will face increased pressure to create user-friendly, intuitive features. This means prioritizing ERP features for manufacturing SMEs that resemble consumer technologies more closely.

IoT-enabled : - ERP can facilitate a new level of interconnectedness between core business processes, external data, IoT devices and third-party applications. IoT-enabled manufacturing ERP can easily link and sync your office with your shop floor. No looking back. API-supported ERP systems can receive data from further down an assembly line and send real-time alerts. Our customers in trailer manufacturing appreciate this improved communication. Such a system can also take charge of inventory control, delivering data to the ERP backend in real-time, instantly updating inventory balances and cost calculations to keep your numbers accurate.

Beyond Siri : - When it comes to future enhancements of ERP systems, AI’s the word. More and more businesses are catching on. Siri and Alexa have brought us a long way in our quest for hassle-free phone calls, reliable alarms, and effective searches. But AI-based technology can also be used to up your efficiency as a manufacturer. An AI-based, voice-activated personal assistant can be invaluable to manufacturers, making it far easier to make an informed decision thanks to strong in-depth data analysis. The automatic analysis of shop floor data also helps streamline production by identifying problems or irregularities on the spot.

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