Enterprise Resource Planning 101

Enterprise Resource Planning (ERP) systems are a set of business software applications on a common technology platform utilizing a common database. ERP provides an integrated view of core business processes used to manage an organization’s operations. Cloud-based ERP systems allow users to access real-time, business data over the internet. Due to this all-encompassing, streamlined approach, many barriers are eliminated enabling organizations to focus on core business operations. 

What Can ERP Do For You?

 

ERP software provides a wide range of benefits for businesses that use it, including:

  • Streamlined operations - ERP software stores and tracks data across an entire organization’s business processes. These may include Accounting/Finance, HR/Payroll, Field Services, Project Management and Manufacturing. There are also third-party software integrations supported as well, replacing disparate applications into a single, unified system.

  • Workflow automation. By leveraging common platform and database technology ERP software can automate routine business processes which gives employees the opportunity to reinvest time and focus on more productive tasks.

  • Advanced analytics. ERP applications offer greater analytical capabilities than other standalone systems, uniting data from across the business into detailed custom reports and easy-to-decipher analytic dashboards that provide both big-picture insights and granularity.

  • Enhanced accessibility. With a cloud-based option using internet of things (IoT)-enabled functionality like smartphone access, an ERP solution offers businesses unprecedented visibility into day-to-day operations. The best enhancement is all that information is accessible in real time, giving users the ability to retrieve and modify data at anytime.

Cloud-based ERP Advantages

  • Increased Operational Efficiency - can significantly increase operational productivity and efficiency through process automation and workflow management

  • Greater Access & Data Integrity - provides a single source for business data eliminating data mismanagement and inaccuracies over multiple sources.

  • Decreased IT support needed - due to its web-based platform, the need for onsite software support is virtually eliminated

  • Informed Business Decisions - ERP's customizable reporting capabilities empower leaders to make better-informed decisions by leveraging data-driven analytics

Common ERP Components

  • Finance - manages financial transactions with general ledger, accounts receivable, accounts payable and payroll functionality

  • Customer Relationship Management (CRM) - tracks contact information and interactions with customers, clients, and prospects

  • Human Resources - manages HR data, including payroll, personnel information, benefits administration, talent management, and employee training

  • Project Management – including Field Services; gives a business insight into the entire project lifecycle, from selling the service, delivering that service, managing and operating the service to billing and collecting payment once the project is complete

  • Sales and Marketing - supports the sales order process, controls daily sales activities like prospecting, and managing contacts; produces sales forecast, identifies advertising channels, and helps to maintain competitive pricing scales.

  • Supply Chain - manages goods from manufacturing facilities to distribution centers to retail stores

  • Purchasing - streamlines the procurement of required inventory or raw materials and automates the buying process.

  • Manufacturing - oversees inventory management by implementing the specific operations to achieve a streamlined manufacturing process.

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