7 Features without which your ERP system is useless
Enterprise resource planning software comes top in the list of most important software used by all the businesses out there. ERP software provides data analysis, automation, report generation, and many such features that are ideal for many different industries. It can be overwhelming to choose an ERP system yourself, so we have prepared a list of most common features it involves:
Automation can be considered as the critical function in any ERP system available out there. Common tasks such as payroll, order entry, accounting, invoicing, reporting, and more can be easily automated using this. Automation allows you to cut down all of the time you spend on doing repetitive tasks every day so you can focus on more important tasks on hand.
Automation also reduces human errors. As when the workers are made to do repetitive tasks every day, there are various factors involved, and a mistake is bound to happen. Thus automation allows systems to run smoothly and error-free.
Many solutions out there claim that they can work smoothly when they are integrated with other systems. But it is nothing in comparison to systems that are built to work together. The ability to work better with third-party tools is a much-needed feature for an ERP system.
ERP software provides you with an intuitive platform that you can use to monitor, analyze, and conduct many other data-driven tasks seamlessly. ERP system can work through a single database that brings all the data from different departments in one place. Working from a single unified dashboard promotes transparency between teams
3. Data Analysis
The ERP systems are collecting data for your business functions, so it is essential to capitalize on that information and analyze it. ERP software then looks for patterns and trends in all your processes. So, in addition to providing future market forecasts, it can also enable the users to look at their effectiveness in their tasks.
ERP system analyzes sales data, client data, business operations, production statistics, and much more. Data analysis gives you an insight to vital business information and tracks the productivity of your organization.
4. Finance and Accounting
Efficient financial management is necessary when you are running a business. So the ERP software you are picking must have reliable accounting tools. Processes like account payable, fixed-asset management, risk management, accounts receivable, and tax management can be managed easily using ERP software. If you are regularly doing business with other countries, then there are systems that can handle multiple currencies also.
ERP systems provide you with reliable management tools that can take care of the sales and business revenue of your company. A sound ERP system automates accounting functions so you can have more time available for other activities.
5. Tracking and visibility
One of the highlighting features of the ERP system is its ability to provide sophisticated visibility. This can be proved to be much useful where you have to manage a supply chain. Most ERP softwares like this one: www.inecta.com/food-manufacturing-software, come today equipped with the ability to track raw materials as well as finished products from manufacture to delivery. This level of visibility allows you to foresee future demands and replenish your stock accordingly.
In addition to this, ERP provides multiple tools to track information such as production statistics, the efficiency of the HR department, and even sales data. You also have the option to set up alerts when certain milestones are achieved in all these different tasks.
While “reporting” and “analysis” may seem the same sometimes, but it is essential to know the difference between the two. In ERP systems, reporting can be considered as the tools needed to provide the analysis result to the end-user.
ERP provides reports to users that are detailed, actionable, and relevant. Also, it offers complete traceability so that whenever there is an error, you can easily track the source and quickly correct it. Thus, ERP’s capability helps you make stronger your business’s weaknesses and improve performance.
7. Mobile Functionality
As per a recent study enterprise, mobile workers will make upto 73 percent of the total workforce by the end of the year 2020. This is one of the reasons you should choose an ERP software that provides you remote access to its database. ERP systems having mobile functionality will enable the workers to easily connect their mobile devices to the ERP. The executive managers can provide their employees with a unique user key to help them gain access to the ERP database and also prevent unauthorized access.
To sum it up
ERP system is a powerful data management and report generation tool. Operations such as data-driven processes, performing data analysis, and providing accurate reporting can quickly be completed with an integrated framework of ERP software.
If you are thinking of choosing an ERP solution for your business, then first, you should assess what exactly are your business needs. For this, you can start with the free ERP systems available out there, and when you have a good grip over the software, then you can go out and opt for a premium version that offers more features.