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ERP is a business process management software that handles all the departments– planning, development, manufacturing, sales, marketing, and everything under a central database. It pulls day-to-day data from different sources and combines them.
Doing all these things manually not only takes a lot of time, but it is also almost impossible to make it error-free.
Furthermore, since all the information remains in a centralized system, the stakeholders and their teams can easily see the data at any time and from anywhere. That’s why they can visualize their working progress more vividly and react more quickly if any emergencies arise.
This real-time data management system assists everyone in taking their future steps wisely.
ERP is software that can help your business, whether you are just a startup or an established enterprise. In fact, for big companies, this software is a must since they have to maintain a huge work volume as well as a great number of employees.
On the other hand, if you just start your business and are determined to expand more – which you obviously plan – then an ERP system can give you a good start.
Despite your business scale, the ERP system makes your business process more agile. Since the market is always changing, the modular-based system offers flexibility to help you to remain up-to-date.
In short, ERP software is important for any business for the following reasons.
Based on your business, an ERP system can be customized. You can add features that you need and eliminate those you don’t need.
In the following section, I’ll talk about the basic features that all ERP systems usually have. Take a look at them closely.
Read Also: What and How to use ERP Software?
The accounting feature is one great benefit you will get from ERP software. This module will handle all your account-related work like budgets and forecasting, accounts payable, general ledger, and accounts receivable.
Some systems can perform more advanced tasks like fixed assets management, revenue recognition, tax calculation, etc.
Gathering customer data is really important to learn about the current trend. An ERP system helps to collect customer information, such as order history, contact number, etc., with details.
CRM systems also let a company prioritize their customer, give them extra benefits or offers, and others. A company can contact a customer easily when needed since they already have their contact number. This will also help a business to find a lead.
HRM module is another feature of ERP software that you can use for your organization. This feature assists you in the hiring process, keeping track of your employees’ working progress and timeline.
The automated system will handle everything without any error. So, you can also calculate the benefit bonus properly. Hence you can maintain a good relationship with your employee.
The inventory management module tracks the product of your company. Basically, it keeps the record of buying, selling, and storing. All these things will give you a precise idea about your stock movement.
Moreover, no matter if you have one or multiple business locations, you will always be updated with real-time data. Some systems even notify you if you are running out of stock.
The Supply chain management feature tracks manufacturing processes, demand, inventory, logistics, and distribution. The records of work orders, purchase orders, and transfer orders assist in planning inventory and distribution across multiple locations.
As mentioned earlier, different industries require different modules in an ERP system. Software that is suitable for maintaining a fashion house won’t be perfect for a construction company.
Therefore, we will tell you what feature you must adopt for your business in this segment.
To maintain the manufacturing part of a business, a company mainly needs the following modules to interconnect their overall business operation.
Sales and marketing mainly deal with customers. So their ERP system is developed focusing on these criteria. The main features they have are-
Well, these are the three main fields that ERP software handles. If you have a small to medium-sized manufacturing, sales, and marketing, or HRM service business, you can develop your ERP software that is only based on the mentioned module.
On the other hand, a large company needs to install all of them and even more according to the business needs. And because of this, you have to choose an ideal service while purchasing ERP software for your company.
If you ask for our suggestion, we would like to suggest PrismERP for any sized business in Bangladesh.