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In this case, ERP application is the solution to tackle all the critical problems of business process. So how an ERP can help organize the overall business function of a company. Let’s find out some of the points mentioned below:
1) Tracking the Business Operations:
The first and foremost that organization looks out is the overall financial management process in business. With ERP, the overall function can be made organized and maintained quite feasibly. Starting from the cash management, various accounts can be maintained and tracked with labeling the serial.
Individual cash accounts, balances as well as overall bank balances can be tracked sequentially and managed through an ERP system. The individual and overall account balances can be shown in a reporting format or in the dashboard. This will make the cash account secured in an organized manner and keep accurate tracking of all cashes of your business.
Inventory management is a critical business operation that needs to be operated and tracked feasibly. With ERP system, you can set out multiple inventories and can be organized into various categories of items and products. It can also track out the stock goods by the product serial labelled into each product in an inventory. The ERP system also helps to keep track of the transfer of goods inside and outside of inventory by various methods. Raw materials or other goods for production companies can be calculated and stored out with rack distribution or shelf distribution process. Even with ERP warehouse management, such as cold storage industries can be processed out in the system (i.e. storage of potatoes, onions inside the rack which acts as an inventory).
The financial transaction and sale order process of business can be aligned in the ERP system. With ERP, organized sale & purchase order can be generated to prevent the error in orders & miscalculation of costing/transaction. All the financial resources and activities can be recorded and tracked out in an ERP system which will be stored in the system as data. Then it can be reported as an individual sales and purchases according to specific timeline (monthly, yearly, quarterly). In the system the number of sales and purchases that are being generated will be visualized as a raw data automatically in the dashboard for keeping the track of sales target. The reporting is more in-depth so that employee can carry and follow up individual sale’s information and pricing.
2) Flow of information:
It is important to understand that information is vital in today’s real business world. Managing different information of business is not that easy in manual as it requires better cooperation and communication method. If an ERP system is adapted to an organization, you will ensure employees getting the business data they need. Online and offline aspect of business through ERP will be managed and this will help various department of an organization to communicate and collaborate with each other. All of these will be controlled from the central source of an organization to avoid the misleading and miscommunication.
3) Effective HR & Payroll Maintenance:
Managing people in an organization is one of the important aspect and central focus of the human resource management. It is one of the key components of an overall enterprise strategy. With ERP system different types of HR solutions can be arranged and performed efficiently. Starting from the attendance and time management, the attendance device data can be synced with the ERP system and allows you to see the timings of entry and leave displayed into the dashboard and can track individual employee. Yearly, monthly, quarterly time sheets can be displayed with the performance rating of coming late or early minutes. Also, through an ERP application you can adapt an organization culture and generate your own rules, regulations & policies, customized holidays, time schedule & calendar, training management etc. You can analyze in depth and get a report of all the training activities when you generate a training schedule with number of trainees and trainers. Tracking and notification will be set out through ERP for the awareness of upcoming training in an organization which will prevent you from the mismanagement of training programs.
The payroll management complexity has always been a hassle to most of the organization as they face lot of difficulties and misleading in calculations, salary generation, deduction, records etc. The ERP system can help to change the strategy and improve the salary processing of overall employee under one interface. With the application, you can keep track of all the information of an employee as well as generating the salary which is automated. Through different payment options (cash, cheque, bank), all the employee’s salary will be generated. Different pay types and items can be created depending on your organization’s strategy and process. Tracking option becomes easier to see the overview of payroll under one dashboard which will alert you for upcoming payroll schedules.
Other additives such as employee tax, fixed allowance, provident fund etc. are being automated in the ERP based on a specific method that can shorten the time of processing and reduce miscalculation. Analytics & reports of all the HRM process will be automated and has the customization ability in any ERP application with standard view.
4) Compliance, Audit Records:
Most organizations requires to trace restrictive compliance through spreadsheets and external databases, however as enterprise resource comes up with (ERP) systems have evolved, restrictive compliance pursuit capabilities have improved. Now with real time access to information & automation, it’s easier than it's ever been for a company to make sure that restrictive compliance challenges are being not solely met, however exceeded.
This doesn’t mean spreadsheets and paper-based pursuit aren’t effective—those processes and procedures have done the work for a few time. However, it takes time to manually track all of information necessary to make sure compliance and manually tracked data is error prone as numbers get converse or lost entirely. The repetitive nature of manual information entry will cause straightforward mistakes that cause loss of brand name worth or, worse yet, will place a company out of business.
An ERP system will help increasing the visibility and transparency of functionalities related to compliance guidelines in an organization. Security issues can also be counted related to data securities and access controls which can be developed through an ERP system for better administration.
Audit trail process can be automated with the ERP which will be recorded as a data in the system and users are to be responsible to track and manage better audit trails.
5) Improving the CRM process:
Stronger the customer relations, stronger the business. We may observe around different organizations that there is a serious drawback in maintaining a healthier customer relationship and this is because of the advancement of business methods and not giving proper support in time around globally. With ERP system, CRM process can be developed into another level of advancement that can help to reply emails and messages while engaging into different projects and maintaining up the deadline of providing support at different levels. The work can be divided among the support teams with quicker response through an ERP system.
How PrismERP can help you organizing your business?
PrismERP has been a great attraction towards the local market of Bangladesh for any size of business. It is a comprehensive and robust solution that streamlines the overall business procedure by offering an independent platform to manage an organization’s business function. PrismERP serves more than 30+ industries, it has the potential to encounter and tackle all the business-related problems and provide an organized system to develop your business strategy.
Varieties of solutions are being offered based on industry specific as well as customized module. For tackling some functionalities that are mentioned above, PrismERP does provide remedy solutions that can developed your business infrastructure sequentially.
Business tracking operation is adaptable in PrismERP and provides a robust financial accounting solution that will help to coordinate feasibly with all your business accounts, financial transactions, accounts mismatch calculation and many more. Role based functions of PrismERP can develop different roles of an employee to manage a strong healthy administration of an organization.
HRM solution of PrismERP is vast and can be served to the clients as all in one solution. The application can cope up all the complexities that an organization faces in modern times.
Communication between various departments and branch wise business management can be developed and managed through PrismERP. It can provide maximum number of branches based on your requirements. PrismERP, a web-based system that can even manage all your business procedure through both offline-online.
PrismERP can carry out or import your previous existing data and resources through various upload methods and will be able to display out your previous business tracking and clients in the system.
Trace-ability and Quality Control can be followed under proper guidelines in PrismERP that will allow to maintain a better compliance and audit trail and will reduce the errors and complexities for maintaining better quality product and its life cycle.
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Enterprise Resource Planning is a solution or a system designed for an organization to manage daily business operations such as accounting, sales, procurement, production, project management, manufacturing and many more depending on the needs of clients.
When business organizations started realizing the importance of an automatized system to run their business, since then Enterprise Resource Planning has been reigning the software market. Every organization now hopes to find the most tech-savvy ERP system packed with varieties of features. Knowing the high demand of such software’s; the developers are now adding varieties of high quality features and integration options.
Before going for the selection of ERP it is important to understand the definition of ERP (Enterprise Resource Planning). Currently there are various ERP software companies globally as well as in local markets so you will get to see many designed framework available for various industries in different ERP software.