Enterprise Resource Planning (ERP)
Enterprise Resource Planning (ERP)
Is a category of business management software that organizations use to manage business activities such as accounting, procurement, project management, risk management, compliance, purchasing inventory, sales, marketing, finance, human resources, and more.
Enterprise resource planning software offers single system solutions that integrate processes across the business. Such applications allow for users to interact within a single interface, share information, and enable cross-functional collaboration.
Banks
ERP systems are mainly deployed in banks' back-office areas, indicating that ERP penetration within individual banks is probably much lower than the degree by which ERP systems cover core-business functionalities in manufacturing.
Insurance
An ERP system brings various functions – from accounts and finance to human resources – under one database. This helps optimize various backend financial functions, including payroll and inventory management.
Telecom
ERP lets the telecommunications industry control and organize all functionalities wherever they are situated. All department-specific business operations can be effectively handled through an ERP for the telecommunication industry.
The problems is solved by ERP
Communication Challenges
You do not want the whole business process to stop because someone is unavailable. You want everyone to be informed. And you do not want people to constantly distract each other. Therefore, you need a system for keeping all the necessary information. This is exactly what ERP software can be. As a result, each authorized team member will be able to find what they look for.
Limited Information outside of the office
Always on the go? When away from the office, businesses require employees to have instant access to systems. A Cloud-based ERP system gives you access to all business information anytime and from anywhere meaning employees always have access to real-time business insights.
Real-time Information
Real time data is critical to the production process to eliminate revenue loss through inaccurate batch ticket fulfillment. Data accuracy on the part of vendors and customers also helps to streamline the manufacturing process. The more accurate and consistent your data is, the better the decision making process.
Inventory Control
The ERP system comes with an inventory control application that offers the manufacturer the visibility and inventory counts needed for more efficient production planning. The system accounts for the inventory right from the customer sales order and any deficiencies are flagged immediately hence alerting the manufacturer.
Features
Automation
This ERP capability automates everyday, tedious tasks, including order entry, payroll, accounting, invoicing, reporting and more. Automation cuts down the many hours your staff would typically spend on these processes, allowing them to focus on more important assignments. Optimizing your employees’ time ensures more effective workdays.
Enterprise-wide integration
Company work processes are flowing end to end between all departments. It is important to adjust and automate the workflow step-by-step with no possibility for errors.
Data Analysis
ERP software analyzes data relating to all business operations, including client data, production statistics, sales data and much more. For instance, an ERP system can help you predict demand, create a budget and analyze your HR functions. Data analysis offers easy access to vital business data and gives you the tools you need to track organizational productivity and efficiency.
A common Database
A common database enables data to be defined once for the enterprise with every department using the same definition. Some ERP systems split the physical database to improve performance.