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What is ERP system? Different Modules of ERP System. Benefits of ERP System in an Organization. The Future of ERP Systems.  

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September 19, 2017 8:03 am  

What is ERP system? Modules of ERP System. Benefits of ERP System in an Organization. The Future of ERP Systems.

 

What is ERP system?

Enterprise resource planning (ERP) is business process management software that allows an organization to use a system of integrated applications to manage the business and automate many back office functions related to technology, services and human resources.

 

ERP software typically integrates all facets of an operation — including product planning, development, manufacturing, sales and marketing — in a single database, application and user interface.

Different Modules of ERP System.

Enterprise resource planning (ERP)  are bundled according to the size (Small,Medium or Large) and requirement of the organization.

 

Application Category

Essential Modules

Accounting

• Accounts Payable
• Accounts Receivable
• General Ledger
• Payroll

Customer Relationship Management

• Sales Management
• Marketing Automation
• Customer Service Management

Manufacturing Management

• Material Requirements Planning
• Shop Floor Control
• Master Production Scheduling
• Bill of Materials

Order Management

• Order Processing
• Financial Processing

Inventory Management

• Inventory Control
• Barcoding
• Lot Traceability

Project Management

• Document Control
• Project Accounting
• Gantt Charts/Project Tracking

Enterprise Asset Management

• Asset Maintenance
• Asset Tracking

Product Lifecycle Management

• Cost Management
• Governance and Compliance
• Quality Management

Human Capital Management

• Talent Management
• Benefits Administration
• Time Tracking
• Payroll*

Warehouse and Distribution Management

• Inventory Control
• Picking and Packing

 

Benefits of ERP System in an Organization.

Benefits of ERP System in an Organization are as follows.

·         ERP can improve quality and efficiency of the business. By keeping a company's internal business processes running smoothly, ERP can lead to better outputs that may benefit the company, such as in customer service and manufacturing.

·         ERP supports upper level management by providing information for decision making.

·         ERP creates a more agile company that adapts better to change. It also makes a company more flexible and less rigidly structured so organization components operate more cohesively, enhancing the business—internally and externally.

·         ERP can improve data security. A common control system, such as the kind offered by ERP systems, allows organizations the ability to more easily ensure key company data is not compromised.

·         ERP provides increased opportunities for collaboration . Data takes many forms in the modern enterprise. Documents, files, forms, audio and video, emails. Often, each data medium has its own mechanism for allowing collaboration. ERP provides a collaborative platform that lets employees spend more time collaborating on content rather than mastering the learning curve of communicating in various formats across distributed systems

 

The Future of ERP Systems.

The Future of ERP Systems - Enterprise resource planning (ERP) has become an integral part of business today due to its proven benefits and huge capacities but it is very easily evident that there is much to be explored and need to give up a previously set goal.

Gone by are the days when ERP software was meant for large and big business organizations only which have capacity of investing money in millions. Today with the introduction of SaaS model, ERP on demand and cloud computing, ERP software has come in the reach of small and medium sized companies which has opened gates for ERP vendors to capture new markets. Simply reduced cost, integration and interaction of different departments, capacity to work with different set of rules and regulation, multi currency, multi lingual, web store and SFA are not just the features which are going to suffice the needs of small and medium sized companies.

 

More dominant role in strategic planning is one of those areas which may see a lot of change in future versions of ERP software. Till today even though a lot of hype has been created by the vendors about this feature but due to one or the other reasons user have not shown trust and courage to rely on the planning which is supported or chalked out largely by their enterprise resource planning software. Utilization of resources at the disposal of the software can help organizations in much more effective way than today, particularly small and medium sized companies are going to be benefited by this feature as they have less to invest on hiring planners compared to large organization.

 

Another area which might see some positive changes in enterprise resource planning software is budgeting. Many ERP users are still using conservative systems for calculating and sanctioning of budgets for different processes and activities. Perhaps ERP vendors in near future might bring in new ways and solutions to resolve the problem of budgeting.

 

More of cost effective offers and better SaaS models are expected in near future as all the giants of ERP industry are now trying to fish in the small and medium sized market where companies does not have kind of enormous budget to spend on IT infrastructure and ERP software purchase and implementation. Subscriptions will get more and more lenient and user friendly to draw in more and more users from this sector. Cloud computing promises most till date as far as future planning and developments are concerned.

 

Perhaps the biggest change that might be in store of future is goodbye to the concept of one single enterprise resource planning software to provide well integrated, seamless working in a large organization where all the departments are knitted together through single application.

 

The future ERP software will be more like a network of applications designed specifically for a particular department of the organization like CRM, SCM and financial management where they are used with a top quality infrastructure enabling them to interact and exchange information in real time.

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