What is enterprise resource planning ?
ERP integrates all business processes like finance, HR, manufacturing, supply chain, services, procurement, and others into a single system.
ERP provide visibility, analytics, and efficiency across every aspect of a business. Using the latest technologies, ERP systems facilitate the flow of real-time information across departments, so businesses can make data-driven decisions and manage performance – live.
ERP systems perform financial and business planning functions, which might formerly have been carried out by many smaller standalone applications.
ERP work on 2 thing:
- It store all the information across company’s department in 1 place, thus connecting all the data automatically. (ex. employee timekeeper to payroll to finance to accounting)
- With all the data connected, it helps faster decision making since you can see all the information you want in the same place. You can even make automatic decision that affect several team/department with some set of program.
Components of an ERP Solution:
ERP software integrates many business applications and activities which enables the system to cater to most of the processes and department if not all.
The vital functional modules of ERP software:
Accounting and Finance
- General Ledger
- Accounts Payable
- Accounts Receivable
- General Journals
- Trial Balance and Financial Reporting
- Bank Reconciliation
- Cash Management and Forecasting
- Budgeting
Manufacturing and Distribution
- Purchasing, Tracking & Sales Shipments of Inventory Items
- Track by Lot and Serial numbers
- Track Quality Tests
- Warehouse Management functions
- Conversion Tracking
- Tracking Labor, Overhead and Other manufacturing costs
- Provide the total cost of production
Sales
- Sales order creation
- Sales order processing
- Purchase order processing
- Online sales
Service Management
- Track and monitor post-sales service to products in the field
- Warranties
- Service Contracts
- Product Lifetime Costing has become standard functionality in current ERP solutions.
Great articles, first of all Thanks for writing such lovely Post! Earlier I thought that posts are the only most important thing on any blog. But here at Shoutmeloud I found how important other elements are for your blog.Keep update more posts..
ReplyDeleteERP Software In India
ERP Companies In Chennai
ERP Software In Chennai