You can think of modern ERP (Enterprise Resource Planning) as the glue that binds together all different computer systems throughout the organization.
Modern ERP solution can help companies to simplifies and link information about production, finance, distribution, human resources, and sales all together including collaboration with your customer, supplier and employees. Because it connects different technologies used by each part of a business, an modern ERP solution can eliminate costly duplication and incompatible technology. In summary.
Modern ERP system is a suite of end-to-end integrated applications for managing, automating, connecting key business process, collaboration and simplifies business processes through digitization between modules on one platform.
How to Smartly Invest with Modern ERP
There are 3 components that you need to consider how to invest smartly for your company’s ERP System.
First, you need to have a clear business objective that you want to achieve through the modern ERP solution. A cohesive top-down support from your business organization would also be crucial to successfully transform your business.
Second, you need to have an agile platform that can be adjusted at any time according to your business development and growth. The platform would need to be able to support multiple industries and companies with a centralized infrastructure.
Lastly, choosing the right IT provider to implement the system is key for a successful implementation. This IT provider would need to have a strong and experienced consultant and support team. Also, they should have a value that embrace innovation to enhance the platform continuously.
The strong point of having an ERP system is the wide variety of features that are available across systems. For instance, Microsoft Dynamics GP and PowerOperation is web-based application provides an end-to-end solution that supports multi- industry, multi-company, and multi-currency. Thus, you could have a platform that support you as your business grows.
These are several of key features from ERP:
This module is used to manage company accounting, asset management, cash flow. The module helps companies to handle transactions, balance sheets, general ledgers, bank reconciliation, income statement, cash flow direct/indirect, consolidation and also budgeting.
This module will manage all the processes involved in Purchasing. With this module, you could have visibility of your demand and supply analysis, from purchase request and procurement process, connect directly with supplier, purchase orders, reorder stock point and stock updates.
Sales Order Management
This module is used to record and manage sales business process, such as sales, quotations, sales orders, and invoices. This module can enable you to monitor real-time sales revenue.
Inventory and Warehouse Management
This inventory module is used to manage and track inventory, monitor inventory levels, perform forecasting, and create schedule orders. Some ERP systems can even integrate this inventory modules with various marketplace and provide convenience to its users.
Utilized warehouse with efficient and productive, manage warehouse with high turn-over inventory, more value with warehouse space, item replacement/ fulfillment and service ratio.
HUMAN RESOURCE INFORMATION SYSTEM (HRIS)
HRIS will improve the efficiency within the HR department. This module helps to manage man-power planning, recruitment process, employee records such as performance appraisals, skills, job descriptions, attendance, leaves, and more.
Payroll Management is one of the most significant and most commonly used modules to manage salaries, reimbursement, tax, local government policy and travel expenses with automation and paperless
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
CRM module will help you to improve marketing process, sales performance, customer service by providing good customer service and establishing good relationships with your target customers. This module will give companies ability to manage and track prospects and 360-degree view of your customer behavior, competitor tracking.
Small busines, Medium to mega-corporations alike can use Modern ERP to streamline companies’ workflows business process, digitalized operation with paperless, intelligent control, analysis, prevent risk and maintain compliance.
These following criteria can be used as parameters to indicate that it would be the right time for you to use Modern ERP system: