Enterprise Resource Planning
Enterprise Resource Planning, or ERP, is an integrated software system designed to assist businesses in organizing multiple elements accounting, inventory, human resources and consumer relations among others of business activities more effectively and centralizedly. ERP serves to promote resource sharing between departments while streamlining day-to-day operations for enhanced productivity.
Impact of ERP
ERP can immensely affect every aspect of a company increasing operational efficiencies, decreasing manual errors, speeding financial processes faster, providing real-time data insights for decision-making purposes, increasing customer satisfaction ratings and providing safe data storage systems. ERPs are especially helpful in businesses that employ multiple departments like production, sales or transportation.
Capabilities of Enterprise Resource Planning (ERP)
Analytics and Reporting
An ERP system’s analytics and reporting features empower users to visualize data, gain insights from it and make data driven decisions.
Customer Relationship Management
CRM, within Enterprise Resource Planning (ERP) software applications, refers to the practice of overseeing relationships between an organization and its consumers.
Human Resources Management
HR management software automates and simplifies workforce data and processes relating to employees.
Visibility and Tracking
Visibility and tracking capabilities in ERP involve being able to monitor and trace progress of any given task at any point in time, informing all involved parties such as customers, suppliers and others as necessary.
Accounting and Finance
Finance and accounting in ERP refer to an integrated set of applications that automates and simplifies back-office activities.
Supply Chain Management
SCM refers to the practice of overseeing multiple supply chain areas within an organization and managing, planning and orchestrating their transport .
Future Scope of Enterprise Resource Planning (ERP)
Enterprise Resource Planning has a huge range of uses. From project administration to customer relationship management, ERP continues to play an crucial role for fields of all types and sizes in all companies. In particular, ERP has proven invaluable as businesses migrate towards cloud technology which opens up further capabilities like process automation, big data and analytics. It remains valuable today despite rapid technological change!!
