Enterprise Resource Planning Basics
What exactly is ERP?
Enterprise Resource Planning (ERP), in software terms, is an application that integrates the core business processes of a company into one accessible system.
What are the main features of an ERP system?
Although different ERP companies offer some varying features, almost all ERP systems have a number of key modules. These include the following:
- Human Resource Management: Manages all HR processes within the company, including maintaining an employee database, marking attendance and exit times, processing leaves, and managing payrolls.
- Accounting and Finance: Automates the financial operations of the business
- Customer Relationship Management: Stores customer information and all data related to company-client interactions to build lasting relationships with customers.
- Procurement and Inventory Management: Manages purchases and inventory
Which is the best ERP company?
There are perhaps hundreds of ERP companies, all promising to provide the best system. But is there really one system or company that is the best?
In my opinion, there is not. There is no single ERP software that is the best for every single company. Every business has different needs, and no one ERP can fulfill the requirements for each of them. Therefore, the safest strategy when looking for an ERP is to explore ERP companies that offer customization.
Does my business need ERP?
If you have a small or midsize business, it is likely that you will need ERP sooner or later. Although you may currently feel that your company is doing just fine without ERP software, as your business grows, you will need an application to manage and automate your business processes. In addition, if your current business process is inefficient or too time-consuming, or you’ve outgrown the existing software, it is time to install an ERP system.
Enterprise Resource Planning software automates and integrates all core processes of a business. There is a wide range of ERP programs out there, but it is difficult to declare one the best as each business has different ERP requirements. If your business is growing and your core processes are no longer being carried out efficiently, it may be time for you to consider getting an ERP system.