Top 5 ERP modules to go for in 2020
Growing businesses always find it hard to keep track of every activity of every department regularly. As the business starts growing, every interaction and operation becomes important to the overall growth, sustainability, and goodwill of the business.
Be it production, supply chain, finances, customer relationship management, HR, or other organizational activities, deploying reliable enterprise resource planning (ERP) software will be of great help.
There are many options available in the market when it comes to ERP. However, finding a perfect ERP solution provider is not enough. The solution that you choose has to have certain features or modules that can help your organization grow and sustain in the market. However, in case you are wondering which modules to look for in the software, here is a list of five modules that every ERP system must-have.
Financial Management
Business runs on finances, and every activity has to be supported with the right fiance as and when needed. Management of such finances is hence important. Choosing an ERP system with a financial management module will help the management to track your finances. Business runs intending to earn profits to do better and serve better to the customers. ERP software allows you to see how much money is coming into the business and how much is going out of it.
A reliable finance module will keep track of every penny in real-time and concerned departments, and officials will be informed or updated on the flow of finance. Hence, if the incoming flow of the money is more than the outgoing flow of money, you know that the business is going well and vice versa.
With a finance ERP system, you get to see the whole financial fabric of your business on one dashboard, be it profit and loss statement, accounts receivable/payable, balance sheet, ledgers, everything will be accessible readily, 24*7 with all the real-time updates.
Make sure your ERP system deals in multiple currencies. If you are an MNC, it will be crucial to you.
Inventory Management
If you are a company that these products are good, you need to know how much stock you have at any given point in time. The ERP will let you know how much stock is available, how much is due to arrive, how much due to leave for the market, etc. This way, you can make space for the required/upcoming inventory. An end-to-end Inventory management cycle can be tracked and monitored with an inventory module.
Right from the procurement of the inventory to sending to the market to fulfill the demands, everything can be monitored and managed with ERP. Having the right type of inventory, in the right amount, at the right time and place leads to positive customer relations too.
The ERP will help in tracking stock levels, warehouse management, processing inventory receipts.
Supply Chain Management
Another ERP module to look for is supply chain management. This module will allow you to have a real-time update on every supply chain management stage. Outdated or delayed updates on the operations lead to wrong decisions. With real-time updates, issues can be resolved before they become severe. With ERP, every data can be death with a single dashboard having 24*7 access.
Customer Relationship Management (CRM)
A robust CRM module is vital for the sales and marketing team. You’re after-sales services mainly depend on the customer data you have.
Talking about the sales CRM module helps is handling the sales funnel better as you can track customers, their purchasing behavior, past purchases, interests, purchase requests, etc. This way, managing leads becomes easier and simpler. A perfect CRM would assign points or scores to the leads according to which you can decide the sales approach or intensity.
For example, all the hot leads can be approached personally via meetings or phone calls; on the other hand, cold leads can be approached through emails. All these actions and approaches can be updated in the CRM for future references. The interaction history maintained in the system will allow for a more personalized or customized approach, which will help in the easy conversion of leads.
Apart from understanding the customers, the CRM module will also help you understand how your sales officials are dealing with the leads. In case of any lacking in their performance, proper and appropriate training can be given. CRM also allows you to categorize customer base on the lines of geography.
Human Resources
Last but not least is the HR module. You can collect every information about the employees of the company/freelancers associated with the company/contractors and others, spread across the geography. This information is made available to the HR department at any time and is easily shareable too. Every factor related to the employee or service provider hired by the company like name, address, bank details, date of joining, work done, bonuses, etc. is easily available for access and analysis. Plus, policy changes and notifications can be shared with the concerned teams easily.
If you are a smart business that is in search of efficiency and growth, ERP is the product for you. Make sure your ERP has all the above-mentioned modules that can offer you better performance and results.
