Enterprise Resource Planning better known as ERP is a software package that integrates seamlessly with the company's functions and operations so as to provide enhanced and timely information via shared data stores. An ERP package is a great enhancement for the companies as it has numerous advantages, some of which are:
o It streamlines work-flows.
o Helps to provide better customer service.
o Provides real-time statistics into raw material availability, sales patterns and cash flow.
o Ensures swift processing of information thereby reducing the paperwork.
http://iamcorporatemunim.weebly.com/blog/tips-about-erp-solution is quite suitable for global operations as it includes local as well as international attributes required for a global business.
In short, an ERP system can help to boost the productivity levels thereby increasing profits, both tangible and intangible.
Like every other thing, ERP too has some drawbacks. With levels of configuration and intricate interfaces, ERP implementation takes both time & money and can significantly affect the company's working environment. However, the advantages of ERP software always outnumber the drawbacks and have become a kind of necessity for manufacturing industry, transport sector and distribution & retail stores.
In order to implement ERP solutions, companies should search thoroughly for the options and weigh them according to the features and capabilities. Most important of them are:
1. Financial Management - Owing to the fact that companies are constantly under the scrutiny of financial regulatory bodies, a sound financial administration is an essential component of an ERP solution. A financial management module offers several benefits. It ensures that companies adhere to financial reporting and tax requirements. Also, managers can boost financial performance with real-time tracking of expenses by improving cash flows and mai