ERP software's centralization of many back-office and front-office processes can sum up its value. You can customize your ERP solution with many modules. Let's say, for example, that you find a vendor who meets your needs but does not have CRM functionality in its base package. You may want to add an accessory to your system to enable these capabilities. ERP's modularity makes it a versatile tool that can be customized to suit different workflows.
These elements are usually offered as an add-on to an ERP system. This means they often come at an additional cost. Because these systems are highly customizable and configurable, it's relatively easy to add applications to out-of-the-box software via ERP implementation.
ERP appliances are designed to focus on key business processes. Every trait is unique, so companies don't need to add redundant functionality. It is important to understand the different ERP tools available to you, whether you already have one or are considering adopting one. You should also consider the functionality of the ERP software that you have chosen to integrate your appliances. This is our list of enterprise resource planning modules that top businesses value.
List of Important Modules
1. Accounting/Financial Management
These components are very popular and can be a great tool to add to your ERP program. A financial management tool that works with all departments in your company is essential because finances are the foundation of your business. Your financial management module might use sales data to calculate revenue in real-time.
A sample of an Accounting Suite.
ERP is fundamentally about information centralization and workflow. Bookkeeping tools can help you manage and aggregate money movements throughout your company. The program should allow you to see all of your company's finances, from your HR department to the marketing department. The apparatus usually includes basic features like a general ledger and accounts receivable and payable, as well as reporting and payroll.
Reports are essential for managing your finances. They can provide valuable insights through advanced data analysis and help you make better decisions. Financial statements are useful for developing budgets and keeping your executives informed about your company's financial situation. These include balance sheets, profit and loss, tax, sales, and cash flow statements.
Other standard accounting features you might want to consider include security features, multi-currency systems for global transactions, and notifications when funds fall below a specified threshold.
Most base ERP systems include financial management tools. These tools are also available in standalone accounting software.
2. Inventory Management
The inventory management ERP is closely linked to supply chain management (SCM). Sometimes, it acts as a simplified set of tools if an SCM application is not available. Even if you are not involved in manufacturing or logistics, inventory management ERP will still help you to determine how much stock you have and how much room you have for incoming inventory.
Because they can interact with many entities within your business, enterprise resource planning modules are essential. They work from purchase to final shipping notification. This tool has many benefits, including increased profit margins and efficiency as well as satisfied customers.
An ERP package's strength can be gauged based on its inventory control functionality. This is because of the extent of inventory management solutions. This apparatus should include inventory receipt processing, stock level tracking, and multi-location functionality. These features are complex and can be found in the best inventory management attribute.
These features provide businesses with a significant advantage over their competitors that far outweighs the cost of implementation.
3. Marketing Automation (MA)
MA quickly automates the marketing process, with many accessories like ROI generation, lead nurturing and demo email campaigns. This helps to retain customers and attract new patrons.
Your customers are like different toppings on a pizza. Each client brings a different flavor to your business. Treating each customer with respect will show that you care about them, no matter if they are a small family-owned business or large warehouse company. Personalized marketing emails show that you care about your customers and don't use cookie-cutter methods, which increases preservation.
A social media marketing tool may be included in marketing automation software. Social media is the future. You can use it to promote products and services. You can reach your existing clientele, bloggers, journalists, potential clients, and the general public through it while also creating new leads.
4. Customer Relationship Management (CRM)
Customers are what keep the lights on. This is why it is crucial to have functional CRM software. These software solutions will help you manage leads, customers, and sales processes. These modules provide basic CRM features such as contact lists, interaction history, and basic analytics. These core CRM features can help you provide the best product promotions to your customers based upon elements like their purchase history.
There are some advanced features available in the CRM packages that you should consider if you are looking for something more powerful. A good contact manager can make a huge difference in a company's success. They will keep a detailed record of all your leads, customers, and prospects. This information is invaluable and can be used to improve your sales and marketing efforts.
A contact manager is a key component of robust CRM systems that use ERP systems. It can collect more than email addresses and names. This characteristic might include the ability to track and record the interactions histories of customers, leads, and prospects. This gives your team context about what you have already discussed with each customer. This helps reduce repetition and improve the sales process by using historical data to target leads better.
Segmentation tools allow you to do more with customer data. You may be able to target customers by region, rather than just their location. Segmentation allows you to identify customers and allocate marketing collateral that is specific to their region. Your generic, all-encompassing advertising will not convert as well as specialized advertising.
CRM applications can help you identify your top customers and target them for cross-selling opportunities. There may be additional opportunities for sales that you didn't know existed.
Reports and dashboards are two of the most advanced CRM features. You can use dashboards to see how your sales and marketing efforts are doing, similar to financial management apps. Reporting tools allow you to identify trends and dig deeper into your data in order to make changes and improve your sales and marketing efforts.
5. Human Resources
Another accessory that covers every department is HR. This is simply because it includes all your employees. It is one of the most popular modules in ERP.
The HR software keeps track of every employee and continuously collects data from all departments. It gathers data from many locations simultaneously. This could be vacation days, in/out times, or even employee vacation days. It is easy to have duplicates or incorrect data enter your HR system because there is so much data. This software can correct this problem by sorting and analyzing information to verify that it is accurate.
ERP systems offer the advantage of allowing employees to collaborate across multiple workflows. Data must be manually shared if systems are kept apart. If you don't have an integrated HR system, reformatting might be necessary to share information that is susceptible to human error.
If your sales reps receive bonuses based on how many leads they convert to customers, your HR system will need to have CRM data in order to determine whether to give those bonuses. You could manually count each rep's leads, but who has the time? Instead, add an HR app to your ERP and you can share your CRM data. This could allow you to automatically administer the earned bonuses.
This application can be used by your management, executives, and other high-ranking officials to gain a comprehensive overview of your employees. This tool can be used to make changes to existing policies, such as loosening or increasing the severity of regulations. You could, for example, look at the overtime reports of each department and work with outliers in order to decrease this time. This could save you money.
You can also use additional ERP features and functionalities to improve your company's productivity.
SCM: Because there are many moving parts in supply chain management, it can be complicated. It is beneficial to integrate this apparatus with other parts of your system. Its typical features include logistics management, transportation management, and analytics.
Manufacturing: You will need to have production management, order management, and manufacturing accounting in place. These tools are essential for meeting your production requirements and ensuring that you can craft and assign goods to clients and vendors on time.
Professional Services Automation (PSA): PSA software helps you ensure your service is at its best with client billing, resource allocation, project management, and other accessories. You can also use this ERP suite to schedule appointments.
Distribution: You can monitor your entire supply chain, from entering a sales order to delivering a product to the client. This includes shipping and logistics, analytics, and inventory forecasting.
Product Lifecycle Management (PLM): Get a complete picture of the product's lifecycle, from its initial design phase through to when it is sent off to suppliers using proper PLM solutions. Notable tools include BOM management, computer-aided design (CAD), reporting, and product regulations.
Business Intelligence (BI): You can use BI to get a better understanding of your company's performance through requirements such as data analysis, data querying, and reporting.
Business Analytics (BA): BA and BI can be compared to ice cream and cake. They both provide analytical resources for your company but have distinct qualities. BI analyzes the past and present to improve existing operations. BA, on the contrary, analyses past and current data to prepare businesses for future operations. Its distinctive attributes include reporting and information management (OLAP), online analytical processing (OLAP), and data visualization.
Electronic Data Interchange (EDI): EDI is a way for organizations to electronically share files and other information. Valid partnerships are built by sharing information with stakeholders and business partners. Its top accessories include translation and testing, document management, transaction management, and transaction lifecycle management.
Computerized Maintenance Management System, (CMMS): A CMMS can help you manage your company's maintenance tasks and operations. It can detect parts, tools, and supplies in the business, plan work orders, and supervise various assets. It can manage vendors, time, and attendance as well as key and lock management.
There are many ERP solutions on the market today. This is a guideline to help you find the right ERP accessories for your business. As you look at different ERP vendors and programs, make sure to write down your requirements. This will help you to avoid unnecessary implementation components and ensure that you don't spend too much on solutions that won’t benefit your business.
New programs are constantly being added to the ERP market. While you won't necessarily need all the tools, it is almost certain that there are some that will be of benefit to your company. Your company's ability to combine the right ERP modules can make a significant difference in its quest for market share and revenue.
What ERP attributes are you most impressed with and why? These and other ERP modules have helped streamline your business processes. Please leave your comments below!