Top 5 ERP Modules to look for in 2020

3 min read

An Enterprise Resource Planning (ERP) system can help handle anything, whether it is CRM, accounting, supply chain, inventory management, human resources, or marketing. Although it is challenging to decide on an ERP solution, owing to the alternatives available in the market but it is not challenging to locate an ERP provider. The top five ERP modules have been listed below to evaluate and use the best ERP system. 

Financial Management 

ERP systems modules for financial management are beneficial for a rapidly growing business, which requires resource planning. Users are able to monitor the expenses by utilizing a financial planning module. A successful accounting program involves partnering with a growing team to keep track of all the money that comes in and goes out. The software will keep the information monitored in real-time, which ensures that users will provide updated sales details as soon as a transaction passes or a cost is charged.

In simple terms, users collect and control capital flow across the company. The whole financial history of the company will be available in the application one chooses. These would contain the general ledger, payables, and receivable records. Users would ensure that the module has protection functionality, as much as a banking application. They would not want hackers to have exposure to financial records. 

Finally, choosing the best ERP systems that helps set up warnings in the financial management module is also essential. The module will alert everyone when revenues sink below a certain amount such that businesses can take steps promptly, whether it is stopping ad promotions or redistributing funds.

Inventory Management 

The fundamental concept of inventory management is that at any given moment, users will realize how much stock they have. It is not limited to reviewing data and executing a request. This information is also needed to allocate space for inbound inventories correctly. Therefore inventory management systems are useful by ERP systems. 

The appropriate module for inventory management communicates with different levels in the company and the manufacturing sector. It covers from a vendor’s original purchase of the product to actual delivery after buying. An Inventory Management module will help users maximize income.  

Permanent clients shape the foundation of every productive company. If businesses have poor product handling abilities, there are possibilities of people requesting to have it out of storage or registered in the system improperly. When this occurs, they are likely to take their business to another place. Bringing in fresh clients may be up to ten times more costly than hanging onto current ones. Efficiency encourages repeat buyers, and this is one of the explanations that the inventory management module is such a powerful tool. Some specific features of an inventory control module include stock monitoring rates, printing receipts for all inventories, and multi-location warehouse management 

Supply Chain Management 

Another top module that companies should be looking for is supply chain management in ERP systems. The supply chain includes a huge amount of moving parts, and thus customized ERP systems are a better way to handle them. 

The opportunity to send real-time data is one of the essential things a supply chain management module requires to provide. Users can make choices based on the updated details available. The supply chain management module will provide a clear understanding of how long an item would take to manufacture, as well as assist in predicting demand. The module helps users fulfill the client’s expectations.  

Customer Relationship Management (CRM) 

A powerful module for customer relationship management (CRM) is the foundation of an effective sales department. Regular monitoring of the clients, revenue, and leads is an easy matter with the correct choice of CRM. Any CRM allocate lead point values to decide whether they are cold, warm, or hot. Users must be able to program marketing efforts based on these values. Hot leads, for example, will receive a contact phone call once per week, while cold leads can receive emails to evaluate interest once in a quarter.  

In fact, every customer or lead profile will contain a history of experiences. This data helps any consumer to provide a more tailored approach to sales.  

From a sales management point of view, CRM modules provide users the ability to track each sales representative’s progress and set their personal objectives and targets. It helps leaders keep the members responsible in a management- and HR-friendly manner that is both clearly defined and available. An excellent functionality of a CRM module is segmentation. This function will display where the customers are based out, segmented by country.  

Additionally, users can use the analytics collected through the CRM module to assess advertising. Users should bring together all the leads that came from a single ad community and calculate the average degree of that outreach conversion. This allows optimizing the marketing expenditure and removing any unsuccessful or unnecessary measures. 

Human Resources 

Human resources (HR) are an integral aspect of every organization and should be handled in ERP system architecture with all this critical research. The HR module that users select will be an enterprise-wide program that reaches every division. 

An HR module lets managers collect data regarding each employee at the same time, even if people are operating in various places. Some common HR activities that can be replaced by automation via an ERP software module involve monitoring vacation days or timesheets or analyzing attempts to coach or disciplinary actions. The HR module can also monitor incentives by leveraging a CRM module to collect revenue and reward info. A strong HR module, however, maintains a track of policy adjustments and how they are conveyed to staff to avoid any misunderstanding. 

In Conclusion 

Businesses should focus on how ERP they choose to boost their performance and profitability. Companies need to work efficiently while searching for enterprise resource planning tools and make sure that the provider delivers the top five ERP modules.  

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