To achieve a successful business, your organization must invest in an Enterprise Resource Planning (ERP) software to help you manage your business’ day to day activities. These activities include financial management, risk management, human resources, and other critical business aspects. This is why it is essential to select ERP software with competitive features where your business can gain a lot of benefits.
However, what are the key features of ERP software? This article will help you determine what to look for when selecting ERP software for your business.
Let’s now take a look at 7 key features you should be aware of to select the best ERP software for your business.
1. Project Management
A modern ERP software that provides features for billing, invoicing, costing, time tracking, expense tracking, and progress monitoring allows you to create, plan, schedule quickly, and execute successful business projects. A modern ERP software’s project management feature enables businesses to facilitate a strategic plan to help you complete vital tasks and other relevant activities.
When selecting the best modern ERP software for your business, you should make sure that it is equipped with features that allow you to increase your productivity. You can only achieve this with the help of automation. Eliminate redundant and time-consuming tasks by automating them instead.
Moreover, you can automate day-to-day business activities and manage these processes efficiently. By automating business processes and activities, you can reduce the chance of obtaining inaccurate data and human errors. Not only that, but employees can focus on complex tasks and leave the least critical ones to the system. A modern ERP software should help you increase business productivity and simplify processes to help your entire organization.
Also, this key feature is one of the advantages of ERP software, so make sure to consider this feature when selecting the software for your business. On a different note, a study from Statista predicts that the business software market, which includes ERP software, will grow consistently worldwide and reach a market revenue of around $95.4 billion by 2021.
3. Forecast And Tracking
You must select a modern ERP software such as Crest ERP that makes it easier to track revenue, order, inventory, and other crucial sales and forecasting processes. By consistently following these activities, you can develop a reliable forecast of your business’s revenue. Besides, with the help of sales forecasting, you can determine your business’s direction and identify whether the goals you set are met or if you are behind your target budget.
4. Compliance Maintenance
With all the business activities you must attend to, staying up to date with regulations must be hard for you. But, with the help of a modern ERP software, staying up to date with compliance obligations is much more comfortable.
This key feature of modern ERP functions by automatically updating your system whenever there are specific changes in regulations. Complying with such regulations and laws are essential to ensure that your business is following a set of standardized processes.
5. Financial Management
One of the importance of ERP software is that it manages your financial activities. A lot of business owners find this key feature to be very beneficial since they can obtain accurate financial data and automate routines and processes.
Besides, financial management takes care of repetitive accounting processes and financial reports. These include budget creation and allocation, accounts payable and receivable, cash flow analysis, assets management, performance management, and many more
6. Human Capital Management And Customer Relationships
Also known as human resources, good modern ERP software should offer functionalities in this area that can help you improve employee lifecycle. It can provide tools to minimize the burden of HR teams when hiring, managing payrolls, training new staff, attendance tracking, performance management, and other crucial tasks. This allows them to easily manage their workforce and help each employee to enhance their performance.
Moreover, if employee performance is enhanced, they are more likely to deliver quality service to the customer. Then, you can strengthen customer relationships by consistently meeting their demands and providing their needs on time. Through this, you can gain the trust of your customer and increase customer service satisfaction.
7. Supply Management
A modern ERP software must include features that support supply and inventory management, order management, return management, and supply chain planning to track workflows and monitor supply chain activities effectively. This allows businesses to manage supply chain operations and distribution processes easily.
On the other hand, here is an article to learn more about inventory management and meeting customer demands.
Essential Features Of A Modern ERP Software
Remember that an excellent modern ERP software can be more accessible if it is a cloud-based platform. Also, it can increase your production by automating business activities, financial management operations, and providing real-time information. Not only that, but it should also help you with regards to compliance, improving HR and customer relationships, and managing supply chains. Learn more about ERP here.
When selecting a modern ERP software, remember the key features mentioned above to ensure that the system you choose is worth the investment. These modern ERP concepts are essential to ensure that your business is well-managed and can reach the success that you are aiming for.