ERP Software: Overview, Benefits and Factors to consider before choosing an ERP


  10 July, 2021          1008     Jakir Hossain


What is an ERP Software?

Enterprise Resource Planning (ERP) software is known as the most appealing business or organizational management software nowadays. ERP software is a suite of applications that manage core business processes, such as sales, purchasing, accounting, human resources, customer support, HRM, CRM, and inventory. It’s a sophisticated integrated system as opposed to individual software developed for specific business processes. ERP software packages have been increasingly gaining popularity among businesses, both big and small, owing to its centralized system to business processes.

Why use ERP software?

It accelerates efficiency: Many business processes are integrated like accounting, sales, marketing, production, and inventory in one ERP platform. This is how data sharing and access become easier and this will ultimately streamline cross-departmental workflows. Likewise, ERP automates day-to-day tasks, like entering data or generating reports. Repetitive processes are eliminated, freeing teams to focus on priorities.

ERP also facilitates managers to get an instant look-up on companies' ongoing status.

It promotes collaboration: ERP breaks down the wall between various departments and this results in avoiding data silos in business farms. Smooth data flow exactly helps employees concentrate on core tasks.

It increases data security: ERP solutions have security guarantee because it has restrictions and firewalls which control to guard against data breach. Rules stating Users Permission give the admins the flexibility to lock-in sensitive and important data without limiting user access to other information.

It helps to win the race: With the many solutions of ERP software, ERP helps in seeing the visible improvement of your business process. Implementing a successful ERP will help you stand out from the crowd.

It facilitates forecasting: ERP software facilitates a company’s higher management to think about possible future organizational scenarios and designing a sophisticated plan based on those. This ultimately helps a company to set a target in front of company executives and employees.

It keeps you updated: Since ERP reveals the company’s ups and downs, so company authorities can update the existing system to adjust to changed business strategies. 

It improved operational flexibility:  SoftRithm ERP helps to improve operational flexibility. Due to massive business competition now a day, it needs to add new strategies, planning, regulations. This change will lead to add or update modules in the existing system. It’s nice to say that one can easily add a new module to existing rather than for purchasing a new software.

It minimizes cost: Based on ERP execution we can retrieve easily information on disruptions, delays, and ineffectiveness. This will help management to justify employee performance.

 

** Key modules of a smart ERP software

A smar ERP system should cover all the key business processes and consists of the following modules:

  •  HRM: This module is built-in with all standard features for effective Human Resource Management. Time tracker, timesheets, employee’s database, promotion and increment, job hiring and joining, periodic basis action plan, performance review, and payroll are some of the common features of this module.
  • Financial Management: Proper planning on inflow and outflow is the core of financial management and SoftRithm ERP manages this inflow and outflow. This includes accounting and finance transactions like expenditures, general ledger, balance sheet, tax management, bank reconciliation, and payment. This module also produces financial reports for different departments or business units.
  • Sales and Marketing: The module handles sales workflows like sales inquiries, quotations, sales orders and sales invoices.
  • CRM: CRM module is designed to boost up customer service. Better customer services will eventually generate more profit for businesses. It manages leads, opportunities, and customer issues. Our ERP uses a customer's 360-degree profile which enables the collection of all customer data in one place. This mechanism serves to gather all past purchasing history of customers and social media reactions of a customer. In our ERP mechanism, the CRM module is closely integrated with the sale mode for quick conversion.
  • Manufacturing: This module increases the efficiency of the manufacturing unit by ensuring dynamic management in the area of product planning, materials sourcing, daily production monitoring, and product forecasting. The key functionality of these modules is a bill of material, production scheduling, shop floor control, and distribution planning.
  • SCM: Supply chain management covers key aspects of supply chain which also includes purchase order management. It manages product flow starting from production and selling to customers.
  • Inventory Management: It is also called the material management module. It helps to measure stock targets and other inventory goals. Using the serial number in the product helps to track and locate the product in the organization. This module is integrated with the purchase module.

 

Types of ERP in SoftRithm:

SoftRithm develops almost all sorts of ERPs. Due to changing business and technological trends, it’s difficult to specify types. Yet below are some major categories of SoftRithm ERP.

  • SoftRithm University ERP (SUERP): The University ERP or University Management Software is divided into various modules to meet the requirements of each and every department, section, or concerned parties. It facilitates automation solutions to digitize administrative operations such as monitoring attendance of students and staff, admission and enrolment processes, course allotments, fees payment and collection, exam seat planning, payroll management, time-table creation, accreditation procedures, and many more.
  • SoftRithm Madrassa Management System (SMM): it is a perfect application to maintain your students in madrasa. it creates results, attendance sheets, student cards, student registration, student promotion, sessions and batches, student reporting, student history, exam results, SMS, and mailing system. It is designed to serve all stakeholders of Madrassa. SMM will facilitate Teachers to manage their notes and course material, managing assignments, communication with students, and many more.
  • SoftRithm Business ERP (SBERP):  This is an upcoming product of SoftRithm IT Limited. SBERP is aimed to accelerate every part of your business, including procurement, production, sales, and customer service. You'll gain better insight into how your business is performing compared to other competitors. SBERP offers secure cloud and mobile access to business information and streamlines managing your business.

Before Choosing an ERP!!!

  1. Your ERP Selection should meet the need of your organization: Before starting the ERP selection process, it is a good idea to analyze the business processes correctly and identify the areas that you justify as incomplete or that are needed to be improved. 
  2. Plan an effective budget: Since ERP software is a big investment for organizations, you should be as tactful as possible in your budget plan. You may realize that the most expensive one is the best one when you make any purchase and you can make your choice in this direction. However, this traditional view should be avoided to choose the most expensive one, but as we said in our first tip, choose the system for which you can obtain the most for your business.
  3. Choose a Flexible ERP for Your Future: Now a day’s business processes and technologies are getting rapid changes. Adaptability with the upcoming adventures and challenge can streamline your business to an apex position. You should acknowledge that ERP is a living structure. Your system needs to grow as your business grows. So before making your choice, justify that ERP is flexible enough and developable software.
  4. Choose the right Implementation Partner: ERP selection is the first step to the path of digital transformation. After this first stage, you have to run a long walk and face various types of obstacles. In this stage, you will require sufficient support from the ERP development team to overcome those obstacles.
  5. User friendliness: Target customers of users should feel comfortable using the ERP. For this, it should have a good user interface and well mobile access. Especially the quality, speed, and security depend on the use of better programming options. So, the developing team should work with the best combinations for ensuring users satisfaction.   


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