Custom ERP software platform is a part of enterprise technology that transforms your business, its operations and bottom line by promoting better productivity and making a way for new chances. A custom developed ERP system can include every feature that your business needs and this makes it a great investment for your company. It helps enterprises to use integrated solutions for business management and to automate specific department processes of an organization. Using ERP software, you can collect, store, manage and also interpret data from multiple business units. After getting organization’s shared transactional data from different sources, ERP systems eliminate data duplication and provide data integrity with “single source of truth”.
Previously ERP software was designed for just inventory management. But these days, ERP systems are used to automate back-office tasks and streamline cross-departmental workflows. When streamlined, ERP systems can drive productivity, lower costs and increase profitability. In this modern world, ERP systems are critical to manage a large number of businesses, of all sizes, and in all industries. There are a lot of features of ERP in the market and also more when you consider modules and apps for a industry specific system. Let us see some common features of ERP software.
Top 9 ERP Software Features For Your Business-
The ERP software organizations seamlessly integrate into your current infrastructure, that basically improves your all process from data collection and analyzes the complex manufacturing and customer management task. There is no denying the integration issues that go with many ERP deployments, regardless of whether you are migrating legacy data into the ERP system or adding the third party application to an existing one. It helps you to streamline complete workflow and so improves productivity and efficiency. Each business works in a different way and so there may be a some extra supporting custom software solutions which need to incorporate with ERP software.
2. Financial Management-
A well-built ERP software system will often include a financial management portal. It stores, monitors and analyzes all financial data such s accounts payable, account receivable, costs, budgets and forecasts. It helps to reveal the insights into spending so that you can analyze profit trends and times of unusual high spending. You would then be able to effectively utilize that information by changing whatever cycles are causing lower benefits or high spend, so you can amplify your benefits while decreasing expenses. You can use this data to change the processes that are causing lower profits or high spend, and after change maximize profits while reducing costs. Financial management also helps to lower costs, improve cash flow and profitability by maintaining proper reporting. ERP software having strong financial features should ensure organizations meet financial reporting and tax requirements with a single accounting, banking and payment system.
3. Customer Relationship Management (CRM)-
A CRM is the most useful tool to manage your customers and sales process, and this makes it an important part of your ERP software platform. CRM platform deals with some form of sales and used to track and manage interactions with clients or customers- from customer accounts management and sales pipeline tracking, sales analytics, inventory management, online or point of sale portal.
4. Marketing and Sales-
This component handles sales workflows such as sales inquiries, quotations, sales order, sales invoices etc. Also, advanced ERP features taxation rules and shipping tracker. CRM module and sales combinely work to improve sales cycle and get more profits for the company. You couldn’t manually calculate profit ratios and sales margins of your business, but using proper ERP system, you can automate tracking and efficiently get the data that you need. Having the option to access synchronized reports that detail key business metrics can be amazingly useful. These metrics can make you aware of changes that need to be with your business to cultivate more growth.
5. Third-Party Interoperability-
Most of the organizations need to increase bolt on additional system to satisfy the unique aspects of their business that are not addressed by their ERP system. For instance, for accounting activities, financial institutions may depend on specific ERP solution, but to process the claims of human resource management, it may turn into third-party applications. Having one data warehouse meaning that restrict the points tightly to monitory and secure customers ERP solutions. Due to this, companies must query about a particular ERP system’s degree of interoperability to avoid integration problems.
6. Flexibility And Mobility-
These days we all uses mobile for different purposes and similarly employees access data and workflows with their own devices so an ERP should have a mobile version. A mobile friendly ERP dashboard provides seamless access and give you an opportunity to see how business is performing at a specific point.
7. Human Resources Functionalities-
Tools related to HR management are very helpful ERP software features. You can keep track of employee data, onboarding and offboarding resources, employee-related documents, bookkeeping, timekeeping, benefits management with a custom ERP software platform. You can integrate ERP system with third-party HR tools to suit your unique needs. Also, all these HR tools can be kept within the same framework that different divisions of your organization are utilizing. This consistency allows for greater connectivity, solid cohesiveness and improved usability.
8. Business intelligence (BI) Reports-
BI tools are important to get a 360 degree view of business. It allows company to turn its accumulated information into actionable acumen so as to analyze company performance and make better decisions. Business intelligence includes tools that extends its ability to download a report to a spreadsheet where it can be parsed and analyzed. Modern BI tools lets you move data needed to be written directly to the same spreadsheet. Some tools include dashboards where executives can view the condition of their interests in real time and can rapidly make changes to keep the business on track.
9. Communication And Messaging-
To allow the efficient flow of information throughout the organization, a good ERP system should include user-friendly and secured communication and messaging capabilities. Some companies may require different communications platforms, from a mobile-friendly messaging platform with full encryption and security, to a video conferencing platform with military-grade security. Whatever your needs, centralizing your communications into a single platform will improve efficiency and productivity. Your ERP software development team can also arrange for full integration with mission-critical enterprise mobile apps or indispensable third-party platforms.
You must choose an ERP solution that has a solid but flexible infrastructure and will be strong enough and lean enough to streamline business processes. The above mentioned features will help you to choose the best ERP system for your business. If you are still confused to choose features for your ERP system, consult with Solace experts. We are here to help you through custom ERP system development with our skilled developers. You can hire PHP developers of the Solace team to develop the best ERP system. Connect with Solace and get a free quote for ERP system development. We will be happy to help you.