An efficient ERP system is integrated with all the modules that is required to run all your business processes and consists smoothly and flawlessly. In the following article we have tried to shed light on the functioning of some of the prime modules in an ERP system and how it works with your business process.
An efficient ERP system is integrated with all the modules that is required to run all your business processes and consists smoothly and flawlessly. In the following article we have tried to shed light on the functioning of some of the prime modules in an ERP system and how it works with your business process.
Financial management: As all the financial matters of an organization is managed through this module, this can be considered as the heart of an ERP solution. This module manages your capital inflow and outflow. It covers standard Accounting and Finance transactions like expenditures, general ledger, balance sheet, bank reconciliation, tax management, and payments. This also generates financial reports for different departments and business units.
Purchase module: Purchase module is one of the important modules in an ERP system and has been effectively integrated with inventory control and production planning modules.
This module plays an important role in streamlining purchase and process cycles and does automatic posting of purchase requisitions. Following are some of the key functions of purchase module.
For the smooth functioning of any industry it is very important for the materials to be readily available for processing. Purchase Management takes care of this task easily by providing the right quality material at required quantity at the time of process. Purchase order which functions very orderly manner takes care of quality material on a cost=effective basis.
All purchasing and subcontracting activities such as inviting quotations, supplier evaluation, placing purchase-order, order scheduling and billing are managed by purchase management system.
Inventory management: Inventory management module also can be termed as material management module as this module helps check stock targets, standardize replenishments, and other inventory goals. It uses product serial numbers to track and locate items in an organization. Like we said it above this module is closely integrated with the Purchase module.
CRM (Customer Relationship Management): As customer being the God of any business, this module can be considered for their worship. The meaning is simple, everything and anything that matters to the customer can be managed through an effective CRM module that is intelligently being integrated with sales and marketing modules. CRM module provides the tools to help maintain customer and supplier relationships. CRM module in a ERP software captures, manages and tracks the details of every customer, partner and vendor interaction in a very effective manner. As this module being integrated with other modules it eliminates duplicate and do lot of time on manual data entries.
HRMS (Human Resource Management System): Though HRMS can be used as an entirely separate software application for the management of human resource, this functionality has been included in the ERP software as a module to facilitate to manage the work force of an organization in an effective method. The module is used to for time tracker, timesheet, and database for employee records, job profiles, and skills matrix etc. The module is useful when it comes checking of the performance reviews of employees and their payroll system. HRM module is intelligently integrated with financial management module that enable management of wages, travel allowance and other financially connected matters with the employees. The next-gen ERP solutions include employee training feature also in this module.
The above mentioned modules contain only the basic functions of an ERP system. The latest next-gen ERP system in the market comes with more advanced modules that have been developed and integrated with its related modules as per each industry best practices and requirement. We will be coming out more informative article on each industry verticals and its advanced ERP modules that will make all your complex business process simple and easy with a genuine return on your investment on ERP.
