Best ERP System must have these 6 C’s
Best ERP system suggested for a business differs by its innovative and interesting 6 C’s (components) offered for various business requirements. So, while obtaining an ERP service from the service providers, reviewing it for its suitability and reliability with your business is a must.
ERP System – Enterprise Resource Planning software system, in general, referred as a business process management software that allows the organization to use a set of integrated applications to collect, store, manage and interpret data to enhance business development strategies.
In accordance with your requirements, we suggest you with the 6 C’s (6 main components) of Best ER you must look-out for, before choosing out..,
The 6 C’s of Best ERP System
1. The HR ERP service you are looking for must be flexible enough to handle the stream of employee management which involves onboarding, offboarding, incentive administration and timekeeping. Another incredible feature you must look out for in HR component is the payroll software. Overcoming the traditional method of direct depositing, this HR component automates payments including taxes and excluding deductions and so its a must.
2. Customer Relationship Management (CRM) is precisely the second important component of ERP service you need to eye on. As CRM functions on tracking your customer’s data, the analyzed input it gives would help you in planning to accelerate marketing and sales efforts. With the data of customer’s shopping interests and purchases, it’s easy to upsell the product according to his/their time of search for it thereby reducing irritation and resulting in a successful sale.
3. Out of all other components, Business Intelligence has become a major tool to check-in for a standard in ERP systems. Business Intelligence provides you with insights that are worth performing through its data analysis component, companies relying on such analyzed data based decisions make BI indispensable for them.
4. An efficient Supply Chain Management (SCM) optimizes both the manufacturing and distribution process based on its collection of real-time data. Useful for fixing issues spontaneously, real-time data also helps in creating an absolute in-time production plan to meet the demands.
5. Operating along with the SCM component, Inventory Management component of ERP functions on order fulfillment and stocking management in a warehouse. These functions work on multi-level serial number tracking and multiple units of stock keeping unit (SKU).
6. A Financial Management component is a kind of grid where the system saves and analyses all the data that includes payable-receivable accounts, costs, and budgets of the business. As the business process is meant to have a flow of money, FM works simultaneously with all other components of the ERP system. Providing with the detailed data of the expenditure spent on trends, FM helps in planning for better profits.
Although Best ERP systems available in the market aren’t much different comparatively, you still might require specific components or might have to defy the existing ones based on your business objectives.
So, keeping the business models and objectives in mind undergo a research on the components and features your ERP system must have or you’ll have to end up replacing a new ERP software sooner than you planned to. Just remember that these 6 components should be your primary requirements to rate it as Best ERP System and the rest would follow in accordance with the business requirements.