Is it possible to even come up with top ERP features across industries? Are ERP implementations not specific to industry groups and need extensive customisations. This is probably true, however a recent study has compiled data across industries and come up with a list of features across sectors.
These features are classified in five categories namely accounting & finance, operations, sales, human resources and non departmental(features used across departments).
In today’s digitized business world, new software programs and applications are launched everyday that aim to help companies run more efficiently. In order to stay competitive, businesses now have access to a plethora of ERP solutions that they can choose from and implement into their operations.
These programs automate many of the processes in a company, making it easier for managers to oversee and control spending. Here we look at the top features you should look for when selecting an ERP for your business.
ERP Features for Core Business
An ERP system is a software solution that acts as a digital assistant for businesses. It collects data and helps greatly by automating various processes such as accounts payable, inventory management, payroll, financial reporting and even human resource management.
Furthermore, these systems are designed to help managers build and implement a strategic business plan, track and analyze key performance indicators, and allocate resources effectively. Since companies now have less time to manage their operations, having an ERP solution in place will help them stay focused and save time.
What Features Should You Look For In an ERP?
Now that you know what makes an ERP system so useful, it’s time to look at what makes one stand out from the rest. When it comes to selecting a good ERP solution, businesses tend to focus on specific features that provide value. So, how can you identify the most important ones?
First and foremost, you should think about how your company’s processes are tied to your financials. If money is at the core of your business, then you should consider investing in an ERP system that can help you track and control expenses more efficiently.
Now, you also need to consider how your organization’s data is tied together. There are ERP systems that help companies manage data across multiple platforms, including the cloud. Furthermore, you need to think about how your team is currently structured and function.
Does your organization rely on various departments or functions to operate? If so, you might want to look at an ERP system that includes functionalities that support these teams.
Integration & Automation
The main reason you should invest in an ERP system is to streamline business operations. It can help your company control costs and reduce administrative overhead, while also reducing the risk of fraud. Furthermore, it can help your business operate more efficiently and effectively, which is especially helpful for today’s busy managers.
Finally, having an ERP system in place can help your company gain a competitive advantage. In a highly competitive industry landscape, businesses that have managed to implement an ERP system have an advantage over their competitors.
The Top ERP Features Based on a Survey
Now that you understand what makes a good ERP system, let’s explore the top features based on a recent survey conducted by Spend Matters and Intuit. Furthermore, you can see where these features are most important for companies.
Data integration allows companies to connect all of their data sources and automate business processes. By doing so, managers can gain a more complete view of the company’s performance, while also reducing the risk of fraud.
Functionality across platforms
Users want functionality across all their platforms, including the cloud. By providing this capability, ERP systems can help businesses more easily manage their operations.
Support for multiple departments – Many companies want to integrate their financials with other functions within the company, like marketing and sales. To do so, they need an ERP system that allows for team reporting.
Companies that want to stay compliant with regulations and industry standards have a number of options. With an ERP system, you can help your company comply with government standards. Another way to help your business comply with regulations is to implement automation features related to financial reporting, and tax regulations as per law of the land.
These features can help you clean and organize your data, helping you avoid human errors. It can reduce the costs associated with running your company, an ERP system can help you track and control expenses. By automating these processes, you can help to reduce the risk of fraud and increase profitability.
Many managers are now turning to ERP systems to make their operations more efficient and risk-free. These systems can help to automate many of the day-to-day processes, such as accounts payable and financial reporting, while also providing a complete view of the company’s performance.
Moreover, they allow managers to stay focused by automating the risk of fraud while also reducing the costs associated with running their business. With so many benefits and an array of options, it can be difficult to choose the best solution for your organization. By understanding the top features you should look for in an ERP system, you can make sure you choose the best option for your business.
Kreyon’s ERP implementation helps you streamline business tasks & operations by cutting costs, and saving valuable time. It integrates processes into one single system, providing real-time data so businesses can make informed decisions to manage complexity and grow their business.