What Are the ERP Features You Should Know About?

Editor's Note: Take a look at our featured best practice, Enterprise Resource Planning (ERP) Implementation (156-slide PowerPoint presentation). Curated by McKinsey-trained Executives Unleash the Power of Seamless Business Operations with Our Comprehensive ERP Implementation Toolkit In the fast-paced world of business, staying ahead of the competition requires more than just ambition--it requires efficiency, integration, and [read more]

* * * *

Enterprise resource planning systems improve companies from the ground up. The ERP systems analyze all departments and show the owner where to make changes. Consultants assess the company’s current software and integrations and make recommendations. Getting the right ERP features for your organization is crucial.

ERP Offers Business Intelligence

Business intelligence lets organizations collect data from all sources and gain better insight. The data shows how customers buy products, what they buy, and how often they make those purchases. Owners get a better view of what products are most profitable and when they sell the most or fastest.

Data mining tools help business owners collect data about profits and losses. If they are overspending, the reports show where changes are possible. Business owners can get reports faster and review their financial status. Speak to a vendor to see different ERP features for your business.

Automating Mundane Processes

Mundane processes like payroll overburden on-site workers, and they don’t have to. ERP offers automation for businesses to take better control of these tasks. Setting up these automated processes allows the system to complete all calculations. The software scans the data and creates payroll checks for workers. Instead of manual timecard data collection, workers enter their work hours electronically.

The data transfers from the digital timecards to the data center where it is processed. Workers spend zero time calculating work hours, vacation pay, or medical leave. All information pools to the automated payroll system. The ERP system completes these tasks for the payroll department.

Better Ways to Analyze Your Data

Advanced data analysis shows the owner a full view of their entire organization. The owner sees information from all departments and explores areas they can improve. How each department shares data could present issues for companies. Pulling data from each department individually is time-consuming. Better practices collects the data in one data center, and company productivity improves.

Business owners don’t have time to research all data on an ongoing basis. Analysis and reporting features make everything easier and more efficient. An owner can get all the data they need to make a well-informed decision. Enterprise resource planning systems streamline data collection and analysis.

Accounting and Financial Management

Accounting and financial management are of the utmost importance to business owners. They need accurate accounting records and real-time updates. Business owners use the data to find out about their current financial status.

How a company uses its profits determines if they are overspending and need to make cuts. Overspending leads to financial difficulties, and companies cannot expand. ERP helps them plan for the future and track spending. Owners that want to generate capital for a new venture research data to find out when it’s the best time to start.

Customer Relationship Management Options

Customer relationship management options give business owners insight into their customers. The software shows them who their top customers are and what products are most appealing to them. Collecting data from CRM helps owners show their appreciation for their best customers. Data mining shows when to send email marketing materials to these customers. Businesses can offer incentives like discounts and free items when they buy products. The data helps the owner learn about their customers and build stronger relationships.

Enterprise resource planning is the fastest way to streamline and improve a company. Contact a vendor and learn more about popular ERP features.

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on ERP and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

• Top 100 in Strategy & Transformation
• Top 100 in Digital Transformation
• Top 100 in Operational Excellence
• Top 100 in Organization & Change
• Top 100 Management Consulting Frameworks

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.