What Are Some of the Extra ERP Components Commonly Available?

Aside from the six main ERP components, there are a wide range of special features and add-ons available to target more specific business needs. Here are some extra ERP features that you might consider making a part of your solution.

  • Risk Management – This tool can predict and reduce risks in your business. It may also suggest Business Continuity Plans (BCP) for emergencies and unplanned situations.
  • Marketing Resource Management (MRM) – MRM supports operations such as the alignment of people, processes and technology to support and enhance marketing efforts.
  • Sales-Order Management – Sales-order management can assist your company in managing sales orders through their entire lifecycle — from sales order generation to billing/invoicing.
  • Advanced Planning System (APS) – This tool uses data to track the costs of production for manufactured goods. It might also optimize the allocation of raw materials and capacity to balance consumer demand with the amount of warehouse space available.
  • Event Management – This solution allows the end-user to run events and hospitality programs from start-to-finish.

What Are Some of the Benefits of ERP software?

The benefits of ERP software are vast and dependent on the specific tools and modules that you use. However, there are some basic bottom-line pros that you can hope to achieve upon ERP implementation. Some of them are listed below:

  • Boost profitability – ERP software can help grow revenue in many ways. For example, your contract management tool might be able to measure the profitability of a sales contract based on the estimated level of effort and resources. Forecasting tools are also common in ERP software and can help develop useful insights as to future activity.
  • Reduce wasted time – With automation of business processes through ERP, you can reduce the amount of time that your employees spend on projects such as manually inputting receipts for expense information or inputting data to make a visualization.
  • Use manpower on different projects – The automation of business processes will also help free up employee time so that they can spend more time working on tasks that can’t be automated. Ultimately, this leads to an increase in productivity.
  • Integrate business functions to streamline workflow – The all-in-one solution of an ERP is helpful because it’s a hub for data and processes across a business. This makes it easier for employees across different departments to work collaboratively while also having an understanding of the workflow and business objectives of their peers who are on different teams.

Do Your Research

Before you get to the implementation stage, you should research the core ERP components and functions that are available from various ERP vendors. Conducting research is a lengthy and sometimes boring process, but by reading articles and talking to different vendors, you can make sure that the ERP software you implement is in it for the long haul and will effectively endure company growth.

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