Enterprise Resource Planning software holds the highest-ranking and the most powerful position among the data management solutions available in the market. Certainly, because of the core properties of the ERP software to not just centralize the data platform but integrate the entire organizational infrastructure as a whole is what makes it an ideal business automation solution.
Today’s modern-age and advanced ERP systems unify and automate core business processes while regulating inventory control, optimizing purchasing practices and overall project costs, managing sales processes and customer lifecycle, and providing a trove of data insights from multiple financial and accounting sources.
However, with various ERP systems available in the market, each seemingly designed and tailored to cater to a specific industry, selecting the right ERP software solution can be a daunting task. But don’t worry; we won’t let you get lost in the sea of bells and whistles. Here’s the list of important must-have ERP features, essential for the seamless functioning of the processes in your organization.
Feature 1: Integration
Discrete information systems create confusion among employees leading to missed opportunities and cross-purpose functions. Therefore, the primary and indeed the most significant feature to look for in an ERP is a centralized view on essential business operations like finances, inventory, sales, purchase, and CRM. This data can thus be shared across all the users to render them concrete information in real-time to make insightful decisions.
Also, the right ERP software not just integrates the information but provides the users with comprehensive insights on all departments in the form of intelligent data reports. These reports then help the users to create strategic action plans and capitalize on new market opportunities.
Features 2: Flexibility and Scalability
The solution should be flexible enough to be adaptable to emerging business requirements. Flexible solutions possess a constant scope of improvement in their functionalities and ultimately, the evolution in the functioning of the organization as a whole. Also, in case of changes in the organization or its requirements, the solution need not be replaced but modified.
With flexibility, comes scalability. While you can have a fair idea of the future of your business, there would always remain some unknowns as well. A perfect ERP solution will not just understand your business requirements and your future expectations, but will also grow together with your business to conquer the objectives.
Feature 3: Remote and Mobile Accessibility
ERP systems that understand the growing need for data in hand anytime anywhere are only successful in this modern age. Cloud-based ERP solutions not just support the remote working culture but are also less expensive as compared to on-premise deployment and IT and maintenance costs. The users are able to access and share information from remote locations or can make mission-critical decisions anytime needed.
In line with the same, the fact that we all are more connected to our mobile screens as compared to laptops/desktops can’t be forgotten. Most of the c-level executives prefer looking up to the information on their mobiles to save time and to take actions with speed. Thus, an ideal ERP should provide mobile access to its database and processes. With such functionality by side, the organization can ensure that the employees are always up-to-date with the current and business-related dynamic information.
Feature 4: Compliance with Industry Regulations
Every industry has its set of rules and regulations to maintain a standard in its product delivery. Similarly, there are some finance-related standards as well specific to each country like GST, GST-returns, and other tax-related requirements in India.
In practice, it is difficult to stay updated with the changing regulations and industry standards. But, with advanced ERP systems, compliance is not an issue anymore. The ERP can handle and manage the tax-related requirements from the very beginning with each transaction that occurs via e-way billing, e-invoicing, TDS, etc. So, you don’t have to waste time and effort while filing for the tax at the end of the financial year.
Feature 5: Implementation and User Adoption
In any business, and especially in the case of startups and small businesses where one employee wears multiple hats and there are ample things to work upon simultaneously, investing days and months in installing a new ERP system in place and then understanding the complex functioning of the same is quite daunting.
Thus, the ideal ERP systems must have this essential methodology of faster implementation and it must be easy to use for users so that employees can get acquainted with the flows easily to make the most of the company’s data.
To Sum it Up
Apart from the powerful data management and business automation solution, an ERP is a huge responsibility on the organization as well. Especially, if you are a small business, you need to be extra careful while selecting the right software with suitable ERP features and functions. The ERP software while providing data-driven insights, data management, and analysis all within an integrated framework must also be compliant, easily accessible to users, and should grow as the company grows.
Also, cost being the major concern for the small businesses often holds them back from installing advanced ERP systems. Thus, the ideal ERP must be cost-effective too to cater to small businesses.
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