Applications specialized for particular business operations are known as ERP modules. Each module includes a specific set of tools that are used for certain tasks and objectives. You may run your business more effectively with the use of ERP modules.
Various ERP modules may be added to the system to tailor the solution for your company further. Hence, it is crucial to take into account the kinds of modules your company needs while deploying ERP software.
If you want to build a resilient enterprise, you must select the right ERP module for smooth business operations. This article will introduce the five most common ERP modules ideal for building a flexible enterprise.
How ERP Modules Help a Business?
Before discussing the best ERP modules, here we briefly describe how ERP modules help in the smooth management of your business.
So ERP modules make it possible to meet a business’s changing needs. Only modules pertinent to a company’s business framework, management, and major challenges are available for purchase. The company can incorporate ERP modules to satisfy new demands when it develops.
The benefit of modular ERP software is noteworthy. This allows you to incorporate functionalities while keeping the same structure. You don’t require a new ERP system.
5 Most Common ERP Modules to Build a Resilient Enterprise
1.Financial Management Module
You can incorporate useful features of modules like Financial Management into your ERP system. An excellent Financial Management ERP application will operate with every division of your company because finance is the foundation of an organization.
ERP’s fundamental goal is the centralization of workflow. Financial tools can be used to gather money and control how it flows through your business.
You can view your company’s financial data in a single module, including information from the marketing and human resources departments. At the most fundamental level, it has functions like a general ledger, accounts payable as well as accounts receivable.
2. Warehouse Management Module
The global Warehouse Management System market size is expected to grow from USD 2.8 billion in 2021 to USD 6.1 billion by 2026 at a CAGR of 16.7% from 2021 to 2026
Warehouse Management System aims to simplify day-to-day warehousing operations, improve inventory accuracy and provide real-time visibility into warehousing activities. The warehouse management module can support different picking strategies like batch picking, wave picking and zone picking depending on which is most efficient for a given business, and some modules can show employees the most efficient pick path.
When the warehouse management module is integrated with inventory management and order management applications, employees can quickly find the right products and get shipments out the door quickly. Faster delivery ultimately increases customer satisfaction.
Having Warehouse Management Module in your ERP system, enhances business operations by connecting your whole organization. There are some other business benefits which includes:
- Having all data and workflows housed and orchestrated in one system increases visibility
- Eliminate manual entry and errors from data which improves accuracy
- Real-time information from the warehouse helps in making informed decisions
- Smarter sales and Customer service delivered
3. Order Management Module
Inventory Management Software Market size surpassed USD 3 billion in 2022 and is anticipated to exhibit a CAGR of 5% between 2023 and 2032, given the increasing internet connectivity and e-commerce spending
–Global Market Insights
Orders are tracked from receipt to product delivery by the module of Order Management. This ERP module efficiently maintains the progress of all product orders as they are made, completed, and shipped to the people after they have been sent and fed into a warehouse and distribution center.
This module prevents lost orders and boosts delivery rates to keep customers satisfied and reduce inessential costs. Besides, a business is allowed to choose the order fulfillment solutions that will cost it the least by using more sophisticated Order Management software.
4. Supply Chain Management Module
Regardless of the pandemic, the global supply chain management market is set to grow at a CAGR of 11.2% from 2020 to 2027
Supply Chain Management software market revenue is expected to reach to $8.9 Million in 2024
– Finances Online
Supply Chain Management module capability optimization is a crucial business operation that must be carried out. Because of the numerous moving pieces, the Supply Chain Management module is typically complicated. ERP modules, along with ERP systems, are helpful in this situation.
Instantaneous data is a key component of a Supply Chain Management ERP module, just like for standalone applications. Upon its availability, you will have the ability to determine the rest of the existing data.
You may readily identify issues in the distribution or production procedure before an issue is created by having real-time know-how regarding the supply chain. A product’s average production time may be calculated and contrasted with its current development pace.
Demand prediction is an essential component of the Supply Chain Management ERP module besides demand planning. The ERP module solution needs to predict the future demand for goods or services with the help of forecasting analysis.
5. Human Resources Module
The Human Capital Management Software Market is growing at a CAGR of 6.7% over the next 5 years (study period -2018 to 2028)
The human resources ERP module covers every division in your business. It is a strongly advised module installation because it includes useful information and procedures.
Human Resource software collects information on each employee in the workplace and continuously generates data from all divisions. Even if you are involved in working remotely, an HR module contains data on every workplace employee at the same time.
When necessary, data can be passed between divisions. Using information about sales and commissions from a Customer Relationship Management module allows your Human Resource system to keep track of bonuses.
The simple collaboration around internal workflows that it fosters is a key advantage of ERP system modules. Manual sharing of data is required when the system is placed. As a result, sharing information may require reformatting due to the need for an integrated HR module solution, which may lead to human mistakes.
Key Benefits of ERP Modules for a Business
- All corporate procedures are streamlined and automated with the use of ERP modules, which boosts overall productivity and enhances daily operations.
- They provide more clarity because the data is centralized in one location.
- The business becomes more productive thanks to ERP modules. This is because the modules do away with all the manual procedures and let the staff concentrate more on activities that generate income.
- By improving staff connection, the ERP modules close the gap between diverse divisions of a business.
- Data security in ERP modules is very strong.
Choosing the Right ERP Modules for Your Business
There are countless of ERP modules available in today’s market. The ERP modules that a corporation invests in are based on a variety of factors, including business requirements, industry, existing and future issues, and others. This article is meant to guide you towards modules that can, and will, greatly benefit your business and maximize efficiency. Make a list of functionalities your organization needs to have as you search for ERP vendors and available modules. There are a few general modules that are essential for most organizations to perform their business activities, such as financial management, HR, supply management, CRM, etc. They automate business processes, allowing your employees to focus on more strategic tasks that need human intelligence and innovation.
Don’t overspend on implementing solutions you don’t need. New modules are being added to the ERP market, and quickly. Your business may not need every ERP tool on the market, but it’s almost certain that you’ll find one that will impact your business in a positive way. Every company needs a finance and accounting module to operate, monitor its financial health and ensure its bills are paid. It’s difficult to run a business without software that can provide financial information and execute basic accounting tasks. These modules automate your business procedures, freeing up your staff to work on other important projects.
The ERP you choose should be scalable enough to accommodate your growing needs and allow you to add modules as and when needed. If you are in an industry that demands complex requirements, you should consider using an industry-specific ERP system to handle your everyday operations. Make sure to choose the ones that are right for you!
If you’re interested in setting up your own ERP module solution, Uneecops can integrate that for you. Tell us your type of business and industry and we will offer you the best business solutions. If you want to get free demo of our tour product, click here!