An ERP system, it is also known as an ERP suite, is a collection of enterprise resource planning software that communicates with one another and shares a database. Typically, each ERP module focuses on a single business sector. You can mix and match modules to fulfill your requirements. Popular beginning places include finance, sales, human resources, and logistics. Modules dedicated to certain industries, such as manufacturing and retail, are also available. Each module is often licensed independently, allowing businesses to pick and choose the features they want, as well as add on and grow as needed.
WHAT IS ERP?
ERP stands for enterprise resource planning, but what does this term actually mean? The easiest approach to describe ERP is to include all of the major business processes: finance, manufacturing, human resources, supply chain, services, procurement, and soon. ERP unifies various procedures into a single system at its most basic level.
HOW DOES ERP SYSTEMS WORK?
An ERP system, it is also known as an ERP suite, is a collection of enterprise resource planning software that communicates with one another and shares a database.
Typically, each ERP module focuses on a single business sector. You can mix and match modules to fulfill your requirements. Popular beginning places include finance, sales, human resources, and logistics. Modules dedicated to certain industries, such as manufacturing and retail, are also available. Each module is often licensed independently, allowing businesses to pick and choose the features they want, as well as add on and grow as needed.
WHAT ARE THE BASIC CHARACTERISTICS OF AN ERP SYSTEM?
All ERP systems serve and offer the modules as per industry requirements, each modern ERP system would have a broad list of software capabilities. However, all business resource management systems include these top 12 Characteristics.
ERP HAS SIX MAJOR ADVANTAGES
1. HIGHER PRODUCTIVITY
Streamline and automate your essential business framework to help everyone in your company do more with few resources.
2. DEEPER INSIGHTS
Get fast answers to mission-critical business problems by eliminating information silos (information management system) and establishing a single source of truth.
3. ACCELERATED REPORTING
Business and financial reporting can be completed quickly, shared the report effortlessly, and improve performance in real-time.
4. LOWER RISK
Increase business visibility and control, maintain regulatory compliance, and predict and manage risk.
5. SIMPLER IT
You may simplify IT by employing integrated ERP apps that share a database, making it easier for everyone to operate.
6. IMPROVED AGILITY
You can quickly recognize and respond to new possibilities if your operations are efficient and you have access to real-time data.
ERP FOR ANY SIZE BUSINESS: WHAT ARE YOUR OPTIONS?
ERP isn’t just for multinational corporations. ERP software is suitable for businesses of all kinds, including small, medium, and big enterprises. To satisfy particular business demands, you may also receive industry- and company-specific capabilities. Regardless of your industry or company size, you should properly plan your ERP implementation project and follow industry trends.
SMALL BUSINESS ERP
Small business ERP software will help you move beyond spreadsheets and efficiently handle all elements of your expanding firm, from sales and customer interactions to finances and operations.Small business ERP software is oftenhosted in the cloud, is simple to set up, and is designed to develop with your company.
MEDIUM-SIZE BUSINESS ERP
Built-in analytics, easy deployment, and best practices for 35 various business processes – financials, HR, supply chain management, and more – are now available in ERP software targeted for mid-market enterprises and operations. Medium-sized ERP software enables growing firms to scale and compete without the complexity and cost of larger ERP systems.
ENTERPRISE ERP (LARGE COMPANIES)
Large firms with worldwide or local operations require a solid, market-leading ERP system with AI, machine learning, and analytics built-in, as well as intelligent automation to change processes. Depending on the business requirements, ERP systems can be installed on-premise, on the cloud, or in a hybrid environment. They can work with current databases or, in the best-case scenario, run on newer, more powerful in-memory databases.
Many businesses are migrating from on-premise ERP systems to cloud-based ERP platforms. This requires careful ERP update planning, as well as an ERP evaluation and examination of your implementation choices.
FIVE SIGNS YOUR BUSINESS NEED AN ERP SYSTEM
To handle various operations, most businesses begin by utilizing several simple, stand-alone tools, such as QuickBooks or Excel spreadsheets. Here are five signs that your business needs to upgrade to a more modern ALTIS ERP system.
1. YOU'RE INVESTING MORE TIME IN DAILY TASKS
Too many independent applications may be at blame if it takes longer to manage key activities like shutting the books. ERP software combines solutions and data into a single system with a standard interface, making it easier for business units to communicate and perform their tasks.
2. YOUR BUSINESS QUESTIONS REMAIN UNSOLVED
Are you able to quickly answer key questions regarding your company, such as revenue per product line or the number of returns? If not, segmented systems and a lack of analytics and KPIs may be holding you back. These issues are addressed by enterprise resource planning software.
3. YOU'VE GOT OUT-OF-CONTROL COMPANY PROCEDURES
Are there any places where you’re losing control of your processes? It could be more difficult for you to manage inventories, satisfy consumers, or keep costs under control. If that’s the case, your business procedures may need to be changed to accommodate expansion or shifting priorities, which ERP software may help with.
4. HAVING VARIOUS DATA SETS AND MANUAL PROCESSES
Is it true that the majority of your departments depend on their software and processes to get things done? If that’s the case, you’re probably wasting too much time entering duplicate data. When data cannot move across systems, reporting takes longer, mistakes occur more frequently, and decision-making becomes more difficult.
5. YOU'RE MISSING OUT ON OPPORTUNITIES
Is your business taking up so much of your time that you’re unable to seek interesting new opportunities? Advanced, smart features, including machine learning and predictive analytics, are available in newer ERP systems, making it simpler to find and capitalize on successful new enterprises.
Altis Soft erp solutions
Altis provides real-time insights, improved customer service, and lower supply chain costs by integrating and automating essential financial and operational functions such as inventory, order, and supply chain management, as well as procurement, production, distribution, and fulfillment for businesses of all sizes and industries. Find out how ALTIS ERP can help you take your business to the Next Level.