Features to consider when choosing an ERP platform

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An Enterprise Resource Planning (ERP) software has what it takes to change how an organization runs for the better. It improves efficiency through various ways ranging from streamlining to optimizing various workflows and processes within the company. Analytics, reporting, and analysis also improve, and one must admit that they are essential to any business. Once such things are achieved, their benefits cut across departments, and that’s one way of realizing success in your company. However, it would be best if you had the right software for you to enjoy these benefits. Some of your options include Workday, Sage X3, Microsoft Dynamics ERP, Oracle ERP Cloud, and NetSuite ERP platform. Regardless of the choice you make, ensure that it has the following features.

Accounting & Financial Management

Every business needs to record, maintain and report its financial issues to ensure that they have the correct information regarding its financial status at all times. That’s what accounting is all about, and the right ERP software makes such a demanding yet crucial process as easy as it can get. However, the financial status can’t be good as long as it is not managed right. That’s why financial management is a function that shouldn’t be overlooked either. Remember that besides finances, investment also needs to be managed, and that’s why the two features go hand in hand. Look out for the transactions, expense, compliance, and audit management.

Supply Chain and Inventory Management

A company also needs to keep track of the flow of its products or services. That’s where the supply chain comes in to ensure that every manufacturing process is right so that raw materials can become the desired products in the end. It also includes distribution and logistics operations, just but to mention a few. Its role in standing out among competitors and improving customer value is indisputable. As far as inventory is concerned, it covers crucial sectors, including purchases, storage, and profit. Again, that’s an important feature that your ERP software should have.

Financial Planning

What goals and objectives do your company plan to achieve in the long run? First of all, it is fair enough to say that setting them is a great thing. However, how you proceed upon setting them is equally important. That’s where financial planning comes in, and you better do it right if you want your dreams to come true. Fortunately, it is possible to find an ERP platform with a feature that facilitates it perfectly. It has dashboards, reports, models, forecasts, and a budgeting capability to make your plan easy and accurate. Real-time and updated information is key to appropriate predictions and strategic plans, which you need during financial planning.

Billing& Invoicing

Once you deliver goods or services, you deserve your dues, and that’s where a need for an invoice arises. It is the most appropriate way of requesting payment from a client. There is also a bill that needs to show the existence of that particular transaction and the amount of money expected for the product or service. A business revolves around that which makes the two an integral part of its operations. Some are repetitive, and automating them is an incredibly great way of increasing efficiency. That’s where an EPR comes in. The software should support the various payment models whether the cost is charged by usage, subscription, or transaction. It should also simplify the process besides automating what’s repetitive. With all the bills and invoices considered, one can see the bigger picture of the company’s cash flow. The business can tell what customers owe them, and they can also see what they owe suppliers. With everything clear, it can tell where it stands financially.

Customer Relationship Management

Last but not least is a feature that touches on an integral part of the business. It is important to keep track of how customers, existing and potential alike, interact with your business, especially if you have a website. What do they do on it, and what could be hindering your potential customers from becoming real ones? What makes the customer buy a product or service eventually? Knowing the answers to such questions can help you improve your customers’ experience promoting more conversions and sales. An ERP software with such a function is a sure bet if you want to solve the issues.

Conclusion

It is evident that the right ERP software can be a game-changer for any organization. It contains features that simplify crucial business processes and that can make a difference, no doubt. So, do not hesitate to consider one for the betterment of your organization.