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Summary: Modular ERP systems give a comprehensive view of critical business functions & processes in real-time. They track raw materials, cash, orders, and purchase records and ensure that the company fulfills its business commitments. Moreover, modular ERP systems contain various applications that share data across each business department — finance & accounting, manufacturing, inventory & purchasing, sales, marketing, research & development, and human resource department.
Companies across industries are implementing Enterprise Resource Planning (ERP) systems to increase productivity and cut operational costs. But most organizations don’t conduct hands-on training sessions for their workforce to learn how to operate the ERP system, which results in suboptimal performance. Moreover, few organizations don’t tie up with industry-leading ERP consultants, resulting in bad implementation.
And here’s how bad ERP implementation can impact your organization:
The days of generic ERP systems, which are expensive and slow, are over. Instead, organizations need agile and competently-priced modular ERP solutions aligned to their business goals. Unfortunately, that’s not the case right now. ERP vendors are still struggling to create industry-specific solutions built only to serve the needs of a particular industry. For example, an organization manufacturing small parts for the aviation industry might not require a customer relationship management (CRM) module. On the other hand, a large IT organization with a back office handling multiple customer requests simultaneously would need one.
Third-party customizations require a deep knowledge of the significant pain points an industry is facing. And ERP vendors need to catch up with that as early as possible.
Here are some facts about small and medium-sized enterprises (SMEs) you should know about:
So, ERP vendors have substantial untapped potential in the SME space. The only challenge is that SMEs don’t want to pour in a lot of investments to implement ERP software. One of the primary advantages of a modular ERP solution is that it allows your business to automate processes and functions within your budget.
And how does it do that?
By providing only selective modules that an SME requires at a particular point in time. And when the SME decides to expand its business operations or open branches in different geographies, it can purchase extra modules to provide better services.
It’s been many years since on-cloud solutions revolutionized the ERP market forever. But today, a plethora of ERP systems have flooded the market, and organizations are struggling to select the best one for them.
However, as far as cloud-based ERP solution is concerned, they provide immense benefits to companies of all sizes. Here are a few points that prove it:
Cloud ERP solutions are:
The difference between on-premise and on-cloud ERP software is immense. As a result, ERP vendors should understand the organization’s pain points and check their budget before offering the right ERP software.
Consider these reasons if you are looking forward to implementing a modular ERP.
While modular ERP allows SMEs to get the benefits of ERP software at a fraction of its cost, that might not always be the case.
Here are a few reasons to elaborate on this point:
Modern ERP software has multiple modules. Here are the top 4 modules that businesses of all sizes use.
Maintaining appropriate financial statements is mandatory for companies across all industries because of the following reasons:
Here’s how the finance & accounting module can help you:
Another advantage is that when the whole process is automated, your workforce can focus on mission-critical tasks that require critical analysis.
The primary purpose of manufacturing products is to sell them to the end consumer. And supply chain management plays a pivotal role in that. It starts by collecting raw materials in the inventory, which are then sent to the manufacturing facility where finished products are produced. Afterward, these products are stored in the warehouse. Later, as per market demand, these products are forwarded to suppliers and distributors who deliver them to the end consumer.
The supply chain management module also controls product recall, where defective or potentially unsafe products are retrieved from the consumer.
Here are some features of the ERP system that help improve the supply chain management module:
An efficient sales team reaches out to people who are most likely to purchase your company’s products and subscribe to your services. In addition, a productive sales team ensures that your business has a steady stream of cash that helps expand your business.
On the other hand, the marketing team is responsible for spreading the word around and invoking interest in the minds and hearts of consumers to try your products. They publish blog posts, write creative copies on social media platforms, send emails, and connect with people through online and offline channels, solving their doubts.
Here’s what the sales & marketing module of an ERP system does for your business:
A business receives data from multiple sources every day and it’s essential to critically analyze it to gain valuable insights from it. The primary reason for evaluating business data is that it allows businesses to make better decisions, understand changing market conditions & customer preferences, forecast international trade situations, and empower each role.
Notifications, real-time analytics, and alerts form the core of the reporting and business analytics module of an ERP. Here are other benefits of this module that will help you become an industry leader: