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We are living in the digital world where every now and then, there is a new discovery in the technology domain. The latest buzzword is the block chain aka distributed ledger technology. Block chain goes beyond crypto currency that served as an engine to this technology. Block chain carries highly confidential information that has applications in different departments and processes within any organization. Therefore, it is imperative for this technology to hold onto the integrity that is trusted by all stakeholders. In this scenario, Enterprise Resource Application (ERP) can enhance the effectiveness of block chain technology by populating the required data onto an application that can exercise selective control over access.
The benefits of ERP are vast. It offers a centralized platform for all the business data to let the management dive deeper into the case for making informed decision for future projects. Moreover, all this data is uploaded in real-time and therefore, there is no wastage of time in inter-departmental communications. Also, repeated discussion from multiple sources may result in loss of information. ERP eliminates such setbacks by creating perfect growth conditions for any business. Also, various integration capabilities eliminate the need to depend on other software or tools.
Also Read: ERP module-wise benefits
Block chain integration uplifts the existing ERP benefits to an altogether new level. ERP application is used to collaborate multiple departments through a single platform. These departments may carry sensitive information that demands confidentiality. Block chain can add as a supplement to ERP in this case, as it allows the data sharing, but it cannot be copied.
ERP is used to manage finance related activities like sharing invoices, keeping accounts and handing purchase orders and payments. All of this information is usually shared by multiple departments. Therefore, there is a threat of information being misused. Block chain integration solves this problem with its utmost security feature. While ERP manages vendor listings and contacts, block chain with verify the unique identities.
Also Read: How to efficiently collaborate ERP and block chain
ERP manages centralizes business data, acts as a SPOC, shares important data across different organizational departments and integrated with other business applications. Block chain integration with ERP targets wider aspect like business centralization through workflow management, sharing inter-department information but with highest security and integration of other software along with optimization.
ERP and block chain integration will help companies achieve authenticate identities, enforce smart contacts, automate risk-free payments and enhanced security. It will help in keeping the malware threats and cyber-attacks at bay. Companies can therefore deal with highest number of transaction carefree.
ERP integration with block chain can benefit a lot of industries operating in food and beverage, law, finance, manufacturing, retail and ecommerce. It will help in managing and sharing the raw material details and food supply chain, financial documents, legal materials, etc. with trustworthy parties maintain the dignity and security of the business.
To know how Sage Software Soutions (P) Ltd can help lay the foundation brick of your financial success pillar, contact us here. You can also SMS SAGE to 56767 or write to us at email@example.com for a FREE demo or CRM consultation.