TOP 11 ERP Modules: The Complete List (2023)
ERP modules boost business by optimizing operations, improving efficiency, and centralizing data, leading to better decision-making and enhanced overall productivity.
What is Enterprise Resource Planning System?
First, let’s go through the ERP basics. An Enterprise Resource Planning System is a software bundle that is used to carry out business processes. It can be altered as per the needs of the business and can take up even more minor and major functions.
What are the ERP System Modules?
ERP modules are distinct components or functional units of a comprehensive ERP system that serve certain business functions and address specific challenges. Each module offers specialized functionalities to manage and streamline specific processes. The per-user cost of ERP is contingent upon the selection of modules to be bundled into a single package. Examples include Production Management, Inventory Management, Supply Chain Management, Order Management, Sales Management, Customer Relationship Management, and so on.
11 Top ERP Modules and What They Do
1. Finance & Accounting Management
The Financial & Accounting Management module encompasses various processes related to the financial operations of the company such as accounting, budgeting, financial planning, and reporting. It streamlines various tasks such as generating invoices and financial reports.
The use of this module provides business owners and decision-makers with consolidated financial data to get a complete picture of the financial health of the company and effectively predict & manage risks. It also eliminates manual data entry operations, thus reducing human errors and improving compliance with government rules and regulations.
2. Customer Relationship Management
The Customer Relationship Management (CRM) acts as the central repository of all customer data required for effective marketing campaigns and ticketing management. It contains customer details, purchase history, complaints, past conversations, and contact information.
With easy access to all the required data, businesses can build and maintain strong & meaningful customer relationships, identify cross-sales opportunities, and run personalized marketing campaigns that yield optimum results. They can also route high-value customers through a separate channel.
- Track leads and new sales opportunities
- Create marketing campaigns and track their performance
- Global view of your current sales activities
- Set up appointments, calls, and tasks
3. Marketing Automation
The Marketing Automation module empowers modern-day businesses to plan marketing campaigns with precision and ensure they are tailored to the specific needs of each customer. It includes various processes such as customer segmentation, targeted email campaigns, sales funnel, performance tracking, cross-sales opportunities, advertising campaigns, and social media tracking that benefit businesses with higher lead generation and optimum conversion.
The use of this module helps define and manage marketing campaigns, stay right on top of the marketing campaigns, and work hand-in-hand with other teams for effective marketing campaigns and exponential business growth.
- Track and manage leads, and explore new sales opportunities
- Track the performance of your marketing campaigns to get the most from your marketing spend
- Find new cross-selling and up-selling opportunities
- Generate a higher return on investment by building warm relationships with existing customers and prospects
4. Fixed Assets
The The Fixed Assets module enables complete asset tracking and reconciliation, alongside comprehensive asset management from acquisition to retirement for all tangible assets such as land, building, vehicles, machinery, and motors. The use of this module enables the business to automate various tasks such as calculating depreciation, scheduling maintenance, asset disposal, fixed asset lifecycle management, and tax legislation.
This module aims to comply with government regulations, eliminate mismanagement, increase asset efficiency & performance, and boost productivity at the workplace.
- Each asset is recorded and documented for taxation and compliance with the legal framework
- Flexible management of capital budgeting
- Comprehensive depreciation calculator
- Simulate the impact of asset disposal
5. Warehouse Management System
The The Warehouse Management System is a versatile module that deals with sophisticated warehousing operations such as picking, packaging, and shipping finished products.
The use of this module helps with the timely delivery of goods, reduced human errors, and higher customer satisfaction.
- Fewer shipping errors
- Automated handling of customer-compliant documentation
- Shipment planning, dock scheduling, and automated equipment integration
- Improved data accuracy through verification
6. Business Intelligence
The Business Intelligence tools encompasses a range of tools to perform data analysis, data visualization, and trend identification so that businesses are empowered to make strong data-backed decisions. The use of this module is extremely crucial in today's dynamic business landscape to effectively fight various challenges and gain a competitive advantage.
The BI module consolidates data from various departments in the company and forms interactive reports, and customized dashboards for informed decision-making.
- Leverage real-time information for improved operational performance
- Access information in the form of customizable dashboards, reports, graphs, and tables
- Data discovery and visualization
- 360-degree visibility into business operations
7. Inventory Management
Inventory Management is a crucial module that provides real-time visibility into inventory data, and streamlines & optimizes various inventory-centric processes. This involves various processes such as forecasting inventory levels based on historical trends and current market demands.
Effective use of this module helps companies reduce stockouts, and higher inventory costs, and improve timely order fulfilment based on data-driven decisions.
- A central repository that includes inventory information such as serial number, lot, shelf life, and expiry date
- Supports multiple order point and quantity schemes
- Track inbound, outbound, and intrasite movement of stocks
- Automate key elements of your purchasing process
8. AP & AR Automation
The Accounts Payable & Accounts Receivable module converts manual recording of financial transactions into automated ones in various functional areas. This includes various processes such as invoice generation, approval workflow, and payment disbursement.
Ultimately, it helps in time-saving, better financial planning, improved cash flow, and higher compliance.
- Automate invoice, payment processing, credit memos, and collections
- Automated alerts for overdue payments
- Gain insights into cross-border payments
- Reduce instances of bad debt
9. Sales Management
The Sales Management module is an all-comprehensive module that allows businesses to monitor all information concerning customers or prospects, streamline various sales processes, track sales performance, manage sales force assignments, and record customer interaction.
With an integrated Sales Management system, businesses can remarkably improve sales performance through various comprehensive tools. They get quick insights into customer demand, efficiently forecast sales, and compare historical trends.
- Monitor prospect-to-customer ratio
- Track Key Performance Indicators (KPIs), lost deals, and employee performance in a specific timeframe
- Track sales performance throughout every level in the sales pipeline such as lead generation, lead qualification, sales opportunity conversation, and deal closure
- Provides up-to-date information to the sales team
10. Maintenance Management
The Maintenance Management module upkeeps the organizational assets, machinery, and materials by implementing various preventive measures and scheduled maintenance tasks. This increases the asset lifespan, reduces downtimes, and minimizes accidents, and repair costs.
The module provides various functionalities to track, record and manage a comprehensive record of the organizational assets at a central place.
- Log all equipment, and their usage, and perform inspections
- Effectively develop, schedule, and run maintenance strategies
- Improve asset lifespan, reduce downtime, and improve production
- Configure custom request forms
11. Supply Chain Management
The Supply Chain Management module provides constrained tools for performance management and logistical coordination with external partners such as suppliers, wholesalers, and retailers. This pays off in various ways such as real-time visibility into market operations, reduced holding costs of the end product, and competitive advantage as the business efficiently reacts to market trends, consumer expectations, and demand & supply fluctuations.
SCM Software is an essential module especially for manufacturing firms to deal with supply chain disruptions, transportation delays, cost inefficiency, and abnormal lead time.
- Build a strong and resilient supply chain
- Manage suppliers list and product categories
- Plan & budget orders, track open orders
- Add value to the supply chain from procurement to delivery of finished goods to the final consumer
How to Choose Right ERP Modules?
Choosing the right ERP modules for your business involves a thoughtful and systematic approach. Here are some steps to help you make an informed decision:
Assess Business Needs
Conduct a comprehensive assessment of your organization's processes and identify the areas that need improvement. Involve key stakeholders to understand their requirements and pain points.
Prioritize Requirements
Prioritize the ERP functionalities based on their significance and impact on your business. Focus on modules that will deliver the most value and address critical pain points.
Consider Scalability
Anticipate future growth and expansion plans for your business. Choose ERP modules that can scale and accommodate additional users, processes, and data as your business grows.
Integration Capability
Ensure that the ERP modules you select can seamlessly integrate with your existing systems, such as accounting software, CRM tools, or inventory management solutions.
User-Friendly Interface
Opt for ERP modules that have an intuitive and user-friendly interface. User adoption is crucial for successful implementation and utilization of the ERP system.
Customization Options
Look for ERP vendors that offer customization options to tailor the modules according to your specific business requirements.
Vendor Reputation & Support
Research the reputation and track record of ERP vendors. Choose a vendor with a history of providing excellent customer support and regular updates.
Cost Considerations
Evaluate the total cost of ownership, including licensing fees, implementation costs, training, and ongoing maintenance expenses. Compare the costs with the expected benefits and ROI.
Test Before Implementation
Request demos or trial versions of the ERP modules to understand how they work and if they meet your needs. Involve end-users in the testing process to get their feedback.
Seek Expert Advice
Consult with ERP experts, industry peers, or independent consultants to gain insights and recommendations based on their experience.
By following these steps, you can make an informed decision while choosing the right ERP modules that align with your business objectives and pave the way for a successful ERP implementation.
FAQ's - ERP Modules
What is ERP Modules?
ERP software has several modules that perform crucial business functions like finance & accounting management, marketing & sales management, warehouse & supply chain management, customer relationship management, and vendor management to name a few.
Do ERP Modules Help Businesses?
ERP modules help businesses address their specific industry needs quickly and efficiently. They have a broad array of features that help businesses become more mobile and agile to counter everyday challenges faster and smarter. The best part is that ERP modules are scalable, meaning that they evolve with the changing business needs.
Do I have to purchase all of the ERP modules?
No, you don’t have to purchase all of the ERP modules. The selection of ERP modules depends on your business needs and requirements. You can choose and purchase only the specific modules that align with your organization’s processes and objectives. This approach allows you to customize the ERP system to cater to your unique business needs while avoiding unnecessary expenses on modules that you may not require.
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