Enterprise Resource Planning (ERP) Software
Enterprise resource planning (ERP) is business management software—typically a suite of integrated applications—that a company can use to collect, store, manage and interpret data from many business activities, including: Product planning, cost. Manufacturing or service delivery. Marketing and sales.
The manufacturing component of an ERP software package includes tools that enhance the entire end-to-end process of designing and building a product. It streamlines product design, engineering, and configuration; improves tracking and management of product parts; automates the scheduling of production activities; accelerates manufacturing; and improves quality assurance procedures. With ERP software and its manufacturing capabilities, businesses are empowered to create the best possible product in the most efficient and cost-effective manner.
2. Financial Management
With ERP software, businesses can improve the accuracy and accessibility of vital financial data, while streamlining and automating routine, repetitive accounting processes such as budget creation, allocation, and management; cash flow analysis; accounts payable and receivable; management of capital equipment and other assets; performance management; and financial reporting.
The financial applications within most popular ERP software packages include functionality for general ledger, cash management, accounts payable and receivable, budget management, and fixed asset management.
3. Supply Chain Management
An ERP software suite includes features to support improved inventory management, order management, purchasing and procurement, logistics, supply chain planning, return management, and incentive management, to help businesses more effectively coordinate and control their complex supply chain workflows and activities. With ERP software, companies can better manage all supply chain operations including the sourcing, acquisition, and storage of all raw materials, the scheduling and management of all work in process, and the warehousing and distribution of all finished goods.