Features of Enterprise Resource Planning-In this video, we rank the top five features businesses can implement with Enterprise Resource Planning (ERP) software. ERP software is defined as integrated systems that manage all aspects of a business; aligning financial management, human resources, supply chain management, and manufacturing with the core function of accounting. ERP systems are used to provide transparency into the entire business process by tracking all aspects of production, financials, and materials.
These expansive systems act as a central hub for end-to-end workflow and data. ERP systems tie together and define a plethora of these business processes, and enable the flow of data between them. By collecting an organization’s shared transactional data from multiple sources, ERP systems eliminate data duplication and provide data integrity with a “single source of truth.” Today, ERP systems are critical for managing thousands of businesses of all sizes and in all industries.
Towards the beginning, when ERP software first came into the market, it was primarily designed for inventory management. Today, ERP systems are used to automate back-office tasks and streamline cross-departmental workflows. When optimized, ERP systems can drive efficiency, lower costs and increase profitability. In today’s digital era, ERP systems are critical for managing thousands of businesses of all sizes and in all industries.