Global ERP software trends allow for the incorporation of various ERP modules to create tailored solutions for your business. ERP software with high modularization is an appealing and easily customizable tool to align with different workflow processes.
Businesses often prioritize selecting ERP modules for their core operational processes. If you are considering implementing ERP software into your company's system, it is crucial to choose the most suitable and essential modules. Here is a list of top ERP modules that businesses frequently choose to deploy when starting out.
1. Finance management
Financial management modules are always the first choice and one of the most useful tools you can incorporate into your ERP software. Clearly, finance is the backbone of any business, and an effective financial management tool will ensure smooth operations across all departments within the company. For example, a financial management module can utilize real-time sales data to calculate revenue generated.
The core of ERP is a process of centralizing work and information, so financial tools will help you consolidate and manage cash flow within your company. You'll be able to view the overall financial situation of your business in the ERP module, from finance to human resources to marketing. This typically includes features such as general ledger, basic income and expense tracking.
Security features, a multi-currency system for global transactions, as well as alerts when finances drop below a certain threshold, are also common features of a typical financial management module. You may want to consider these features when choosing a financial module for your ERP software.
2. Supply chain management (SCM)
Supply chain optimization is crucial for business operations, but it can be challenging to successfully execute. SCM involves a complex network of constantly changing components, which is why integrating a SCM module into ERP software is necessary.
Similar to standalone supply chain management software, real-time data is an important feature of ERP supply chain management modules. The ability to make informed decisions based on up-to-date information is a significant advantage for users of this module.
For example, with the real-time visibility of the supply chain, you can easily identify flaws in the manufacturing or distributing process. You can also measure the average time it takes to produce and compare it to the industry average. With these closely related statistics, you can better plan for future supply needs.
Beside planning, demand forecasting is another important function of the SCM module. Using predictive analytics, the SCM module can forecast future demand for your products or services. You can then use this forecast to create a production plan that meets the demand adequately. An efficient forecasting tool can reduce costs significantly by minimizing waste and excess inventory.
In addition, other features of an SCM module include order placement, document management, and quality management tools.
3. Warehouse management
Warehouse management modules in ERP software work closely with SCM and sometimes function as an independent toolkit if you choose to skip the SCM module. For instance, if you don't deal with manufacturing or logistics, you still need to know how much space is available in your warehouse not only to fulfill current orders but also to prepare for upcoming shipments.
These types of ERP modules are extremely important as they interact with various departments within your business. They play a role in all processes from receiving goods to shipment notifications and help maximize productivity with tools such as invoicing, shipping, and order management. Increasing profitability, improving efficiency, and satisfying customers are some of the common benefits of this module.
Depending on the features of the warehouse management modules, you can assess the quality of the enterprise ERP software package you are using for your business. Key features that should be included in a powerful warehouse management module include tracking inventory levels, handling stock receipts, and multi-location functionality.